Harry Boxer
The Technical Trader
The stock market indices had a very strong day, although most of the day was spent backing and filling. They popped and exploded at the get-go, had a very strong rally to new highs, breaking out the indices, and then backed and filled in whipsaw waves, which looked like large wedges. At the end of the day from midafternoon, they rallied from 4688 Nasdaq 100 to 4715, and from 2091 to 2103 S&P 500, and closed very solidly in the plus column.
Net on the day, the Dow was up 168.83 at 17,888.35, 7 points off the high. The S&P 500 was up 22.22 to 2102.63, less than a point off its high. The Nasdaq 100 was up 51.65 to 4716.16, at the exact high of the day.
Advance-declines were 22 to 9 positive on New York Stock Exchange and 4 to 3 positive on Nasdaq. Up/down volume was about 3 to 1 positive on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 2 billion shares, and had a 12 1/2 to 7 positive volume ratio.
TheTechTrader.com board was mostly higher. Priceline.com (PCLN) was up 33.65 to 1282.50, Google Inc. (GOOG) up 24.44 to 767.04, Amazon.com Inc. (AMZN) 14.26 to 676.06, and Netflix, Inc. (NFLX) 2.04 to 125.37, but Apple Inc. (AAPL) was down nearly a dollar at 96 cents to 117.34.
Tesla Motors, Inc. (TSLA) jumped 6.93 to 237.19.
Facebook, Inc. (FB) was up 2.88 to 107.12, First Solar, Inc. (FSLR) up 1.67 to 58.18, Bristol-Myers Squibb Company (BMY) up 1.25 to 68.26, Eli Lilly and Company (LLY) 4.46 to 86.50 on positive drug news.
Biotech's had a strong day. NewLink Genetics Corporation (NLNK) gained 1.39 to 37.99, and Intra-Cellular Therapies, Inc. (ITCI) ran 2.39 to 55.72.
Checking the TheTechTrader.com percent-gain leaderboard, EMCORE Corporation (EMKR) bounced 84 cents to 8.09, or 12%, on 1.1 million shares.
Giga-tronics Inc. (GIGA) popped 1.47 to 2.58, or 132%, on 29.3 million shares. Dehaier Medical Systems Limited (DHRM) thrust 1.34 to 3.04, or 79%, on 4 million shares. TerraForm Power, Inc. (TERP) advanced 2.25 to 9.15, or 33%, on 31 million shares. Sangamo Biosciences Inc. (SGMO) bounced 94 cents to 9.22, or 11%, on 2.4 million shares.
After a reverse split and major announcement, Acorn International, Inc. (ATV) jumped 16.73 to 19.20, or 678%, on 5.1 million shares, reaching as high as 20.88, 140,000% higher than average. GlobeImmune Inc. (GBIM) dropped to 3.22 before climbing 1.21 to 4.63, or 36%. Infoblox Inc. (BLOX) gained 3.31 to 18.35, or 22%, on 6.8 million shares. Shoe Carnival Inc. (SCVL) stair-stepped its way up 2.30 to 21.78, or 12%.
There were a lot of percent-gainers on our board today.
Stepping back and reviewing the hourly chart patterns, after a very strong gap and run, the indices backed off, tested the gaps and held, and backed and filled all day until the last hour and a half when they ramped up, and closed at the highs for the day.
Let's see how it goes tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.