Harry Boxer
The Technical Trader
The stock market indices had a terrific session with a very, very strong thrust at the opening with strong gaps to the upside, and then they ran hard into the early part of the session, which at that point they consolidated and started moving higher. With an hour to go they were at the session highs at 4700 Nasdaq 100 and 2081 S&P 500. They did get some profit taking in the last half hour.
Net on the day, the Dow was up 192.71 at 17,720.98, 30 points off its high. The S&P 500 was up 21.85 to 2078.36, about 3 points off its high. The Nasdaq 100 was up 69.73 to 4691.08, 11 points off its high.
Advance-declines were 3 to 1 positive on New York Stock Exchange and 2 1/2 to 1 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, and 2 1/2 billion shares. The Nasdaq traded 1 1/3 billion shares and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly green. Priceline.com (PCLN) was up 29.44 to 1302.40, Google Inc. (GOOG), new all-time high, up 14.09 to 776.60, Apple Inc. (AAPL) up 1.92 to 108.74, Amazon.com Inc. (AMZN) 18.77 to 693.97, and Netflix, Inc. (NFLX) 2.01 to 119.12.
Tesla Motors, Inc. (TSLA), put on the list of the best cars for 2016, jumped 8.24 to 237.19, Baidu, Inc. (BIDU) ran 1.88 to 194.68, and Facebook, Inc. (FB) advanced 1.33 to 107.26.
Biotech's were firm for the most part. Prothena Corporation (PRTA) was up 2.41 to 71.24, NewLink Genetics Corporation (NLNK) up 1.07 to 37.24, Juno Therapeutics Inc. (JUNO) up 1.46 to 45.13.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 1.32 to 22.22.
On the downside, there were no stocks down more than a fraction.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Inventergy Global, Inc. (INVT) gained 80 cents to 2.16, or 59%, on 11 million shares, 3700% more volume than average, and reached as high as 2.82 at one point in the day. Auris Medical Holding AG (EARS) popped 61 cents to 5.00, or 14%, on 1.5 million shares. Chimerix, Inc. (CMRX) jumped 75 cents to 7.37, or 11.3%, on 14 million shares.
Resource America, Inc. (REXI) stair-stepped its way up 1.11 to 3.31, or 21%, closing just a penny off the session high.
FXCM Inc. (FXCM) ran to 20.36, before pulling back to 19.80, up 4.06, or 26%, on 5.8 million shares, 1900% more volume than average. Triumph Group, Inc. (TGI), on a strong earnings report, bounced 6.56 to 40.98, or 19%, on 3 million shares traded. Other gainers included Atara Biotherapeutics, Inc. (ATRA), up 1.97 to 24.74, and Atlassian Corporation (TEAM), a recent IPO, up 2.20 to 31.10.
Vuzix Corporation (VUZI) bounced 60 cents to 7.19. Lattice Semiconductor Corporation (LSCC), on a potential takeover by Intel, climbed 49 cents to 6.77.
Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran hard early in the session, and then slowed down the ascent, but in a steady rising channel until late in the day when profit taking set in.
Let's see what happens tomorrow.
Good Trading!
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