Harry Boxer
The Technical Trader
The stock market indices had a very strong day, although most of the day was spent backing and filling. They popped and exploded at the get-go, had a very strong rally to new highs, breaking out the indices, and then backed and filled in whipsaw waves, which looked like large wedges. At the end of the day from midafternoon, they rallied from 4688 Nasdaq 100 to 4715, and from 2091 to 2103 S&P 500, and closed very solidly in the plus column.
Net on the day, the Dow was up 168.83 at 17,888.35, 7 points off the high. The S&P 500 was up 22.22 to 2102.63, less than a point off its high. The Nasdaq 100 was up 51.65 to 4716.16, at the exact high of the day.
Advance-declines were 22 to 9 positive on New York Stock Exchange and 4 to 3 positive on Nasdaq. Up/down volume was about 3 to 1 positive on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 2 billion shares, and had a 12 1/2 to 7 positive volume ratio.
TheTechTrader.com board was mostly higher. Priceline.com (PCLN) was up 33.65 to 1282.50, Google Inc. (GOOG) up 24.44 to 767.04, Amazon.com Inc. (AMZN) 14.26 to 676.06, and Netflix, Inc. (NFLX) 2.04 to 125.37, but Apple Inc. (AAPL) was down nearly a dollar at 96 cents to 117.34.
Tesla Motors, Inc. (TSLA) jumped 6.93 to 237.19.
Facebook, Inc. (FB) was up 2.88 to 107.12, First Solar, Inc. (FSLR) up 1.67 to 58.18, Bristol-Myers Squibb Company (BMY) up 1.25 to 68.26, Eli Lilly and Company (LLY) 4.46 to 86.50 on positive drug news.
Biotech's had a strong day. NewLink Genetics Corporation (NLNK) gained 1.39 to 37.99, and Intra-Cellular Therapies, Inc. (ITCI) ran 2.39 to 55.72.
Checking the TheTechTrader.com percent-gain leaderboard, EMCORE Corporation (EMKR) bounced 84 cents to 8.09, or 12%, on 1.1 million shares.
Giga-tronics Inc. (GIGA) popped 1.47 to 2.58, or 132%, on 29.3 million shares. Dehaier Medical Systems Limited (DHRM) thrust 1.34 to 3.04, or 79%, on 4 million shares. TerraForm Power, Inc. (TERP) advanced 2.25 to 9.15, or 33%, on 31 million shares. Sangamo Biosciences Inc. (SGMO) bounced 94 cents to 9.22, or 11%, on 2.4 million shares.
After a reverse split and major announcement, Acorn International, Inc. (ATV) jumped 16.73 to 19.20, or 678%, on 5.1 million shares, reaching as high as 20.88, 140,000% higher than average. GlobeImmune Inc. (GBIM) dropped to 3.22 before climbing 1.21 to 4.63, or 36%. Infoblox Inc. (BLOX) gained 3.31 to 18.35, or 22%, on 6.8 million shares. Shoe Carnival Inc. (SCVL) stair-stepped its way up 2.30 to 21.78, or 12%.
There were a lot of percent-gainers on our board today.
Stepping back and reviewing the hourly chart patterns, after a very strong gap and run, the indices backed off, tested the gaps and held, and backed and filled all day until the last hour and a half when they ramped up, and closed at the highs for the day.
Let's see how it goes tomorrow.
Good Trading!
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