Biotech’s had Especially Good Day on Mixed Session

The stock market indices started off the day with a little bit of a dip, with lower futures, and then exploded, testing the Nasdaq 100 all-time highs, but could not get through the 5427 area. The S&P 500 rallied sharply as well, but only did 50% of its drop from Friday afternoon, and then both indices rolled over sharply, reaching the Thursday’s lows on the Nasdaq 100 and the gap low on the S&P 500. Late in the day, they rallied, but in the last few minutes backed off again to close mixed on the day.

Net on the day, the Dow was down 8.76 at 20,905.86. The S&P 500 was down 4.78 at 2373.47. The Nasdaq 100 managed to gain 4.54 at 5413.31.

Advance-declines were 17 to 12 negative on the New York Stock Exchange, and 17 to 11 negative on the Nasdaq. Up/down volume was 18 to 11 negative on New York, total volume of just under 3 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 9 to 8 positive volume ratio.

TheTechTrader.com board was mostly green. There were some big movers today, however, Priceline.com (PCLN) was down 7.19 to 1765.44, and Alphabet Inc. (GOOG) down 3.72 to 848.40, but Apple Inc. (AAPL) reached a new all-time high today, up 1.47 to 141.46, Amazon.com, Inc. (AMZN) also reached a new all-time high, up 4.66 to 866.97, Netflix, Inc. (NFLX) up 72 cents to 145.83.

Baidu, Inc. (BIDU) dropped 49 cents to 176.13, Facebook, Inc. (FB) eked out a dime to 139.94, and First Solar, Inc. (FSLR) went lower by 1.49 to 30.34.

Tesla Motors, Inc. (TSLA) gained 42 cents to 261.92.

The biotech’s had an especially good day today. Esperion Therapeutics, Inc. (ESPR) exploded on positive drug news, up 17.55 to 41.22, just a point off the session highs. Nektar Therapeutics (NKTR) gained 6.61 to 22.11, just pennies off the high. It was a monster day for both of those biotech’s that were swinging. NVIDIA Corporation (NVDA) ran 3.38 to 109.45, and Supernus Pharmaceuticals, Inc. (SUPN) closed up 1.00 to 29.90.

Other stocks to the upside included Shopify Inc. (SHOP), up 1.87 to 68.86.

On the downside, Clovis Oncology Inc (CLVS) lost 1.27 to 70.05.

Checking TheTechTrader.com percent-gain leaderboard, ViewRay, Inc. (VRAY) bounced 78 cents, or 13%, to 6.80, on 1.6 million shares traded.

Aurinia Pharmaceuticals Inc. (AUPH) advanced 1.08, or 14%, to 8.78, on almost 28 million shares traded.

CytomX Therapeutics, Inc. (CTMX) jumped 3.71, or 24%, to 18.89, on 2.3 million shares traded. Omeros Corporation (OMER) snapped back 1.21, or 11%, to 11.75, on 1.2 million shares traded.

Among other gainers, Blackhawk Network Holdings, Inc. (HAWK) was up 2.95 to 39.05.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) closed up 2.20 to 19.66.

Stepping back and reviewing the hourly chart patterns, after an early dip and a very strong rally, the indices rolled over, took out the lows, and then took out support, only to snap back about 50% of the losses, still, ending mixed on the session.

Let’s see what happens 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.