Harry Boxer
The Technical Trader
What a day for the stock market! The indices extended yesterday's rally with a big gap up at the opening. They pulled back midmorning, but when that held they just went on a terror the rest of the day, and spiked in the last hour to close up positive on the day.
Net on the day, the Dow was up 421.28 at 17,778.15, definitely a magical day for the market. The S&P 500 was up 48.34 at 2061.23, at the high for the day. The Nasdaq 100 was up 102.68 at 4267.77, also at the high for the day.
Advance-declines were 5 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 8 to 1 positive on New York, with total volume a whopping 4.6 billion shares. Nasdaq traded 2.1 billion shares, and had a 5 to 1 positive volume ratio.
TheTechTrader.com board was extremely strong. Priceline.com Incorporated (PCLN) was up 29.24 to 1104.58, Google Inc. (GOOG) up 6.21 to 511.10, Apple Inc. (AAPL) up 3.24 to 112.65, and Netflix, Inc. (NFLX) just 77 cents to 334.42.
Tesla Motors, Inc. (TSLA) exploded 12.44 to 218.26, Pharmacyclics Inc. (PCYC) ran 2.31 to 133.34, and Vipshop Holdings Limited (VIPS) gained 1.28 to 20.33.
Agios Pharmaceuticals, Inc. (AGIO) was up 3.64 to 119.72, Bristol-Myers Squibb Company (BMY) up 1.60 to 60.79, Ambarella, Inc. (AMBA) up 1.84 to 48.56, Cyber-Ark Software Ltd. (CYBR) 2.01 to 40.63, FireEye, Inc. (FEYE) 2.29 to 30.90, Splunk, Inc. (SPLK) 2.57 to 59.19.
Gold was strong today. Royal Gold, Inc. (RGLD) jumped 2.13 to 64.60, ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) climbed 1.40 to 11.82, and Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) popped 49 cents to 2.68.
Solar Sector had a good day today. SolarCity Corporation (SCTY) was up 3.38 to 53.75, First Solar, Inc. (FSLR) up 2.86 to 45.21, SunEdison, Inc. (SUNE) up 30 cents to 19.50, SunPower Corporation (SPWR) 1.22 to 25.69.
Twitter, Inc. ran 1.16 to 36.73, and Facebook, Inc. (FB) closed at the high for the day, up 2.29 to 78.40.
On the downside, Amazon.com Inc. (AMZN) was down 1.15 to 297.73 and GoPro, Inc. (GPRO) was really weak, down 2.41 to 57.09, which shows extremely-relative negativity.
Checking the TheTechTrader.com percent-gain leaderboard, Mobile Telesystems OJSC (MBT) bounced 1.57 to 8.00, or 24%, on 22.8 million shares.
OvaScience, Inc. (OVAS), on major drug news, jumped 8.26 to 43.22, or 24%, on 2 million shares, 1100% more volume than average. MacroGenics, Inc. (MGNX) climbed 4.58 to 33.83, or 16%, on 1.6 million shares. Tetraphase Pharmaceuticals, Inc. (TTPH) moved up 4.81 to 38.00, or 15%, on 1.6 million shares. Inogen, Inc. (INGN) thrust 3.75 to 29.27, or 15%.
Among other gainers, Karyopharm Therapeutics, Inc. (KPTI) was up 3.51 to 36.12, NewLink Genetics Corporation (NLNK) up 2.68 to 37.21, PTC Therapeutics, Inc. (PTCT) 4.08 to 54.96, and Oracle Corporation (ORCL) , which we traded today, 4.19 to 45.35.
Groupon, Inc. (GRPN) advanced 60 cents to 7.39.
Stepping back and reviewing the hourly chart patterns, after gapping up and running sharply, the indices pulled back midmorning, rallied into the early afternoon session, pulled back again, but ran into a fifth-wave spike, and closed at the highs for the day.
It was a spectacular session for the indices, to say the least. It's the second day for action like this. The market is extremely short-term overbought.
We'll see how it goes tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.