Harry Boxer
The Technical Trader
The stock market indices had a really strong follow-through session today and made new highs, over 4030 Nasdaq 100 and over 1960 S&P 500. They rolled over in the afternoon, bounced around in the last hour, but closed with a very positive day, although off the highs.
Net on the day, the Dow was up 216.58 at 16,677.90, about 100 points off its high. The S&P 500 was up 23.71 at 1968.89, 11 points off its high. The Nasdaq 100 was up 62.68 at 4012.27, 20 points off its high.
Advance-declines were 24 to 7 positive on the New York Stock Exchange, and 19 1/2 to 7 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, with total volume of 3.6 billion shares. Nasdaq traded 1.9 billion shares, and had a little more than 5 to 1 positive volume ratio.
TheTechTrader.com board mixed, but very positive. Priceline.com Incorporated (PCLN) was up 16.53 to 1130.98, Google Inc. (GOOG) up 11.27 to 543.98, Apple Inc. (AAPL) up 1.84 to 104.83, Amazon.com Inc. (AMZN) up on 21 cents to 313.18, and Netflix, Inc. (NFLX) 8.39 to 383.04.
Pharmacyclics Inc. (PCYC) gained 6.19 to 121.32, Tesla Motors, Inc. (TSLA) popped 4.19 to 235.29, and Vipshop Holdings Limited (VIPS) ran 5.36 to 210.36.
Splunk, Inc. (SPLK) was up 4.13 to 59.83, Lakeland Industries Inc. (LAKE), on Ebola news, up 2.13 to 15.26, MOBILEYE N.V. (MBLY) 1.20 to 50.30, GW Pharmaceuticals (GWPH) 1.32 to 73.02, Facebook, Inc. (FB) 1.67 to 80.04, a new all-time high, FireEye, Inc. (FEYE) 1.62 to 30.88, Arista Networks, Inc. (ANET) 1.66 to 73.84, and Agios Pharmaceuticals, Inc. (AGIO) up another 2.46 to 76.28.
First Solar, Inc. (FSLR) ran 1.52 to 56.27, SunPower Corporation (SPWR) up 72 cents to 31.21, Canadian Solar Inc. (CSIQ) 59 cents to 29.85, and Canadian Solar Inc. (CSIQ) up 46 cents to 18.69.
Checking the TheTechTrader.com percent-gain leaderboard, 8x8 Inc. (EGHT) gained 1.00 to 7.70, or 15%, on 3.5 million shares.
Infinera Corporation (INFN) which we traded, had a wonderful day, up 3.28 to 13.89, or 31%, on 23.5 million shares. TubeMogul, Inc. (TUBE) thrust 2.93 to 16.72, or 21%. A. Schulman, Inc. (SHLM) gained 5.48 to 35.62, or 18%. Dana Holding Corporation (DAN) closed up 3.07 to 20.56, or 18%, on 9.5 million shares.
Among other gainers, Select Comfort Corporation (SCSS) was up 3.50 to 25.08, Tractor Supply Company (TSCO) up 9.70 to 71.00, Silicon Laboratories Inc. (SLAB) 5.34 to 44.03, Intrexon Corporation (XON) 2.14 to 20.62, ServiceNow, Inc. (NOW) 6.47 to 64.54.
Lannett Company, Inc. (LCI) jumped 4.58 to 49.30, The Greenbrier Companies, Inc. (GBX) climbed 5.40 to 62.98, AMAG Pharmaceuticals, Inc. (AMAG) rose 2.80 to 33.78, Akorn, Inc. (AKRX) bounced 1.06 to 42.77, and CoreLogic, Inc. (CLGX), on strong earnings, gained 2.32 to 30.28.
Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran hard, reached a peak for the several-day rally with about an hour and a half to go. They then pulled back down sharply, but bounced, holding support, and closed right at 1950.35, a key support area, initially, for the S&P 500.
Let's see what happens tomorrow, but the pullback may have begun this afternoon. We'll see if there's downside follow-through tomorrow.
Good Trading!
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