Harry Boxer
The Technical Trader
The stock market indices had a very strong session, starting the day with a nice gap up, then a 5-wave advance to midsession, they pulled back, did a Fibonacci retracement, which held support. They then rallied back, but they couldn't get through, and then backed and filled into the close, and ended with a very strong session.
Net on the day, the Dow was up 320.55 at 17,489.16. The S&P 500 was up 89.69 to 2503.22. The Nasdaq 100 was up 31.17 to 4510.90. That was a huge day there, up over 2%, and over 4500 for the first time in a while.
Advance-declines were nearly 3 to 1 positive on New York Stock Exchange and 2 to 1 positive on Nasdaq. Up/down volume was more than 2 to 1 positive on New York, with total volume of 4.4 billion shares. Nasdaq traded 2.13 billion shares, and had a 2 1/2 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but very positive. Google Inc. (GOOG) led the way, up 9.18 to 651.79, on a very strong earnings report, and almost 70 points higher in after hours. Apple Inc. (AAPL) was up 1.74 to 115.50, and Amazon.com Inc. (AMZN) uo 8.14 to 563.91, and is running 60 points higher in after hours, but Priceline.com (PCLN) was down 9.82 to 1354.47, but up a few points in after hours, and Netflix, Inc. (NFLX) lost 64 cents to 97.32.
Tesla Motors, Inc. (TSLA) jumped 1.63 to 211.72.
Facebook, Inc. (FB) was up 2.56 to 99.67, trading as high as 102.00 in after hours. It was a spectacular day for Energy Recovery, Inc. (ERII), up 1.01 to 7.76, 15%, on 6 million shares, and pressing key resistance could cause it to explode in the next day or two.
On the downside, there were very few losers. Heron Therapeutics, Inc. (HRTX) was down 1.83 to 21.15.
Checking the TheTechTrader.com percent-gain leaderboard, Oclaro, Inc. (OCLR) gained 43 cents to 2.83 to 18%, on 7.1 million shares.
ZS Pharma, Inc. (ZSPH) led the way today, up 10.52 to 63.92, or 20%, on 2 million shares. Straight Path Communications Inc. (STRP) ran 6.44 to 45.05, or 17%. eBay Inc. (EBAY) advanced 3.37 to 27.58, or 14%, on 44 million shares. Proofpoint, Inc. (PFPT) ran up to 65.63 before pulling back to 62.21, up 6.80, or 12%, on 2 million shares. Citrix Systems, Inc. (CTXS) popped 8.66 to 80.58, or 12%, or 5.6 million shares. Texas Instruments Inc. (TXN) bounced 6.19 to 58.09, or 12%, on 10 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in a 5-wave move until midday, pulled back, did a Fibonacci retracement, tested support successfully, and when it rallied late in the day and couldn't get through resistance, they backed and filled into the close, but refused to give it back.
It was a very strong session for Wall Street. Let's see if we get a follow-through 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
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.