Harry Boxer
The Technical Trader
The stock market indices had a very interesting day today. The day started out with a big gap down, they got right to support, test it three times, and finally it held. Economic news came out that was so bad, and apparently interest rates will not be raised any time soon, and then the indices took off like a bat out of hell.
Net on the day, the Dow reversed 460 points to close up 200.36 at 16,472.37, the exact high for the day. The S&P 500 went from 1893 to 1951.36, up 27.54, closing at the highs for the day as well. The Nasdaq 100 went from a low of 4124 to 4267, a gain of 143 points, and closed up 74.49 to 4267.45, at the highs for the day going away.
Advance-declines were 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 4.3 billion shares. Nasdaq traded 2.1 billion shares, and had a 4 1/2 to 1 positive volume ratio.
TheTechTrader.com board was nearly all green. Priceline Inc. (PCLN) was up 18.60 to 1265.68, Google Inc. (GOOG) up 15.62 to 626.91, Apple Inc. (AAPL) just 80 cents to 110.38, Amazon.com Inc. (AMZN) 11.82 to 532.54, and Netflix, Inc. (NFLX) up just 13 cents to 106.11.
Tesla Motors, Inc. (TSLA) gained 7.69 to 247.57.
Solar stocks had a very strong day today. First Solar, Inc. (FSLR) was up 2.78 to 45.46, SolarCity Corporation (SCTY) up 3.15 to 46.38, and Canadian Solar Inc. (CSIQ) up 2.10 to 18.77, were among many others in the solar sector.
Biotech stocks were also very strong today. Bristol-Myers Squibb Company (BMY) was up 2.18 to 62.23, Celldex Therapeutics, Inc. (CLDX) up 1.31 to 11.88, Esperion Therapeutics, Inc. (ESPR) 3.00 to 26.82, Juno Therapeutics Inc. (JUNO) 2.17 to 43.09, Heron Therapeutics, Inc. (HRTX) 2.70 to 27.70, and NewLink Genetics Corporation (NLNK) 1.04 to 36.36.
In addition, Prothena Corporation plc (PRTA) gained 4.15 to 49.54, Radius Health, Inc. (RDUS) ran 1.32 to 75.89, and Sucampo Pharmaceuticals, Inc. (SCMP) 1.94 to 21.48.
On the downside, Teladoc, Inc. (TDOC) had a very bad day, dropping down to 17.37, but closed down 4.57 to 18.24 at the loss of a major client.
Checking the TheTechTrader.com percent-gain leaderboard, Xenoport, Inc. (XNPT) ran 84 cents to 4.32, or 24%, on 12.8 million shares.
Bonanza Creek Energy, Inc. (BCEI) climbed 1.56 to 5.43, or 40%, on 6.2 million shares. Edge Therapeutics, Inc. (EDGE) gained 4.54 to 17.48, 35%. Merrimack Pharmaceuticals, Inc. (MACK) popped 1.34 to 9.21, or 17%, on 2.4 million shares.
Gold did well today. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) closed up 6.90 to 42.18, 20%, on 1.5 million shares. Silver also did well today. The VelocityShares 3x Long Silver ETN (USLV) thrust 1.75 to 13.85.
Gaming stocks did fantasticon news that the Chinese will be involved in this industry. Wynn Resorts Ltd. (WYNN) ran 11.81 to 63.52, or 12%, on 15 million shares. Las Vegas Sands Corp. (LVS) had a big day, up 3.89 to 40.87, or 11%, on 5.6 million shares. Melco Crown Entertainment Limited (MPEL) gained 1.89 to 15.51, or 14%, on 3.5 million shares.
Among other gainers, Atara Biotherapeutics, Inc. (ATRA) was up 4.21 to 34.18, CalAmp Corp. (CAMP) up 2.55 to 18.20, TG Therapeutics, Inc. (TGTX) 1.71 to 11.93, and Oasis Petroleum Inc. (OAS) 1.54 to 10.73.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) advanced 2.42 to 18.91. The Direxion Daily Brazil Bull 3X ETF (BRZU) climbed 2.24 to 17.20.
Stepping back and reviewing the hourly chart patterns, after the indices gapped down, several test of support held, and then they ran hard all day, closing at the session highs going away.
There were key breakouts across declining topsline, and moving averages, as well as lateral price resistance that may have ended this decline.
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