Strong Day with Poor Technicals

The stock market indices started off with a very sloppy session on Nasdaq 100, but upwards on the S&P 500. They ended the day with a very strong move price-wise. However, the underlying technicals were not impressive, which has me concerned that this is nothing more than a bear-phase rally and wave four of what looks like the potentiality one more wave down.

Despite all of that, the Dow managed to end up 138.94 at 17,995.72, 36 points off the high. The S&P 500 was up 8.17 at 2079.43, 4 points of the high. The Nasdaq 100 was down 13.76 at 4412.99, 12 points from the high.

Advance-declines were positive by about 170 issues on the New York Stock Exchange, and negative by 209 issues on Nasdaq. Up/down volume was 18 to 15 positive on New York, with total volume of 3 1/3 billion shares. Nasdaq traded a little less than 1 2/3 billion shares, and had a 3 to 2 positive volume ratio.

TheTechTrader.com board was mostly narrowly mixed, but there were gainers as well as losers. Priceline.com Incorporated (PCLN) jumped 1.01 to 1217.00 and Google Inc. (GOOG) popped 1.16 to 568.85.

Apple Inc. (AAPL) had a topsy-turvy day, jumping to 129.57 on a conference call with the new Apple and driving back to 125.00 after the call, only to bounce back after the call 127.09 up 49 cents on the day on 88.3 million shares.

Amazon.com Inc. (AMZN) lost 1.53 to 378.56 today, and Netflix, Inc. (NFLX) gave back 8.49 to 445.63 on a deal with Time Warner Cable Inc. (TWC) and Apple Inc. (AAPL) for streaming.

Ambarella, Inc. (AMBA) was up 2.09 to 66.31, Bristol-Myers Squibb Company (BMY) up 1.24 to 66.36.

Other stocks on the downside included gold stocks which suffered today with Royal Gold, Inc. (RGLD) down 2.25 to 60.78, Neurocrine Biosciences Inc. (NBIX) down 1.01 to 39.66, GoPro, Inc. (GPRO), down 2.18 to 37.95, about 60 points off its high, Cyber-Ark Software Ltd. (CYBR) 1.99 to 57.79, and Canadian Solar Inc. (CSIQ) 1.24 to 32.31.

Tesla Motors, Inc. (TSLA) lost 3.00 to 190.88.

Checking the TheTechTrader.com percent-gain leaderboard had some outstanding gainers included today, which included low-priced industrial stock, RMG Networks Holding Corporation (RMGN) up 69 cents to 1.74, or 66%, on 9 million shares 23,500% more volume than average, the largest ever traded. MELA Sciences, Inc. (MELA) bounced 40 cents to 2.23, or 22%. Heat Biologics, Inc. (HTBX) raised up 95 cents to 8.30, or 13%.

VelocityShares 3x Inv Natural Gas ETN (DGAZ), which we traded today, had a good day, up 96 cents to 7.47, or 15%, on 12 million shares.

Asterias Biotherapeutics, Inc. (AST) gained 1.27 to 6.03, or 27%.

Pinnacle Entertainment Inc. (PNK) ran 4.19 to 31.61, or 15%, on 9 million shares, on a potential deal, on warm weather report back east and lower gas prices.

Among other gainers, Green Plains Renewable Energy, Inc. (GPRE), breaking out of a major base and trendline, and which we put a swing trade on today, was up 3.83 to 29.41, Trillium Therapeutics Inc. (TRIL) gained 1.80 to 15.55, Whiting Petroleum Corp. (WLL), on possible sale of company, 3.68 to 37.71, UTi Worldwide Inc. (UTIW) 1.33 to 13.92, Sucampo Pharmaceuticals, Inc. (SCMP) 1.62 to 17.26, Flamel Technologies SA (FLML) 1.03 to 16.40, Ormat Technologies Inc. (ORA) 2.13 to 35.20, 58.com Inc. (WUBA) 2.66 to 44.38, and The Habit Restaurants, Inc. (HABT) 1.98 to 35.09.

Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST), which we traded today, climbed 1.96 to 14.46 on lower gold.

Innovations Inc. (WPRT), which we put a swing trade on today, climbed 52 cents to 5.68. It did have earnings after the close, so we'll see how that goes. Advaxis, Inc. (ADXS), one of our favorites, closed near the high going away, up 91 cents to 12.81. Vivint Solar, Inc. (VSLR), a recent solar IPO, popped 80 cents to 11.52.

Stepping back and reviewing the hourly chart patterns, the indices were volatile, with the Nasdaq 100 not as strong as the S&P 500, but the midday rally was very strong for the Nasdaq 100.

Let's see what happens tomorrow.

Good Trading!