Harry Boxer
The Technical Trader
The stock market indices had an interesting session with a mixed close, although they did come way off the lows early on when the indices had an early dip. They then stair-stepped their way higher in a 5-wave advance, pulled back to hold support, and then rallied back to resistance. When they couldn’t get through, they backed off into the close. At the end of the day, they did close green on St. Patrick’s Day on the blue chips.
Net on the day, the Dow was up 155.73 at 17,481.49, about 45 points off the low. The S&P 500 was up 13.37 to 2040.59, 6 points off the high. The Nasdaq 100 was down 3.94 to 4400.26, 13 points off its high.
Advance-declines were more than 4 to 1 positive on New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, total volume of 4.5 billion shares traded. The Nasdaq traded 2.4 billion shares and had an almost 2 to 1 positive volume ratio.
TheTechTrader.com board was rather mixed. On the downside, Amazon.com Inc. (AMZN) lost 14.83 to 559.44 at news Google’s Cloud won Apple as a customer, and was a drag on Nasdaq 100. Apple Inc. (AAPL) was also down, but just 17 cents, while Google Inc. (GOOG) was up 1.69 to 737.65. Priceline.com (PCLN) dropped 4.13 to 1346.86, and Netflix, Inc. (NFLX) gained 37 cents to 99.72.
Baidu, Inc. (BIDU) closed flat up just 39 cents, but Facebook, Inc. (FB) closed down 1.16 to 111.02, and First Solar, Inc. (FSLR), in a strong solar group, was up 1.15 to 73.21.
Tesla Motors, Inc. (TSLA) was up 4.45 to 226.38.
In a strong solar group, Canadian Solar Inc. (CSIQ) was up 86 cents to 20.97, and SolarEdge Technologies, Inc. (SEDG) gained 1.07 to 27.20.
Biotech’s were also strong today. Intrexon Corporation (XON) jumped 1.26 to 35.78, and Juno Therapeutics Inc. (JUNO) bounced 1.01 to 38.05.
Checking the TheTechTrader.com percent-gain leaderboard, Hi-Crush Partners LP (HCLP) popped 91 cents to 6.40, or 17%, on 1.1 million shares. Emerge Energy Services LP (EMES) gained 92 cents to 6.14, or 18%. Helix Energy Solutions Group, Inc. (HLX) advanced 88 cents to 5.48, or 19%, on 4.25 million shares.
Vitae Pharmaceuticals, Inc. (VTAE), on positive drug news, exploded 2.68 to 6.79, or 65%, on 23 million shares, reaching as high as 8.38 earlier in the day.
The Direxion Daily Brazil Bull 3X ETF (BRZU) was up 4.20 to 20.00, or 27%, on 1.4 million shares traded.
Among other gainers, U.S. Silica Holdings, Inc. (SLCA) was up 1.77 to 22.49, Sarepta Therapeutics, Inc. (SRPT) up 2.48 to 17.03, and Amira Nature Foods Ltd. (ANFI) up 1.46 to 11.11.
Stepping back and reviewing the hourly chart patterns, the indices came down early, bounced in a 5-wave advance by midday afternoon, and then backed off to test support. It held successfully, but when they rallied they could not get through the highs, and sold off in the last twenty minutes.
Let’s see what happens tomorrow.
Good Trading!
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