Harry Boxer
The Technical Trader
The stock market indices had a huge day today. They gapped up at the opening, formed early consolidation wedges, broke out again midday, ran up in a very sharp, midday spike after the FOMC meeting, and then ran to the close tagging 2085 S&P 500 from a morning low of 2052, and the Nasdaq 100 ran as high as 4657 from a low of 4580, closing near the highs.
Net on the day, the Dow was up 247.66 at 17,737.16, 15 points off its high. The S&P 500 was up 33.14 to 2083.58, just a point off its high. The Nasdaq 100 was down 87.63 to 4653.44, 4 points off its high.
Advance-declines were 4 to 1 positive on New York Stock Exchange and a little more than 2 to 1 positive on Nasdaq. Up/down volume was 8 to 1 positive on New York, with total volume of 3.85 billion shares. Nasdaq traded nearly 2 billion shares, and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but mostly positive. Priceline Inc. (PCLN) was up 19.71 to 1278.50, Google Inc. (GOOG) up 14.70 to 740.00, Apple Inc. (AAPL) up 3.60 to 117.29, Amazon.com Inc. (AMZN) 20.24 to 663.54, and Netflix, Inc. (NFLX) 3.53 to 120.63.
Tesla Motors, Inc. (TSLA) jumped 7.07 to 221.07 and Baidu, Inc. (BIDU) ran 7.90 to 204.73. Facebook, Inc. (FB) gained 2.64 to 107.77, and swing trade Weight Watchers International, Inc. (WTW) climbed 2.71 to 26.61.
Biotech stocks were very strong today. Prothena Corporation (PRTA) was up 3.93 to 69.03, NewLink Genetics Corporation (NLNK) up 1.26 to 36.19, Juno Therapeutics Inc. (JUNO) 1.07 to 54.20, and Intra-Cellular Therapies, Inc. (ITCI) 2.27 to 51.74, along with man others.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 1.86 to 22.27.
Cyber-security stocks were firm today. CyberArk Software, Ltd. (CYBR) ran 1.08 to 39.15, and FireEye, Inc. (FEYE) gained 1.10 to 22.69.
Solar's were also strong. First Solar, Inc. (FSLR) jumped 1.19 to 53.94, SolarCity Corporation (SCTY) bounced 1.75 to 27.75, and SunPower Corporation (SPWR) thrust 1.30 to 23.66.
Most of the blue chips had a very good day today. Microsoft Corporation (MSFT) was up 88 cents to 53.85, and Intel Corportation (INTC) closed up 52 cents to 33.16.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Sophiris Bio, Inc. (SPHS) bounced 41 cents to 2.25, or 22%, on 2.1 million shares.
Anavex Life Sciences Corp. (AVXL) exploded 2.06 to 5.30, or 64%, on 33.7 million shares. e-Future Information Technology Inc. (EFUT) climbed 1.21 to 7.54, or 19%, on 1.3 million shares. Veracyte, Inc. (VCYT) had an interesting day, up 1.00 to 7.27.
Recent IPO Boot Barn Holdings, Inc. (BOOT) stair-stepped its way up 1.62 to 10.82, or 17%. Daqo New Energy Corp. (DQ) thrust 1.89 to 14.05, or 15 1/2%. Vipshop Holdings Limited (VIPS) advanced 1.88 to 14.41, or 15%, on 45.7 million shares. Halozyme Therapeutics, Inc. (HALO) spiked to 17.70 before pulling back and closing up 1.87 to 17.51, or 12%, on 1.8 million shares. Aramark (ARMK) gained 3.02 to 32.64, or 10%, on 7 million shares.
Other gainers of note included PRA Group, Inc. (PRAA), up 3.30 to 40.24, Concordia Healthcare Corp. (CXRX) up 2.85 to 35.50, and Kite Pharma, Inc. (KITE) 6.96 to 86.85.
Stepping back and reviewing the hourly chart patterns, after a gap up, the indices stair-stepped their way higher in a rising channel all day, and closed near the highs for the day going away.
Let's 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
EUR/USD hovers around 1.0700 ahead of German IFO survey
EUR/USD is consolidating recovery gains at around 1.0700 in the European morning on Wednesday. The pair stays afloat amid strong Eurozone business activity data against cooling US manufacturing and services sectors. Germany's IFO survey is next in focus.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price flat lines above $2,300 mark, looks to US macro data for fresh impetus
Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from over a two-week low – levels just below the $2,300 mark – and oscillates in a narrow range heading into the European session on Wednesday.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin (WLD) price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.