Harry Boxer
The Technical Trader
The stock market indices had a very interesting session. The Nasdaq 100 made a 5-wave move down as it was under pressure with the Nasdaq generals, dropping back from 4335 to 4275, a 50-point drop. The S&P 500, however, held rather well and consolidated nicely without breaking support, and not confirming the new lows on the NDX. As a result, after the FOMC meeting, and the announcement that they would not raise rates, the market exploded sharply, taking the Nasdaq 100 from 4275 to 4358, about an 83-point run. It backed off a little before the close, but came on again to close positive on the day.
Net on the day, the Dow was up 138.46 at 17,050.75, nearly 200 points off its low. The S&P 500 rallied from 1989 to 2016, and closed at 2013.43, up 17.60, about 27 points off the low. The Nasdaq 100 was up 16.69 to 4350.15, 75 points off the low.
It was a very, very spectacular surge back.
Advance-declines were 3 1/2 to 1 positive on New York Stock Exchange and 2 to 1 positive on Nasdaq. Up/down volume was 4 1/2 to 1 positive on New York, with total volume of 3.7 billion shares. Nasdaq traded a little over 2 billion shares, and had a 12 1/2 to 7 positive volume ratio.
TheTechTrader.com board was mixed today. Priceline Inc. (PCLN) was up 12.74 to 1304.32, and Netflix, Inc. (NFLX) had a spectacular session, up 6.83 to 114.93 from a low of 102.60. Late in the session they announced that they are raising prices.
However Google Inc. (GOOG) lost 3.20 to 639.16, 14 points off its low. Apple Inc. (AAPL) gave back 1.28 to 109.50. a point and a half off its low. Amazon.com Inc. (AMZN) dropped 8.78 to 533.16, 14 points off its low.
Tesla Motors, Inc. (TSLA) fell another 5.24 to 226.72.
Other stocks of note on the plus side today included First Solar, Inc. (FSLR), in a firm solar group, up 1.21 to 51.12, Neurocrine Biosciences Inc. (NBIX), which we traded today, up 4.67 to 43.60, and El Pollo Loco Holdings, Inc. (LOCO), in a upgrade, up 1.21 to 12.28.
On the downside, GoPro, Inc. (GPRO) was down 1.73 to a new all-time low at 27.07, closing at 27.60, Mobileye N.V. (MBLY) down 1.63 to 47.89, Radius Health, Inc. (RDUS) 5.58 to 61.10, and Prothena Corporation (PRTA), in a rather mixed, weak biotech sector, 1.56 to 43.40.
Checking the TheTechTrader.com percent-gain leaderboard, WaferGen Bio-systems, Inc. (WGBS) gained 72 cents to 2.24, or 47%, 3200% more volume than average, on 15.7 million shares.
Educational Development Corporation (EDUC) advanced 2.31 to 8.74, or 36%, but only traded 206,122 shares, still it was 1900% more volume than average. Tronox Limited (TROX) thrust 1.05 to 7.66, or 16%, on 3.2 million shares. Applied DNA Sciences Inc. (APDN) climbed 1.04 to 7.00, or 18%, on 785,883 shares.
Day trade Mistras Group, Inc. (MG) ran 5.36 to 19.59, or 38%, on 703,263 shares. NovoCure Limited (NVCR) popped 3.00 to 18.94, or 19%, on 3 million shares.
Among other gainers, Huntsman Corporation (HUN) jumped up 1.56 to 13.27, and Lumber Liquidators (LL) popped 1.84 to 16.42.
The Direxion Daily Russia Bull 3X ETF (RUSL) stair-stepped its way up 1.82 to 17.97.
Oils were very strong today. Stone Energy Corp. (SGY) was up 90 cents to 9.53. Baytex Energy Corp. (BTE) up 43 cents to 4.96, Oasis Petroleum Inc. (OAS), one of our favorites, 87 cents to 13.76, and the VelocityShares 3x Long Crude Oil ETN (UWTI) 1.12 to 13.70.
Stepping back and reviewing the hourly chart patterns, the indices stair stepped their way down on the Nasdaq 100 in the morning, with the S&P 500 holding support, and then they rallied sharply in the afternoon following the published FOMC meeting notes. They pulled back in the last hour, but snapped back near the close to close very firm on the day.
It was a nice follow-through session after the consolidation day yesterday.
Let's see how it goes tomorrow.
Good Trading!
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