Harry Boxer
The Technical Trader
The stock market indices had a wild and crazy day today as the FOMC made their statement. They basically opened slightly firm, and then went down in a nice, orderly fashion, until the FOMC statement, and then they were all over the place. First a spike up, then a spike down, then a very, very big rally, and then a pullback into the close. It ended as an up-day for the market.
Net on the day, the Dow was up 24.88 at 17,156.85, about 67 points off the low. The S&P 500 was up 2.59 at 2001.57, 8 points off the low. The Nasdaq 100 was up 6.29 at 4073.57, 25 points off the low.
Advance-declines were barely ahead by 82 issues on the New York Stock Exchange, and 400 issues positive on Nasdaq. Up/down volume was flat on New York, with total volume of 3.1 billion shares. Nasdaq traded over 1.75 billion shares, and had a 3 to 2 positive volume ratio.
TheTechTrader.com board was mixed. Priceline.com Incorporated (PCLN) was up by only 88 cents to 1173.80, Google Inc. (GOOG) up 4.82 to 584.77, and Apple Inc. (AAPL) up by only 72 cents to 101.58.
Pharmacyclics Inc. (PCYC) jumped 1.24 to 123.42, Tesla Motors, Inc. (TSLA) popped 64 cents to 261.38, and Vipshop Holdings Limited (VIPS) gained 1.67 to 199.67.
GoPro, Inc. (GPRO) ran 1.99 to 67.22, and FireEye, Inc. (FEYE) closed up 1.83 to 35.47.
Solar stocks had a very strong day today. Canadian Solar Inc. (CSIQ) 2.76 to 40.29, First Solar, Inc. (FSLR) up 1.00 to 71.69, and JinkoSolar Holding Co. 1.23 to 33.00, Trina Solar Limited (TSL) 97 cents to 14.47, and SunPower Corporation (SPWR) 76 cents to 37.60.
On the downside, Rackspace Hosting, Inc. (RAX) got smacked for 6.95 to 32.39, Amazon.com Inc. (AMZN) fell 3.76 to 324.00, and Netflix, Inc. (NFLX) lost 2.38 to 454.53.
Checking the TheTechTrader.com percent-gain leaderboard, Highpower International, Inc. (HPJ) made its way up 97 cents to 7.42, or 15%, on 1.6 million shares.
Auxorilium Pharmaceuticals Inc. (AUXL), on a takeover announcement, was the winner today, up 9.65 to 31.17, or 45%, on 15.6 million shares. TOKAI PHARMACEUTICALS INC. (TKAI), a new issue, went from 18.12 all the way up to 30.00, before pulling back and closing up 8.76, or 58%, on 10.3 million shares. Sky-mobi Limited (MOBI) advanced 1.60 to 10.44, or 81%, on 1.5 million shares. United States Steel Corp. (X) ran up to 46.66 early, then pulled back to 44.61, up 4.20, or 10%, on 21 million shares.
Among other gainers, YRC Worldwide Inc. (YRCW) was up 3.56 to 23.36, TG Therapeutics, Inc. (TGTX) up 1.61 to 11.60, ANI Pharmaceuticals, Inc. (ANIP) 2.07 to 29.88, Chimerix, Inc. (CMRX) 1.92 to 27.67, China Mobile Games and Entertainment Group Limited (CMGE) 1.62 to 25.06, PTC Therapeutics, Inc. (PTCT) 2.17 to 38.38, and Alnylam Pharmaceuticals, Inc. 4.23 to 77.69.
The Direxion Daily Gold Miners Bear 3X Shrs (DUST) jumped 131 to 21.66.
Stepping back and reviewing the hourly chart patterns, the indices were down steadily, until midday when FOMC made their statement, and then they rocketed back and forth working their way higher. Only in the last half hour did they pull back from the old, 2011 all-time highs. When the S&P 500 fell far short of that, and failed to confirm, it could have been one of the reasons for the late selloff.
We'll have to wait and see what happens tomorrow.
Good Trading!
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