Harry Boxer
The Technical Trader
The stock market indices had a nice start to the session with a gap up. The indices then pulled back, and when support held they ran to the session highs about an hour into the session. They pulled back midday, tested support successfully, and ran back up to the highs, but couldn't get through. At the end of the day they backed and filled, and closed mixed on the session.
Net on the day, the Dow was never up all day, and closed down 26.91 at 17,086.63. The S&P 500 was up 3.48 at 1987.01, about 2 points off its new all-time high. The Nasdaq 100 was up 24.57 at 3986.19, just 3 points off its new multi-year high.
Advance-declines were 17 to 12 positive on the New York Stock Exchange, and 23 issues lower on Nasdaq. Up/down volume was 28 to 27 positive on New York, with total volume of 567 million shares. Nasdaq traded 1.85 billion shares, and had a 10 to 8 1/2 positive volume ratio.
TheTechTrader.com was mixed today. Priceline.comIncorporated (PCLN) was up 8.02 to 1238.68, Google Inc. (GOOG) 1.24 to 595.98, Apple Inc. (AAPL) up 2.47 to 97.19, and Goldman Sachs Group, Inc. (GS) 1.80 to 176.82.
Pharmacyclics Inc. (PCYC) exploded 7.35 to 103.96, and Tesla Motors, Inc. (TSLA) gained 2.91 to 222.49, but Vipshop Holdings Limited (VIPS) was down 80 cents.
Facebook, Inc. (FB) was up 2.02 to 71.29, and InterMune Inc. (ITMN) up 1.26 to 46.40.
On the downside, Netflix, Inc. (NFLX) was down 3.23 to 427.86, and Amazon.com Inc. (AMZN) down 2.70 to 358.14.
GoPro, Inc. (GPRO) gave back 1.36 to 41.74, and Electronic Arts Inc. (EA) dropped 2.38 to 36.04.
It was a mixed picture for the stock market today. Still, it has had a 5-wave advance, so the market is getting a little long in the tooth, and may need to pullback.
Checking theTheTechTrader.com percent-gain leaderboard, Doral Financial Corporation (DRL) soared 98 cents to 5.68, or 21%, on 7.1 million shares after a Supreme Court ruling. Ariad Pharmaceuticals Inc. (ARIA), on earnings, popped 78 cents to 5.88, or 15%, on 24.6 million shares, and in afterhours was trading at 6.50, and pulled back to 6.00. Array BioPharma, Inc. (ARRY), which has developed a proprietary kinase-inhibitor screening platform to generate new drug leads, bounced 42 cents to 4.35, or 11%, on 1.6 million shares.
BioFuel Energy Corp. (BIOF), one of our swing trades, gained 85 cents to 8.70, or 11%, on 1.6 million shares, after it disclosed that it entered into a definitive voting agreement and commitment to confirm the terms of a proposed rights offering with Greenlight Capital. The stock traded over 9.00 earlier in the day.
NQ Mobile Inc. (NQ), ran 1.18 to 6.55, or 22%, on 16 million shares, after a release from the NQ Mobile's publicity department, stated that the company has a deal with A Wireless, a large-scale wireless retail outfit.
Puma Biotechnology, Inc. (PBYI) was, by far, the winner today, up 174.40 to 233.43, or 295%, on 8.1 million shares, after the company reported that its experimental breast cancer treatment was successful in a late-stage trial. Inovio Pharmaceuticals, Inc. (INO), a key developer of DNA-based vaccines relatively new method of inducing the immune system to destroy a bacteria, virus or cancer, up 1.96 to 13.10, or 18%, on 12.8 million shares.
Intuitive Surgical, Inc. (ISRG) jumped a whopping 69.47 to 461.63, or 18%, on 2.8 million shares, as earnings blew past expectations.
Among other gainers, Hawaiian Holdings Inc. (HA) was up 1.78 to 14.75. SouFun Holdings Ltd. (SFUN), which we traded today, gained 1.18 to 12.00. PowerSecure International, Inc. (POWR), on earnings, rose 1.10 t0 10.13, and Biogen Idec Inc. (BIIB) was up 33.93 to 337.60, just to mention a few of the day's gainers.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, pulled back, went to the session highs early, and then consolidated the rest of the session. They held up well considering, and closed mixed on the day.
Let's see what happens tomorrow.
Good Trading!
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