Harry Boxer
The Technical Trader
The stock market indices started the day off with a very sharp decline, breaking two levels of support, but within an hour had stabilized, and then reversed sharply, taking the Nasdaq 100 from 4490 to over 4535, a 45-point rally in a 3-wave run. They consolidated midafternoon as the S&P 500 made a nominal new high, but the NDX could not confirm it, and rolled over in the last hour to pare back the gains. Nevertheless, it was still a positive session, but narrowly so.
Net on the day, the Dow was up 29.69 at 18,040.37, 65 points off its high. The S&P 500 was up 4.34 at 2111.73, 8 points off its high. The Nasdaq 100 was up 13.59 at 4521.85, 14 points off its high.
Advance-declines were 8 to 7 positive on New York Stock Exchange and flat on Nasdaq.
Up/down volume was 15 to 14 positive on New York, with total volume of just under 3 billion shares. Nasdaq traded 1.8 billion shares, and had a 4 to 3 positive volume ratio.
It was a disappointing close, but a nice recovery from the morning declines.
TheTechTrader.com board was narrowly mixed. Among the large-cap stocks that we follow Google Inc. (GOOG) was up 1.88 to 533.99, Apple Inc. (AAPL) up just 26 cents to 130.54, and Amazon Inc. (AMZN) 1.69 to 430.92. Priceline.com (PCLN) lost 5.38 to 1166.66, and Netflix Inc. (NFLX) gave back 1.04 to 623.02. Tesla Inc. (TSLA) was off 1.35 to 249.45.
Heron Therapeutics, Inc. (HRTX) jumped 4.61 to 24.37, Advaxis, Inc. (ADXS), on an FDA clearance, climbed 3.61 to 28.77, and GoPro, Inc. (GPRO), after announcing a new camera, shot higher to 58.52, up 3.06.
Facebook, Inc. (FB) bounced 1.10 to 80.29, and Bristol-Myers Squibb Company (BMY) gained 1.88 to 66.48.
On the downside, Splunk, Inc. (SPLK) was down 1.16 to 66.46, Cyber-Ark Software Ltd. (CYBR), in a weak security group, down 1.47 to 60.72, and Esperion Therapeutics, Inc. (ESPR) 3.48 to 104.03.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced ITT Educational Services Inc. (ESI) bounced 1.15 to 5.53, or 27%, on 9 million shares. CorMedix, Inc. (CRMD) gained 1.01 to 7.10, or 17%, on 1.3 million shares, reaching as high as 7.28 earlier in the day. SuperCom Ltd. (SPCB) spiked to 13.10 before pulling back to 12.09, up 1.28, or 12%.
ImmunoGen, Inc. (IMGN), on positive drug news, exploded 6.46 to 15.44, or 72%, on 24.4 million shares. Ignyta, Inc. (RXDX) ran, and ran hard to 15.64, then pulling back and closing up 5.92 to 14.90, or 66%, on 4.8 million shares. SINA Corporation (SINA) closed strong, up 9.48 to 50.21, or 23%, on 13 million shares.
Among other gainers, HomeAway, Inc. (AWAY) jumped 2.29 to 30.36, Net 1 Ueps Technologies Inc. (UEPS) advanced 1.41 to 15.91.
The Direxion Daily Russia Bear 3X ETF (RUSS) gained 2.87 to 34.28.
Stepping back and reviewing the hourly chart patterns, the indices came down in a 3-wave decline sharply early on, but recovered in a 3-wave advance, taking back all of the losses, and then some, only to give it all back at the end of the day. Still, they finished on a positive note, but disappointingly so.
Let's see how it goes tomorrow.
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