Harry Boxer
The Technical Trader
The stock market had a very volatile session today. First they gapped up and ran to resistance, rolled over hard to test support, and after the FOMC, bounced, and then exploded. They then pulled back sharply and held, and then went ballistic in the last couple hours, then went vertical at that point, going from 4810 Nasdaq 100, all the way up to 4859, a 49 run up. The S&P 500 went from 2144 to 2165, and closed not far off the highs.
Net on the day, the Dow was up 163.74 at 18,293.70, 14 points off the high. The S&P 500 was up 23.36 at 2163.12, just 2 points off its high. The Nasdaq 100 had a strong day, up 48.53 at 4853.75, 5 points off its high.
Advance-declines were 6 1/2 to 1 positive on the New York Stock Exchange, and almost 3 to 1 positive on the Nasdaq. Up/down volume was 8 to 1 positive on New York, total volume of 3 2/3 billion shares traded. The Nasdaq traded over 1.9 billion shares and had an almost 4 to 1 positive volume ratio.
TheTechTrader.com board was spectacularly higher. Priceline.com (PCLN) was up 15.00 to 1464.00, Google Inc. (GOOG) up 4.81 to 776.22, Amazon.com Inc. (AMZN) up 9.52 to 789.74, but Apple Inc. (AAPL) closed flat, down just 2 cents to 113.55, and Netflix, Inc. (NFLX) lost 3.37 to 94.88.
Baidu, Inc. (BIDU) gained 9.66 to 196.03, Facebook, Inc. (FB) climbed 1.30 to 129.94, and First Solar, Inc. (FSLR) advanced just 3 cents to 34.02.
Tesla Motors, Inc. (TSLA) popped 28 cents to 205.22.
Acacia Communications, Inc. (ACIA) was up 9.21 to 118.49, Twilio, Inc. (TWLO) up 4.94 to 61.70, NVIDIA Corporation (NVDA) up 1.77 up 64.86, Universal Display Corp. (OLED) 1.33 to 61.04, Puma Biotechnology, Inc. (PBYI) 2.81 to 67.97, Gigamon Inc. (GIMO) 1.79 to 53.81, Ambarella Inc. (AMBA) 1.25 to 67.46, and Radcom Ltd (RDCM) 1.05 to 22.02.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 1.94 to 53.70.
Checking TheTechTrader.com percent-gain leaderboard, Galectin Therapeutics, Inc. (GALT) ran 68 cents, or 35 1/2%, to 2.60, on 7.5 million shares traded, or 6000% more volume than average.
Caesars Entertainment Corporation (CZR) exploded late in the day, up 1.43, or 21%, to 8.10, on 2.8 million shares traded.
Conns Inc. (CONN) popped 1.72, or 17%, to 11.88, on 5.5 million shares traded.
Bitauto Holdings Limited (BITA) was up 3.44, or 13%, to 30.20, on 1.4 million shares traded.
The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) did great today, up 4.12, or 23%, to 22.18, on 27 million shares traded. Direxion Daily Gold Miners Bull 3X ETF (NUGT) gained 3.70, or 21%, to 22.21, on 49 million shares traded.
The Gold and Silver stocks, in general, had a good day. Royal Gold, Inc. (RGLD) jumped 7.51 to 85.19, and the VelocityShares 3x Long Silver ETN (USLV) advanced 2.17 to 24.52.
Stepping back and reviewing the hourly chart patterns, after gapping up early and running to resistance, the indices pulled back, took out a couple layers of support, but held key, multi-session support, just under 4800 Nasdaq 100, and near 2140 S&P 500. They exploded off that point after the FOMC, and closed very sharply higher.
It was a very good day for the indices, and some key breakouts took place, with the Nasdaq 100 making new 15-year highs.
Let’s see what happens tomorrow.
Good Trading!
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