Harry Boxer
The Technical Trader
The stock market indices had a very, very volatile session with an explosive move at the opening on pre-market futures being higher. They had a 5-wave advance until midday, and then they rolled over, which was extremely strong and plunging through two layers of support, filling the gap on the Nasdaq 100 and S&P 500, before a last-hour explosive move, taking them back up from what looked like a potential big breakdown. After support held, they rallied in the last hour, moving up about 95 points on the Nasdaq 100, and the S&P 500 jumped about 40 points.
Net on the day, the Dow was up 369.26 at 16,654.77. That's more than a thousand points in two days. The S&P 500 was up 47.15 to 1987.66, more than 125 points in two sessions. The Nasdaq 100 was up 105.22 to 4324.82, nearly 310 points in two sessions.
Advance-declines were a sharp 9 to 1 positive on New York Stock Exchange and 4 to 1 negative on Nasdaq. Up/down volume was a huge 21 to 1 positive on New York, with total volume of a strong 4.9 billion shares. Nasdaq traded a little over 2.3 billion shares, and had a more than 10 to 1 positive volume ratio.
It was an extremely strong day, and an excellent follow-up to yesterday's reversal rally.
TheTechTrader.com board was mixed but mostly positive. Priceline.com (PCLN) was up 28.55 to 1252.01, Google Inc. (GOOG) up 8.99 to 637.61, Apple Inc. (AAPL) up 3.15 to 112.84, Amazon.com Inc. (AMZN) 17.60 to 518.37, Netflix, Inc. (NFLX) 7.53 to 117.66. Tesla Motors, Inc. (TSLA) jumped 18.15 to 242.99.
Facebook, Inc. (FB) was up 2.54 to 89.73, First Solar, Inc. (FSLR) up 1.75 to 47.84, and SolarCity Corporation (SCTY) 3.18 to 46.23 were among other multiple-point gainers today. On the downside, Fitbit Inc. (FIT) stood out as the only point-plus loser on our board today, down 3.43 to 34.97.
Checking the TheTechTrader.com percent-gain leaderboard, coal stocks led the way, Peabody Energy Corporation (BTU) down 75 cents to 2.28, or 50%, on 56 million shares. Forward Industries Inc. (FORD), following through on yesterday's gains, up 53 cents to 2.34, or 29%, on 15 million shares.
Arch Coal Inc. (ACI), another coal stock, gained 1.94 to 7.03, or 38%, on 11 million shares. NQ Mobile Inc. (NQ), on a sale of assets, ran 1.17 to 4.20, or 39%, on 12.5 million shares.
Freeport-McMoRan Inc. (FCX) gained 2.27 to 10.19, or 29%, on 99 million shares, reaching over 12.00 in after hours. Oasis Petroleum Inc. (OAS) bounced 1.17 to 9.47, or 14%, on 11 million shares.
Among other gainers, United States Steel Corp. (X) was up 2.29 to 16.89, Burlington Stores, Inc. (BURL) up 5.55 to 53.35, Zynerba Pharmaceuticals (ZYNE) 2.45 to 25.20, and Sears Holdings Corporation (SHLD) 2.93 to 26.93.
The Direxion Daily Russia Bull 3X ETF (RUSL) climbed 2.64 to 15.77, the Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) stair-stepped its way up 1.27 to 7.82, and the ProShares Ultra Bloomberg Crude Oil (UCO) popped 3.26 to 21.35.
Stepping back and reviewing the hourly chart patterns, the indices exploded, ran sharply higher to midday, rolled over very hard, gave back all of the gains, and came on hard in the last hour to close with gains on the day.
Let's see how it goes tomorrow.
Good Trading!
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