Harry Boxer
The Technical Trader
The stock market indices had a solid session for tech stocks, but not so for biotech's. The indices were mixed at the closed with the Dow down all day.
Net on the day, the Dow was down 42.18 at 20,659.32. The S&P 500 was up 2.56 at 2361.13, just a couple points off the high and 9 points off the low. The Nasdaq 100 was up 23.06 at 5430.27, 3 points off the high and 25 points off its low.
Advance-declines were almost 2 to 1 positive on the New York Stock Exchange, and 17 to 11 positive on the Nasdaq. Up/down volume was a little better than 2 to 1 positive on New York, total volume of 3 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mixed with a lot of red in it. Priceline.com (PCLN) lost 3.40 to 1785.05, however, Alphabet Inc. (GOOG) gained 10.49 to 831.41.
Apple Inc. (AAPL) up 32 cents to 144.12, Amazon.com, Inc. (AMZN) up 18.32 to 874.32, and Netflix, Inc. (NFLX) 1.30 to 146.47, reaching a new all-time high at 147.18 as well. All three stocks reached new all-time highs.
Baidu, Inc. (BIDU) was up 87 cents to 170.66, Facebook, Inc. (FB) up 89 cents to 142.65, and First Solar, Inc. (FSLR) dropped 25 cents to 28.03.
Tesla Motors, Inc. (TSLA) closed flat at 277.38.
On the downside, most stocks on our board that were down, were down just a fraction.
Biotech’s generally had a bad day, although there were several that did well. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 79 cents to 48.43 and Achaogen, Inc. (AKAO) popped 1.79 to 25.69, 1.25 off the high.
Biotech’s to the downside included Clovis Oncology Inc (CLVS) down 2.67 to 64.39, bluebird bio, Inc. (BLUE) 10 cents to 91.10, and NVIDIA Corporation (NVDA) 35 cents to 107.34.
Checking TheTechTrader.com percent-gain leaderboard, My Size, Inc. (MYSZ) bounced 47 cents, or 21%, to 2.72, on 2.4 million shares traded. CombiMatrix Corporation (CBMX) advanced 85 cents, or 18%, to 5.65. TearLab Corporation (TEAR) eked out 43 cents, or 16%, to 3.18.
Tonix Pharmaceuticals Holding Corp. (TNXP) ran 1.43, or 35%, to 5.57, on 26.7 million shares traded, reaching as high as 9.40 and traded down to 4.70 on a secondary. So, it really took back a big chunk of its gains for the day.
Vertex Pharmaceuticals Incorporated (VRTX) jumped 18.34, or 20%, to 108.01, on 14 million shares traded on solid drug news. Restoration Hardware Holdings, Inc. (RH) exploded 5.68, or 15%, to 43.68, on 7.6 million shares traded.
Stepping back and reviewing the hourly chart patterns, the indices started the day with a move to the upside, and then formed wedges. In the afternoon they broke out, run up, and only in the last half hour did they pull back to finish mixed on the day,
Let’s see what happens tomorrow.
Good Trading!
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