Harry Boxer
The Technical Trader
The stock market indices had a spectacular day that saved the day, and basically blew out the shorts. The day started out with a big gap to the upside, they ran to resistance within minutes, and then a 5-wave intraday retrace that didn't quite get back to the lows. They then made higher lows midday, and then rallied in a very strong move, taking the Nasdaq 100 from 4050 to 4225, 175 points straight up. That was one spectacular rally.
Net on the day, the Dow was up 608.81 at 16,285.51. The S&P 500 was up 72.91 to 1940.52. The Nasdaq 100 was up 203.28 to 4219.60, a 5% move.
Advance-declines were 4 to 1 positive on New York Stock Exchange and 3 to 1 positive on Nasdaq. Up/down volume was about 7 1/2 to 1 positive on New York, with total volume of a whopping 5.2 billion shares. Nasdaq traded a little over 2.5 billion shares, and had a 7 to 1 positive volume ratio.
TheTechTrader.com board was very positive. Priceline.com (PCLN) was up 43.75 to 1222.56, Google Inc. (GOOG) up 46.56 to 628.62, Apple Inc. (AAPL) up 5.97 to 109.71, Amazon.com Inc. (AMZN) 34.40 to 500.77, and Netflix, Inc. (NFLX) 8.61 to 110.13.
Tesla Motors, Inc. (TSLA) ran 4.78 to 22.4.81. Esperion Therapeutics, Inc. (ESPR) was up 2.61 to 52.87, Facebook, Inc. (FB) up 4.19 to 87.19, CyberArk Software, Ltd. (CYBR) jumped 3.43 to 50.14, TASER International Inc. (TASR) gained 1.05 to 22.41, Bristol-Myers Squibb Company (BMY) popped 2.15 to 60.03, Radius Health, Inc. (RDUS) advanced 3.93 to 61.70.
Teladoc, Inc. (TDOC) exploded this afternoon, up 2.08 to 25.28, and SunEdison, Inc. (SUNE) bounced 42 cents to 9.22, and many other, too many to mention.
On the downside, GoPro, Inc. (GPRO) was down 75 cents to 46.28.
So it was definitely a spectacular day for Wall Street, indeed, closing at the highs for the day. It was a major short-covering move today. Checking the TheTechTrader.com percent-gain leaderboard, Forward Industries Inc. (FORD) popped 53 cents to 1.81, or 41%, on 19 million shares. Arch Coal Inc. (ACI), which we traded today, ran 94 cents to 5.09, or 23%, on 1.5 million shares. Cellcom Israel Ltd. (CEL) ran to 7.06 before closing at 6.75, up 92 cents, or 16%.
Abengoa SA (ABGB), which we traded today, gained 1.33 to 6.20, or 27%.
Another stock we traded, Express Inc. (EXPR) climbed 3.35 to 20.25, or 20%, on 10.6 million shares. Tantech Holdings Ltd (TANH) jumped 4.11 to 26.19, or 19%.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST), in a weak coal sector, bounced around before closing up 1.86 to 13.64, or 16%, on 4.7 million shares as well as the Direxion Daily Gold Miners Bear 3X ETF (DUST), up 4.09 to 33.32, or 14%, on 5 million shares.
Among other gainers, Eagle Pharmaceuticals Inc. (EGRX) was up 9.55 to 79.01, Nimble Storage, Inc. (NMBL) up 2.89 to 26.72, Chimerix, Inc. (CMRX) 4.15 to 50.42, PTC Therapeutics, Inc. (PTCT) 3.44 to 39.19.
The Direxion Daily Brazil Bull 3X ETF (BRZU) gained 2.45 to 23.26.
Stepping back and reviewing the hourly chart patterns, after an early, sharp gap up, the indices pulled back all morning, consolidating in an orderly fashion, only to come on strong midday, and explode in the afternoon, closing with a massive gain for the day.
Let's see how it goes tomorrow.
Good Trading!
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