Harry Boxer
The Technical Trader
The stock market indices started off with a bang, and had a big up-day as futures gapped up on positive news out of negotiations between President Obama and Putin. The stock market then had a quick pullback, and reached their session highs on the Nasdaq 100 early, but later on in the afternoon made nominal new highs on the S&P 500, but it was right at key resistance. Then they backed and filled in the afternoon, with the NDX then pulling back in a 5-wave decline, consolidating the earlier advance and still holding onto gains, but way off the highs.
Net on the day, the Dow was up 134.60 at 16,457.66, 23 points off the high. The S&P 500 was up 14.72 at 1872.34, 3 points off its high. The Nasdaq 100 was up 24.25 at 3595.74, 24 points off its high, and it gave back about half its gains.
Advance-declines were more than 3 to 1 positive on the New York Stock Exchange, and 3 1/2 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of over 816 million shares. Nasdaq traded 2 billion shares and had a 4 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but large-cap stocks that we follow were down today. International Business Machines Corporation (IBM) was up 2.04 to 192.49, and Goldman Sachs Group, Inc. (GS) up 1.55 to 163.85.
Vipshop Holdings Limited (VIPS) exploded 11.30 to 149.30.
OncoMed Pharmaceuticals, Inc. (OMED), in a very strong biotech sector, ran 4.61 to 33.65, Oramed Pharmaceuticals Inc. advanced 1.24 to 11.80, and InterMune Inc. (ITMN) gained 1.47 to 33.47.
YY Inc. was up 2.76 to 76.36, NewLink Genetics Corporation (NLNK) up 2.57 to 28.40, and Arotech Corporation (ARTX) up 40 cents to 6.22.
SolarCity Corporation (SCTY) gained 1.24 to 62.62, and First Solar, Inc. (FSLR) ran 1.15 to 69.79.
On the downside, Google Inc. (GOOG) was down 5.64 to 1114.51, Amazon.com Inc. (AMZN) down 1.93 to 336.36, and Netflix, Inc. (NFLX) 6.84 to 352.03. priceline.com Incorporated (PCLN) and Apple Inc. (AAPL) were nearly flat today.
Tesla Motors, Inc. (TSLA) lost 3.92 to 208.45, and Pharmacyclics Inc. (PCYC) dropped just 27 cents to 100.22.
Magnegas Corporation (MNGA) bounced 27 cents to 1.62, or 20%, on 11.3 million shares. Cleantech Solutions International, Inc. (CLNT) advanced 98 cents to 6.40, or 18%, on 1.3 million shares.
Checking the TheTechTrader.com percent-gain leaderboard, Vimicro International Corp. (VIMC), which we traded today, popped 89 cents to 4.97, or 22%, on 1.4 million shares. Vertex Energy, Inc. (VTNR), which we traded today, thrust 79 cents to 6.45, or 14%.
BioFuel Energy Corp. (BIOF) was the big gainer of the day, and the best trade of the month, up 4.16 to 7.30, or 133%, on 18 million shares, 5000% more volume than average, and an all-time record for this stock. Harvard Apparatus Regenerative Technology, Inc. (HART) climbed 1.78 to 9.07, or 24%. Builders FirstSource, Inc. (BLDR) gained 1.06 to 9.10, or 13%, on 2 million shares.
Recent IPO Energous Corp. (WATT), which we traded today, jumped 4.17 to 14.75, or 39%, on 2.4 million shares. Cara Therapeutics Inc. (CARA) advanced 2.09 to 18.61, or 13%, on nearly a million shares. Insmed Incorporated (INSM) snapped back 1.91 to 19.04, or 11%, on 2 million shares.
Other stocks of note included Pacira Pharmaceupcrxticals, Inc. (PCRX), up 6.78 to 69.99. Tekmira Pharmaceuticals Corp. (TKMR) was up 1.99 to 21.49, Isis Pharmaceuticals, Inc. (ISIS) 3.51 to 43.21, Exact Sciences Corporation (EXAS) 1.31 to 14.17, and Senomyx Inc. (SNMX) 1.00 to 10.67.
Stepping back and reviewing the hourly chart patterns, the indices gapped and jumped sharply, pulled back to retest, held support, and made nominal new highs on the S&P 500. When the Nasdaq 100 failed to confirm, the indices started to roll back into a declining channel in the afternoon. The S&P 500 backed and filled the rest of the afternoon, but held onto most of its gains.
Generally, it was a very positive start to the week, but a little worrisome with some of the large-cap stocks, such as AAPL, GOOG, PCLN, and AMZN.
Let's see how it goes tomorrow.
Good Trading!
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