Harry Boxer
The Technical Trader
The stock market indices by morning followed through yesterday's late rally and extended the move, taking the Nasdaq 100 from under 4000 to nearly 4200 today. That's a five-percent rally. The S&P 500 from yesterday's low of 1812 reached a high of 1890. That was 18 points and about five-percent as well. So you can see that the indices may have been in need of a pull back. By midday they reached their declining topslines and moving averages as well as lateral resistance on the hourly charts, and that caused a pull back. Late in the day, they tried to bounce a couple of times, unable to follow through, and backed off into the last ten minutes. They finished up on the day, but disappointingly so, substantially off the highs.
Net on the day, the Dow was up 115.94 at 15,882.68, 150 off its high. The S&P 500 was up 9.66 to 1868.99, 21 points off its high. The Nasdaq 100 was up 6.32 to 4142.60, 58 points off its high, and the worst performance today.
Advance-declines were 2 to 1 positive on New York Stock Exchange and 7 to 6 positive on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, and more than 5 billion shares traded. The Nasdaq traded 2 1/3 billion shares and had a 13 to 10 positive volume ratio.
TheTechTrader.com board was mixed, but there were some winners. Priceline Inc. (PCLN) was up 7.81 to 1089.14, Google Inc. (GOOG) up 8.14 to 706.59, Amazon.com Inc. (AMZN) up 3.25 to 575.02, but Apple Inc. (AAPL) was down 49 cents to 96.30, and Netflix, Inc. (NFLX) lost 5.39 to 102.34.
Tesla Motors, Inc. (TSLA) gained 1.27 to 199,97, and Baidu, Inc. (BIDU) ran to just under 5.00, but Facebook, Inc. (FB) was down 19 cents to 94.16 to 94.16.
In addition, First Solar, Inc. (FSLR) jumped 1.96 to 63.23, biotech Nevro Corp. (NVRO) gained 1.21 to 65.21.
On the downside, biotech's had a rough day. NewLink Genetics Corporation (NLNK) was down 1.04 to 27.16, Intra-Cellular Therapies, Inc. (ITCI) down 2.85 to 41.58.
The ProShares UltraShort Bloomberg Crude Oil (SCO) lost 17.62 to 209.88.
Checking the TheTechTrader.com percent-gain leaderboard, TrovaGene, Inc. (TROV) led the way, up 2.34 to 5.69, or 70%, on 7.2 million shares. Unit Corporation (UNT) stair-stepped its way up 1.06 to 7.50, or 16 1/2%, on 2.5 million shares.
PFSweb Inc. (PFSW) ran 2.46 to 12.83, or 24%, on 1.1 million shares. Range Resources Corporation (RRC), one of our day trades, climbed 4.04 to 26.03, or 18%, on 11.8 million shares. Kinder Morgan, Inc. (KMI) thrust 1.87 to 13.88, or 16%, on 69 million shares.
Stepping back and reviewing the hourly chart patterns, after an early dip the indices came on strong, reached new rally highs, but failed at key, overhead resistance, not surprisingly so, and pulled back to consolidate the rest of the day to close up on the session, but disappointingly so. Although, the overall pattern on the hourly charts, it does look like potential, inverse head-and-shoulder bottoming pattern.
We'll have to see if we get any kind of hold support tomorrow and maybe follow-through to the upside. Key numbers are 4200 Nasdaq and 1900 S&P 500. Good Trading!
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