Harry Boxer
The Technical Trader
The stock market indices had a very choppy and narrow day, particularly on the S&P 500. In the end, a late rebound put them back in the plus column.
The day started out with a move to the upside. They pulled back, and then hit an up and down period where the Nasdaq 100 reached over 3904 right at resistance, but couldn't really punch through. When the S&P 500 failed to even get up to its morning high, non-confirmed, they rolled back pretty hard, taking the Nasdaq from 3904 to 3891, and the S&P 500 from 1976 1/2 to about 1973. So it was very, very narrow, especially in the afternoon when the S&P 500 traded in a 1 1/2-point range in the last half of the session.
Net on the day, the Dow was up 20.17 at 16,976.24, reaching 16,986.00, and about 13 points off the high. The S&P 500 was up 1.30 at 1974.62, 2 points off its high. The Nasdaq 100 was up 4.94 at 3899.27, 5 points off the high.
Advance-declines were more than 3 to 2 negative on the New York Stock Exchange, and 14 to 11 negative on Nasdaq. Up/down volume was 15 to 11 on New York, with total volume of over 580 million shares. Nasdaq traded a little over 1.5 billion shares and had a flat volume ratio.
TheTechTrader.com was very mixed, both up and down. On the downside, the large-cap stocks got hit. Priceline.com Incorporated (PCLN) was down 8.93 to 1237.84, Google Inc. (GOOG) down 33 cents to 582.34, Apple Inc. (AAPL) nearly flat, down just 4 cents to 93.48, Amazon.com Inc. (AMZN) 46 cents to 332.85, and Netflix, Inc. (NFLX) 6.36 to 466.74.
Tesla Motors, Inc. (TSLA) gave back a whopping 10.29 to 229.43.
GoPro, Inc. (GPRO) lost 6.76 to 42.04, Facebook, Inc. (FB) dropped 1.61 to 66.45, FireEye, Inc. (FEYE) gave back 1.82 to 39.22.
On the upside, International Business Machines Corporation (IBM) was up 2.04 to 188.39, Pharmacyclics Inc. (PCYC) up 3.55 to 93.13, and Vipshop Holdings Limited (VIPS) up 1.58 to 197.17.
Rackspace Hosting, Inc. (RAX) gained 2.13 to 35.88.
Checking the TheTechTrader.com percent-gain leaderboard, EveryWare Global, Inc. (EVRY) popped 81 cents to 2.34, or 53%, on 5.7 million shares. China Natural Resources Inc. (CHNR) gave its all, running 92 cents to 4.16, or 28%, on a half million shares, reaching a high of 5.74 today. EDAP TMS SA (EDAP) gained 57 cents to 5.82, or 11%, on 1.3 million shares.
Doral Financial Corporation (DRL) ran 3.04 to 7.07, or 75 1/2%, on 6.3 million shares, 7700% more volume than average.
USEC Inc. (USU) climbed 3.65 to 11.04, or 50%, on 26.7 million shares. Shutterfly, Inc. (SFLY) thrust 6.49 to 50.00, or 15%, on 6.4 million shares on news of a possible sale of the company.
Among other gainers, The Greenbrier Companies, Inc. (GBX), on earnings, was up 6.90 to 64.61, Jazz Pharmaceuticals Public Limited Company (JAZZ), up 10.56 to 162.02, TG Therapeutics, Inc. (TGTX) 1.04 to 11.03 and Constellation Brands Inc. (STZ) 2.07 to 90.45.
Stepping back and reviewing the hourly chart patterns, the indices had very choppy action in the morning and afternoon, but narrowing late in the day on the S&P 500. Still, it was an up-day.
Let's see what happens tomorrow. It's an abbreviated session so it may be quiet.
Good Trading!
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