Turn-Around Tuesday, Great Technicals, Closed at the Highs Going Away
|The stock market definitely had a turn-around Tuesday today, and staged a nice rally, first with big gaps up and a run-up in the morning, pulled back by late morning, bounced in early afternoon, and retested in the afternoon, basically forming large, coiling-type patterns. In the afternoon they exploded out of those patterns and closed at the highs for the day going away.
Net on the day, the Dow was up 269.48 at 17,409.72. The S&P 500 was up at 35.55 2036.09. The Nasdaq 100 was up 89.41 at 4290.47.
Advance-declines were almost 6 to 1 positive on the New York Stock Exchange, and 4 1/2 to 1 positive on the Nasdaq. Up/down volume was almost 9 to 1 positive on New York, total volume of 4.4 billion shares traded. The Nasdaq traded over 2 billion shares and had a 9 to 1 positive volume ratio.
TheTechTrader.com board was huge, and mostly all of the stocks were green today. Priceline.com (PCLN) was up 18.20 to 1204.25, Google Inc. (GOOG) up 11.78 to 680.04, Apple Inc. (AAPL) up 1.55 to 93.59, Amazon.com Inc. (AMZN) 16.59 to 707.95, and Netflix, Inc. (NFLX) 2.64 to 87.97.
Baidu, Inc. (BIDU) gained 3160.41, Facebook, Inc. (FB) bounced 3.73 to 112,70, and First Solar, Inc. (FSLR) climbed 2.14 to 46.37.
Tesla Motors, Inc. (TSLA) advanced 3.24 to 201.79.
In addition, oil’s were strong today. Targa Resources Corp. (TRGP) jumped 2.25 to 40.98, and CONSOL Energy Inc. (CNX) made its way up 1.53 to 15.15.
Universal Display Corp. (OLED) climbed 2.52 to 65.55, and Medivation, Inc. (MDVN) snapped back 1.18 to 57.70. Juno Therapeutics Inc. (JUNO) stair-stepped its way up 1.52 to 38.95, and ANIKA Pharmaceuticals, Inc. (ANIP) popped 4.45 to 57.00.
Checking TheTechTrader.com percent-gain leaderboard, New Concept Energy, Inc. thrust 3.59, before pulling back and closing up 1.00 to 2.38, or 73%, on 7.8 million shares, 9,000% more volume than average. North Atlantic Drilling Limited (NADL) gained 93 cents to 6.75, or 16%.
Advaxis, Inc. (ADXS) climbed 1.12 to 8.42, or 15%, on 1.1 million shares.
Xencor, Inc. (XNCR) advanced 4.02 to 16.56, or 32%, on 3.1 million shares. Endo International (ENDP), another biotech, jumped 2.50 to 16.19, or 18%, on 20.5 million shares.
Intercept Pharmaceuticals, Inc. (ICPT), on takeover rumors, exploded 18.70 to 149.37, or 14%, on 1.2 million shares, after trading as high as 154.31.
The Direxion Daily Nat Gas Rltd Bull 3X ETF (GASL) popped 4.89 to 39.41, or 14%. The VelocityShares 3x Long Natural Gas ETN (UGAZ) popped 5.22 to 44.82, or 13%, on 3.4 million shares.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was up 3.08 to 25.32, or 14%, on 5 million shares.
Stepping back and reviewing the hourly chart patterns, the indices exploded at the opening, pulled back in an orderly fashion late morning, and then rallied again in the afternoon, but they needed to retest, and did so midafternoon, only to rally late in the session and finished at the high for the day going away.
Let’s see what happens tomorrow.
Good Trading!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.