Harry Boxer
The Technical Trader
The stock market indices had a very good session today. The day started out with a pop to the upside, the Nasdaq 100 pulled back, which was weaker in the morning. The S&P 500 then consolidated without breaking support. The Nasdaq 100 broke support slightly. They came on again and ran to new highs on the S&P 500 by late morning. The S&P 500 did sell, but the NDX could not confirm. They pulled back early afternoon after the FOMC, which was positive for Wall Street in terms of no interest rate rises or any indication of rising interest rates. The indices snapped back from under 4560 to over 4585, about a 26-point run on the NDX. The S&P 500 went from 2099 to 2111, 12 points, and they backed and filled into the close.
Net on the day, the Dow was up 121.12 at 17,751.39. The S&P 500 was up 15.32 at 2108.57, just 2 points off the high. The Nasdaq 100 was up 21.37 at 4581.60, 6 points off the high.
Advance-declines were almost 3 to 1 positive on New York Stock Exchange and 2 to 1 positive on Nasdaq 100, the NDX being much narrower today. Up/down volume was 4 to 1 positive on New York, with total volume of almost 4 billion shares. Nasdaq 100 traded 1.85 billion shares, and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mixed with as many losers as gainers today. Priceline.com (PCLN) was up another 11.34 to 1219.43, Google Inc. (GOOG) up 3.93 to 631.93, Amazon.com Inc. (AMZN) 2.97 to 529.00, and Netflix, Inc. (NFLX) up just 18 cents to 107.08. Apple Inc. (AAPL) dropped 39 cents to 122.99.
Tesla Motors, Inc. (TSLA) lost exactly a dollar today, down 1.00 to 263.82.
Facebook, Inc. (FB) was up 1.70 to 96.99, and all over the place in afterhours, trading after earnings were released. FireEye, Inc. (FEYE) had an upgrade, 1.85 to 47.54.
The solar's were strong today. SolarCity Corporation (SCTY) ran 2.02 to 58.05, and Canadian Solar Inc. (CSIQ) popped 1.47 to 27.21, and First Solar, Inc. (FSLR) climbed 2.16 to 45.54.
On the downside, there were quite a few losers. VASCO Data Security International Inc. (VDSI), on multiple downgrades, was down 6.10 to 20.45, Sorrento Therapeutics, Inc. (SRNE) down 1.21 to 19.20, Rapid7, Inc. (RPD) down 1.67 to 23.35, NewLink Genetics Corporation (NLNK) 2.02 to 51.79, Intra-Cellular Therapies, Inc. (ITCI) 1.80 to 29.42, Fitbit Inc. (FIT) 1.40 to 44.07, Esperion Therapeutics, Inc. (ESPR) 6.53 to 62.48, Infoblox Inc. (BLOX) 1.01 to 22.95, Advaxis, Inc. (ADXS) 1.30 to 16.27.
So it didn't look so good for some of the stocks we follow.
Checking the TheTechTrader.com percent-gain leaderboard, Republic Airways Holdings Inc. (RJET) soared 1.82 to 5.26, or 53%, on 31 million shares, 50,000% more volume than average. Calix Inc. (CALX) closed up 1.19 to 8.19, or 17%, on 1.4 million shares.
Natural Health Trends Corp. (NHTC), which we traded today, gained 9.55 to 34.38, or 39%, on 1.9 million shares. Shake Shack Inc. (SHAK) ran 9.51 to 62.15, or 18%, on 1.3 million shares. The Rubicon Project, Inc. (RUBI) advanced 2.98 to 18.38, or 19%, on 4 million shares. U.S. Silica Holdings, Inc. (SLCA) thrust 3.43 to 25.11, or 16%, on 8.1 million shares. YRC Worldwide Inc. (YRCW) rose 1.98 to 15.06, or 15%, on 2 million shares.
Stepping back and reviewing the hourly chart patterns, the S&P 500 did much better than the Nasdaq 100, but they did manage to break out in the afternoon to confirm the positive session.
It was a good day for Wall Street. Let's see how it goes tomorrow.
Good Trading!
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