Harry Boxer
The Technical Trader
The stock market indices had a very interesting day, opening mixed, rallying into the FOMC meeting, but not necessarily liking what was said in terms of potential interest rates rising, plunging, dropping the Nasdaq 100 nearly 50 points, and about 20 on the S&P 500. At that point, when they realized they were not going to be able to raise rates until December at the earliest, the markets rallied, and rallied sharply, taking the Nasdaq 100 from 4610 to 4678, a 60-point rally in the last couple hours. The S&P 500 jumped from 2063 to 2090, 27 points straight up. It was a very, very strong rally, and they closed at the highs for the day going away.
Net on the day, the Dow was up 198.09 at 17,779.52. The S&P 500 was up 24.46 to 2090.35. The Nasdaq 100 was up 39.34 to 4678.58. They all closed at the high for the day.
Advance-declines were 4 to 1 positive on New York Stock Exchange and nearly 4 to 1 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, with total volume of 4.65 billion shares. Nasdaq traded over 2 billion shares, and had a 4 1/2 to 1 positive volume ratio.
TheTechTrader.com board had an incredible day. Every stock on the board was up, except Weight Watchers International, Inc. (WTW), which was down 14 cents to 1 6.55.
On the upside, Priceline.com (PCLN) was up 1.24 to 1404.52, Google Inc. (GOOG) up 4.46 to 712.95, Apple Inc. (AAPL) up 4.72 to 119.27, Amazon.com Inc. (AMZN) 6.09 to 617.10, and Netflix, Inc. (NFLX) 2.73 to 105.80.
Tesla Motors, Inc. (TSLA) jumped 2.61 to 212.96.
Biotech's were very strong today. Prothena Corporation plc (PRTA) was up 2.36 to 54.31, Heron Therapeutics, Inc. (HRTX) up 3.53 to 27.85, Intra-Cellular Therapies, Inc. (ITCI) 3.41 to 52.78, along with many other biotech stocks.
Cyber-security stocks were also strong today. CyberArk Software, Ltd. (CYBR) ran 2.53 to 49.72, and Fortinet Inc. (FTNT) gained 1.15 to 34.97, plus many other stocks in this sector.
Checking the TheTechTrader.com percent-gain leaderboard, Midstates Petroleum Company, Inc. (MPO) bolted 70 cents to 3.81, or 22 1/2%. Vital Therapies, Inc. (VTL) climbed 1.51 to 9.05, or 20%, on 1.6 million shares traded.
U.S. Silica Holdings, Inc. (SLCA) ran up to 18.66 early on and stayed up most of the day, closing at 17.91, up 3.27, or 22%, on 8 million shares. The VelocityShares 3x Long Crude Oil ETN (UWTI) gained 1.63 to 10.21, or 19%, on 36 million shares traded. Cabela's Incorporated (CAB), the sporting goods retailer, advanced 5.84 to 39.26, or 17%, on 7 million shares. Vocera Communications, Inc. (VCRA) ran 1.82 to 11.96, or 18%. Cempra, Inc. (CEMP) bounced 3.44 to 23.53, or 17%, on 3.3 million shares. Infinity Pharmaceuticals, Inc. (INFI) closed up 2.82 to 21.12, or 15%, on 7.3 million shares.
Among other gainers, Enanta Pharmaceuticals, Inc. (ENTA) was up 1.22 to 25.91, Generac Holdings Inc. (GNRC) up 3.25 to 30.13, were among many, many point plus gainers today. Anacor Pharmaceuticals, Inc. (ANAC) climbed 12.76 to 109.51.
Stepping back and reviewing the hourly chart patterns, the indices came down a bit in the morning on the Nasdaq 100, while the S&P 500 was rallying in a 5-wave advance right through the FOMC meeting. They then plunged, took out minor support, held, and then rallied back, closing at the highs for the day.
Let's see how it goes tomorrow.
Good Trading!
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