Harry Boxer
The Technical Trader
The stock market indices did not have a turn-around Tuesday, although they tried this morning. The day started out with a dip to the downside on overnight terrorist’s attacks in Belgium, reaching session lows. Within the first 10-15 minutes they rallied, the S&P 500 getting down to 2040.50, and then exploding later in the day on a 3-wave advance to 2056.50, a 16-point rally. The Nasdaq 100 jumped from 4400 to 4450, a 50-point rally. In the last hour they pulled back sharply, only to bounce again near the close.
Net on the day, the Dow was down 41.30 at 17,582.57. The S&P 500 was down 1.80 to 2049.80. However, the Nasdaq 100 was up 10.64 to 4437.62.
Advance-declines were down a couple hundred issues on the New York Stock Exchange, and 150 lower on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume of 3 1/3 billion shares traded. The Nasdaq traded 1.57 billion shares and had an 8 1/2 to 7 positive volume ratio.
TheTechTrader.com board was somewhat mixed. There were some positive gainers, but the losers were Priceline.com (PCLN), down 31.10 to 1319.41, Google Inc. (GOOG) down 1.34 to 740.75, and Netflix, Inc. (NFLX) was down 1.22 to 99.84. Apple Inc. (AAPL) gained 81 to 106.72, and Amazon.com Inc. (AMZN) jumped 6.50 to 560.48.
Baidu, Inc. (BIDU) was up 1.28 to 188.40, Facebook, Inc. (FB) up 40 to 112.25, and First Solar, Inc. (FSLR) up just a nickel to 71.29. Intel Corporation (INTC) closed flat, and Microsoft Corporation (MSFT) closed up 21 cents to 54.07.
Tesla Motors, Inc. (TSLA) lost 4.08 to 234.24.
The biotech’s had a good day today. Juno Therapeutics Inc. (JUNO) was up 1.36 to 40.50, Medivation, Inc. (MDVN) up 2.08 to 39.03, Advaxis, Inc. (ADXS), on heavy volume, up 58 cents to 9.83, Akorn, Inc. (AKRX) 7.60 to 26.32, Inovio Pharmaceuticals, Inc. (INO), one of our new swing trades, 60 cents to 7.85.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 65 cents to 7.32 on strong volume.
Checking the TheTechTrader.com percent-gain leaderboard, Centrus Energy Corp. (LEU) went straight up to 3.87 at the open, pulled back and closed at 3.10, up 73 cents, or 31%, on 6.3 million shares. NQ Mobile Inc. (NQ) bounced around and closed up 49 cents to 4.31, or 12.8%, on 6 million shares.
Lumber Liquidators Holdings, Inc. (LL) on a settlement, ran 1.92 to 13.94, or 16%, on 7.8 million shares traded.
Among other gainers, Natural Health Trends Corp. (NHTC) was up 3.81 to 36.05, Valeant Pharmaceuticals International, Inc. (VRX) up 2.91 to 31.89, INSYS Therapeutics, Inc. (INSY) up 20.46, Radius Health, Inc. (RDUS) 2.42 to 35.58, Neurocrine Biosciences Inc. (NBIX) 2.45 to 38.35, and BioMarin Pharmaceutical Inc. (BMRN) 5.24 to 83.43.
Stepping back and reviewing the hourly chart patterns, the indices were down very early, they snapped back sharply in a 3-wave advance to midafternoon when they pulled back in the last hour, only to bounce, and firm up off support.
It was a mixed session, but not too bad.
Let’s see what happens tomorrow.
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