Harry Boxer
The Technical Trader
The stock market indices closed the week mixed, but after a 1000-point run on the Dow and 550 points on the Nasdaq 100, the market sure had an excuse to go lower, but the bears could not take control. In the morning, they backed and filled to consolidate, and went to new highs at 4340 Nasdaq 100 and 1994 S&P 500. They made a 3-wave corrective pullback midday, taking the S&P 500 slightly under support, but the Nasdaq 100 did not confirm. They then rallied back, pulled back, and exploded at the close, to close mixed on the day, but a victory for the bulls, nonetheless.
Net on the day, the Dow was down 11.76 at 16,643.01, about 107 off its low. The S&P 500 was up 1.21 to 1988.87, 13 points off its low. The Nasdaq 100 was up 4.30 to 4329.12, 34 points off its low and 11 points off the high.
Advance-declines were 2 to 1 positive on New York Stock Exchange and 2 to 1 positive on Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of a strong 4 billion shares. Nasdaq traded a little over 2 billion shares, and had a 3 to 1 positive volume ratio. It was a particularly good day. If you were looking for profit taking they sure absorbed the selling pretty good today.
TheTechTrader.com board was mixed. Priceline.com (PCLN) was up 7.38 to 1259.39, but Apple Inc. (AAPL) was up just 37 cents to 113.29.
Tesla Motors, Inc. (TSLA) jumped 5.49 to 248.48.
Other point plus gainers included CyberArk Software, Ltd. (CYBR), up 1.70 to 52.38, Facebook, Inc. (FB) up 1.28 to 91.01, Intra-Cellular Therapies, Inc. (ITCI) 1.00 to 26.96, NewLink Genetics Corporation (NLNK) 1.21 to 47.75, SolarCity Corporation (SCTY) 1.77 to 48.00, Teladoc, Inc. (TDOC) 1.59 to 27.72.
On the downside, Google Inc. (GOOG) was down 7.23 to 630.38, Amazon.com Inc. (AMZN) down just 36 cents to 518.01, and Netflix, Inc. (NFLX) closed flat, down 3 cents to 117.64.
The only other point-plus loser on the main board was Fitbit Inc. (FIT), which lost another 1.17 to 33.80.
Checking the TheTechTrader.com percent-gain leaderboard, AxoGen, Inc. (AXGN) rose 58 cents to 4.88, or 13 1/2%.
Ariad Pharmaceuticals Inc. (ARIA), on rumors of a takeover, exploded 2.91 to 9.89, or 42%, on 37.8 million shares traded, 926% more volume than average. So something big going on there. Arch Coal Inc. (ACI) ran nearly straight up in the morning to 8.50 before it pulled back and closed up 1.18 to 8.21, or 17%, on 9.2 million shares traded. This stock has gone from 1.00 to over 8.00 in just a couple weeks.
The ProShares Ultra VIX Short-Term Futures (UVXY) stair-stepped its way higher almost all day, up 5.89 to 63.05, or 10%, on 25 million shares, reaching as high as 68.88 before rolling over with just a half an hour to go.
Gold was firm today. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) gained 1.17 to 8.99, or 15%, on 11 million shares, and the Direxion Daily Gold Miners Bull 3X ETF (NUGT) advanced 29 cents to 3.42, or 10%, on nearly 60 million shares.
Oil was strong. The ProShares ProShares Ultra Bloomberg Crude Oil (UCO) ran 2.70 to 224.05.
The Direxion Daily FTSE China Bear 3X ETF (YANG) popped 9.27 to 114.30.
Among other gainers, Big Lots Inc. (BIG) was up 6.58 to 48.58, Invitae Corporation (NVTA) up 1.44 to 10.88, Epizyme, Inc. (EPZM) 2.60 to 20.10, and Veeva Systems Inc. (VEEV) 2.28 to 26.44 rounded out the gainers for today.
Stepping back and reviewing the hourly chart patterns, after a mixed opening, the indices pulled back down and consolidated for the first couple hours, and then ran to the session highs late morning. At that point, they pulled back and consolidated the rest of the session, unable to break support, but the bears were unable to take control, and they popped them back into the close, finishing with a mixed session.
It was a victory for the bulls!
Have a Great Weekend!
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