Harry Boxer
The Technical Trader
The stock market indices had a very nice day today, starting with a gap to the upside, a sharp gap, and then they pulled back to resistance, forming morning wedges. They successfully held support, and by midday started a rally that took the Nasdaq 100 from 4170 to a very strong finish at 4266, an 85-point run just in the afternoon. With an hour and a half to go, they pulled back, consolidated, held intraday moving averages and support, which led to the late rally. In the last 45 minutes alone, the Nasdaq 100 went up 55 points. The S&P 500 jumped from 1929 to 1940, 19 points. It was an extremely small close, and finished at the highs for the day going away.
Net on the day, the Dow was up 293.03 at 16,351.88. The S&P 500 was up 35.01 at 1948.86, closing within pennies of its high. The Nasdaq 100 was up 113.60 at 4256.23,closing at the tick high for the day.
Advance-declines were nearly 3 to 1 positive on New York Stock Exchange and 2 1/2 to 1 positive on Nasdaq.
Up/down volume was 5 to 1 positive on New York, with total volume of 3.7 billion shares. Nasdaq traded 1.9 billion shares, and had a 5 to 1 positive volume ratio.
TheTechTrader.com board was nearly all higher. Priceline was up 27.51 to 1242.87, Google Inc. (GOOG) up 16.55 to 614.34, Apple Inc. (AAPL) up 4.62 to 112.34, and Amazon.com Inc. (AMZN) 14.01 to 510.55.
Tesla Motors, Inc. (TSLA) jumped 9.06 to 247.69.
Facebook, Inc. (FB) was up 2.66 to 89.89, Esperion Therapeutics, Inc. (ESPR) up 2.05 to 48.99, Bristol-Myers Squibb Company (BMY) 1.41 to 59.61, Energy Focus, Inc. (EFOI), one of our swing trades, 2.42 to 24.78, and Radius Health, Inc. (RDUS) 3.37 to 64.38.
Juno Therapeutics Inc. (JUNO) ran 1.8 to 36.10, in a strong, rebounding biotech group, along with NewLink Genetics Corporation (NLNK), up 2.94 to 46.30, and Trevena, Inc. (TRVN), which we traded today, up 2.35 to 11.44.
TASER International Inc. (TASR), on a positive court outcome, jumped 1.37 to 23.87, and SolarCity Corporation (SCTY), in a firm solar group, gained 3.26 to 49.42.
On the downside, the only stocks on our board that were down were Netflix, Inc. (Netflix, Inc. (NFLX), down just 35 cents to 105.44, GoPro, Inc. (GPRO) dropped 2.41 to 41.28, and Teladoc, Inc. (TDOC) lost 70 cents to 22.15.
Checking the TheTechTrader.com percent-gain leaderboard, showed several strong movers today. BiondVax Pharmaceuticals Ltd. (BVXV) popped 63 cents to 4.12, or 18%, on 5 million shares. Arch Coal Inc. (ACI) snapped back 79 cents to 7.20, or 12%, on 6.1 million shares after a recent pullback. TrovaGene, Inc. (TROV) bounced 61 cents to 6.33, or 11%.
Vera Bradley, Inc. (VRA), on strong earnings, advanced 2.89 to 13.32, or 28%, on 5.1 million shares, 830% more volume than average. Inotek Pharmaceuticals Corporation (ITEK) thrust 1.73 to 13.97, or 14%, on nearly a million shares. Raptor Pharmaceuticals Corp. (RPTP) climbed 1.33 to 13.00, or 11%, on 1.6 million shares.
Among other gainers, Wright Medical Group Inc. (WMGI) was up 2.22 to 25.14, Lipocine Inc. (LPCN), a favorite of ours, up 1.34 to 16.93, Matrix Service Company (MTRX) 1.77 to 23.26, Ophthotech Corporation (OPHT), a biotech, 3.43 to 45.18, and Chimerix, Inc. (CMRX) 3.60 to 51.14.
The ProShares Ultra Nasdaq Biotechnology (BIB) gained 5.77 to 77.85.
Ultragenyx Pharmaceutical Inc. (RARE) closed up 10.61 to 121.69 rounded out the gainers today.
Stepping back and reviewing the hourly chart patterns, the indices gapped sharply at the opening, pulled back in 3-wave corrective, falling wedges, formed morning consolidations that held support, and then rallied into midafternoon before a pullback into the last hour. Forty-five minutes before the market closed, they took off again and closed at the highs for the day going away.
Let's see how it goes tomorrow. Good Trading!
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