Harry Boxer
The Technical Trader
The stock market indices had an interesting day today as they were very volatile, opening with a big gap to the upside, and then a big pullback to fill those gaps. They came on in multiple waves, but after testing the lows successfully, they rallied back to near the highs, couldn't get through, but managed to close at the upper end of the range to consolidate.
Net on the day, the Dow was up 125.18 at 16,069.64, 200 points off the low. The S&P 500 was up 10.41 to 1893.36, 20 points off the low. The Nasdaq 100 was up 57.20 to 4186.06, 70 points off its low.
Advance-declines were 2 to 1 positive on New York Stock Exchange and 14 to 13 positive on Nasdaq. Up/down volume was 8 to 7 positive on New York, and 4.5 billion shares traded. The Nasdaq traded 2.3 billion shares and had a flat volume ratio.
TheTechTrader.com board was very mixed today. Google Inc. (GOOG) led the way, up 30.97 to 730.96, Amazon.com Inc. (AMZN) up 52.00 to 635.35, and Netflix, Inc. (NFLX) up 3.26 to 94.41. Priceline Inc. (PCLN) was down 57 cents to 1043.13, and Apple Inc. (AAPL) was just 67 cents to 94.09.
Baidu, Inc. (BIDU) was down 1.33 to 156.94. Facebook, Inc. (FB) exploded 14.66 to 109.11. So you can see just how mixed it was today.
Other stocks to the downside include Intra-Cellular Therapies, Inc. (ITCI), down 1.50 to 37.54, Nevro Corp. (NVRO) down 2.69 to 59.09, NewLink Genetics Corporation (NLNK) down 1.27 to 23.99, and Weight Watchers International, Inc. (WTW) 1.19 to 12.56.
Checking the TheTechTrader percent-gain leaderboard, Amedica Corporation (AMDA) jumped 1.14 to 3.09, or 58%, on 17 million shares, 4600% more volume than average. Costamare Inc. (CMRE) bounced 1.35 to 8.13, or 20%, on 1 million shares.
Neos Therapeutics, Inc. (NEOS), on positive drug news, had an excellent day, was up 3.96 to 13.38, or 42%, on 4.1 million shares, 3300% more volume than average. Under Armour, Inc. (UA), on earnings, ran 15.49 to 84.07, or 23%, on 18.4 million shares. Cirrus Logic Inc. (CRUS) gained 4.58 to 32.54, or 16%, on 9 million shares.
California, with a positive ruling for solar companies, showed some major gains in the solar sector. Sunrun Inc. (RUN) advanced 1.71 to 10.05, or 21%, on 1 million shares. SolarCity Corporation (SCTY) popped 2.78 to 35.62, or 8%, on 6 million shares.
Among other gainers, Cimpress (CMPR) was up 7.26 to 77.78, Eagle Pharmaceuticals Inc. (EGRX) up 8.12 to 74.44, Mellanox Technologies, Ltd. (MLNX) up 4.72 to 44.10, and Intrexon Corporation (XON) 2.63 to 29.00.
The Direxion Daily S&P Biotech Bear 3X ETF (LABD) jumped 7.57 to 75.64.
Oils in general were firm as ProShares Ultra Bloomberg Crude Oil (UCO) was up 97 cents to 9.53.
Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, pulled back sharply, stair-stepped their way higher the rest of the day, taking the Nasdaq 100 from 4115 to 4195, about 80 points, and the S&P 500 jumped from a low of 1873 to a high of 1898, about 25 points.
It was a pretty good session, not a bad close, so we'll see if there's a follow-through tomorrow. Good Trading!
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