Harry Boxer
The Technical Trader
It certainly was turn-around Tuesday for the stock market today as the indices dipped in the morning, and when the news came in that Saudi Arabia and Russia had agreed on a production freeze, the oil's took off running, pulling the rest of the market up with them. The S&P 500 jumped from 2040 to an afternoon high of 2065, a 25-point run-up, which was a very strong move. The Nasdaq 100 exploded from 4435 to over 4500, about a 68-point rally. At the end of the day they backed off a little, and in the last five minutes they came on again to finish firm.
Net on the day, the Dow was up 164.84 at 17,721.25. The S&P 500 was up 19.73 to 2061.72, 3 1/2 points off the high. The Nasdaq 100 was up to 37.34 to 4496.04, 7 points off the high.
Advance-declines were 4 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was nearly 6 to 1 positive on New York, total volume of 4.2 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but mostly green. Priceline.com (PCLN) was up 35.62 to 1300.28, Google Inc. (GOOG) up 6.99 to 743.09, Apple Inc. (AAPL) up 1.42 to 110.44, Amazon.com Inc. (AMZN) 7.24 to 603.17, Netflix, Inc. (NFLX) 4.30 to 106.98.
Baidu, Inc. (BIDU) ran 2.33 to 187.40, Facebook, Inc. (FB) gained 1.62 to 110.61, and First Solar, Inc. (FSLR) popped 38 cents to 60.34.
A strong performance from the Nasdaq Generals today.
Tesla Motors, Inc. (TSLA), however, lost 2.10 to 247.82.
Biotech’s had a nice session today. ACADIA Pharmaceuticals Inc. (ACAD) was up 1.13 to 32.24.
It was definitely a big day for oil stocks. Targa Resources Corp. (TRGP) was up 2.19 to 32.19, CONSOL Energy Inc. (CNX), one of our swing trades, up 1.05 to 13.53, Whiting Petroleum Corp. (WLL) up 1.37 to 10.89, Marathon Oil Corporation (MRO) 1.45 to 13.12, Southwestern Energy Company (SWN) 1.41 to 10.54, Range Resources Corporation (RRC), a new swing trade for us, 3.21 to 38.01, Chesapeake Energy Corporation (CHK) ran 4.83 to 6.15, before closing at 1.55 to 6.05, or 35%, on 183.6 million shares.
Checking the TheTechTrader.com percent-gain leaderboard, Bonanza Creek Energy, Inc. (BCEI) gained 64 cents to 2.50, or 34%, on 8 million shares. Denbury Resources Inc. (DNR) made its way up 67 cents to 3.23, or 16%, on 23 million shares. Sanchez Energy Corporation (SN) popped 47 cents to 6.92, on 4 million shares. EP Energy Corporation (EPE) ran 78 cents to 4.85, or 19%, on 6 million shares.
Laredo Petroleum, Inc. (LPI) climbed 1.42 to 10.16, or 16%, on 4 million shares traded.
All of those were oil stocks, so you can see they did well today.
The VelocityShares 3x Long Natural Gas ETN (UGAZ) had a good day, up 2.81 to 25.26, or 13%, on 4 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were a little firm at the opening, came down to the session lows for forty minutes, and from there they rallied all day.
A pretty good day for the indices and an nice turn-around Tuesday.
Let’s see what happens tomorrow.
Good Trading!
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