Harry Boxer
The Technical Trader
The stock market indices had a big day today. They gapped up big, pulled back early on, and then stair-stepped their way higher all day, until they reached the session highs with an hour to go. They pulled back late in the session, and bounced in the last 15-20 minutes to finish with a very strong gain on the session.
Net on the day, the Dow was up 257.42 at 16,453.84, 30 points off its high. The S&P 500 was up 31.24 to 1926.82, 4 points off its high. The Nasdaq 100 was up 94.77 to 41.99.10.
Advance-declines were 5 to 1 positive on New York Stock Exchange, and 3 to 1 on Nasdaq. Up/down volume was 8 1/2 to 1 on New York, total volume of just under 5 billion shares traded. The Nasdaq traded 2.2 billion shares and had a 6 to 1 positive volume ratio.
The indices had very, very strong underlying technicals.
TheTechTrader.com board was mostly all green today. The leading gainer on earnings was Priceline Inc. (PCLN), up 124.88 to 1235.56, gapping yesterday, and then taking off and running today. Google Inc. (GOOG) was up 17.40 to 708.40, Apple Inc. (AAPL) up 1.48 to 98.12, Amazon.com Inc. (AMZN) 13.00 to 534.10, and Netflix, Inc. (NFLX) 5.71 to 94.76.
Tesla Motors, Inc. (TSLA) jumped 13.51 to 168.68, and Baidu, Inc. (BIDU) ran 6.01 to 163.53. Facebook, Inc. (FB) stair-stepped its way higher all day, up 3.59 to 105.20 and Microsoft Corporation (MSFT) bounced to 1.33 to 52.42.
Other gainers of note included Intrexon Corporation (XON), which took back 1.72 to 32.32. Universal Display Corp. (OLED) gained 1.00 to 46.02. Ocular Therapeutix, Inc. (OCUL), a new swing trade of ours, up 2.41 to 8.67, on 5.6 million shares, also on positive drug news.
Regulus Therapeutics Inc. (RGLS), a new swing trade of ours, went straight up to 8.85 at the opening, came down and bounced around, closing up 1.21 to 7.49 on positive drug news today, on 10 million shares.
Intra-Cellular Therapies, Inc. (ITCI) snapped back 2.61 to 30.51, and reaching as high as 31.78, in a strong biotech sector. Bristol-Myers Squibb Company (BMY) bounced its way up 1.74 to 63.92.
The Direxion Daily Energy Bull 3X ETF (ERX) thrust 1.67 to 19.09 as oil snapped back 5% today. It was a very strong session with only a couple of stocks down very small fractions. A very broad, cross the board rally.
Checking the TheTechTrader.com percent-gain leaderboard, Constellium N.V (CSTM) closed up 86 cents to 4.89, or 21%, on 3.8 million shares.
Teck Resources Limited (TCK) gained 1.06 to 6.13, or 21%, on 15 million shares as it broke out a couple days ago and continues to show a vast improvement.
Fossil Group, Inc. (FOSL) jumped 9.84 to 44.30, or 29%, on 11.7 million shares on earnings. CARBO Ceramics Inc. (CRR) snapped back 2.91 to 18.12, or 19%, on 1 million shares.
Stepping back and reviewing the hourly chart patterns, the indices popped strong, had a quick pullback in the first 15 minutes, and then they were off to the races for the rest of the day, and only in the afternoon did they consolidate a bit.
It was a very, very strong session.
Let's see what happens tomorrow. Good Trading!
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