Harry Boxer
The Technical Trader
The stock market indices were definitely on a major roller-coaster today as they gapped up, pulled back sharply, ran up sharply, and then had a really big pullback that tested Friday's lows. When they double-bottomed in that zone, they started a big late rally, with short-covering leading the way. It was a big day to the upside, despite the afternoon's deep pullback. In the morning, the Nasdaq 100 went from 3455 to 3993, rolled over to 3443, and then closed at 3476. The S&P 500 went from an opening of 1818, went up to 1834, and then rolled over to 1816, before bouncing to 1831.
Net on the day, the Dow was up 146.42 at 16,173.17. The S&P 500 was up 14.90 at 1830.59. The Nasdaq 100 was up 27.79 at 3474.63.
Advance-declines were 2 to 1 positive on the New York Stock Exchange, and 13 to 12 positive on Nasdaq. Up/down volume was more than 3 to 1 positive on New York, with total volume of 565 million shares. Nasdaq traded 1.8 billion shares and had a 5 to 4 positive volume ratio.
TheTechTrader.com board was mixed, but there were a lot of stocks to the upside.Priceline.com Incorporated (PCLN) was up 11.00 to 1167.21, Google Inc. (GOOG) up 1.92 to 532.52, Apple Inc. (AAPL) up 2.07 to 521.67,Amazon.com Inc. (AMZN) 4.18 t 315.91, Netflix, Inc. (NFLX) 4.87 to 331.58, International Business Machines Corporation (IBM) 2.58 to 197.77, and Goldman Sachs Group, Inc. (GS) 2.02 to 154.74.
Pharmacyclics Inc. (PCYC) jumped 2.88 to 88.99, and Vipshop Holdings Limited (VIPS) up just 39 cents to 135.29.
On the downside, Himax Technologies, Inc. (HIMX) lost 1.47 to 9.00, on 22 million shares, and Organovo Holdings, Inc. got hammered for 1.01 to 6.25.
Gogo Inc. (GOGO) was down 1.40 to 16.79, Retrophin, Inc. (RTRX) down 2.35 to 13.01, and Tesla Motors, Inc. (TSLA) 5.69 to 198.09.
Checking the TheTechTrader.com percent-gain leaderboard, Bebe Stores, Inc. (BEBE) popped 88 cents to 6.69, or 15%, on 1.5 million shares.
RadNet, Inc. (RDNT) bounced 34 cents to 4.41, or 8%, on 1 million shares. Halc (HK) advanced 44 cents to 4.99, or 10%, on 13.2 million shares.
JA Solar Holdings Co., Ltd. (JASO) gained 73 cents to 10.05, or 8%, on 4.4 million shares.
Goodrich Petroleum Corp. (GDP), which was one of our best trades today, ran 5.56 to 23.96, or 30%, on 12.3 million shares. Akebia Therapeutics, Inc. (AKBA) exploded 4.28 to 21.14, or 25%, on 3 million shares. WebMD Health Corp. (WBMD) jumped 6.20 to 43.87, or 16%, on 3.8 million shares.
Other stocks of note included Comstock Resources Inc. (CRK), up 2.10 to 25.58. Edwards Lifesciences Corp. (EW), on a court ruling today, was up 8.03 to 81.00, GasLog Ltd. (GLOG) 1.60 to 27.13, GrubHub Inc. (GRUB) 1.52 to 35.16, and Aegerion Pharmaceuticals, Inc. 1.61 to 42.62.
In a strong gold sector, the ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) closed up 1.29 to 38.44, Randgold Resources Limited (GOLD) ran 2.59 to 79.90, and Royal Gold, Inc. (RGLD) bounced 1.63 to 67.67.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, pulled back and tested, and then jumped sharply in the morning, and by noon were at the highs for the day. They rolled over hard and steeply, but held near the Friday-afternoon lows, and then bounced very sharply into the close to end with gains on the day.
Let's see how it goes tomorrow.
Good Trading!
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