Harry Boxer
The Technical Trader
The stock market indices ended the week with a bang and followed through on yesterday's late attempt at basing, with a nice opening, a pullback, and then a very strong midday rally. They pulled back again late in the day, without giving up much of the gains.
Net on the day, the Dow was back up over 17,000 at 17,113.15 up 167.35, still 35 points off the high. The S&P 500 was up 16.86 at 1982.85, 4 points off the high. The Nasdaq 100 was up 45.90 at 4053.72, also 4 points off the high.
Advance-declines were solidly near 3 to 1 positive on the New York Stock Exchange, and a 9 to 4 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, with total volume of 2 3/4 billion shares. Nasdaq traded 1.6 billion shares, and had a 4 to 1 positive volume ratio.
TheTechTrader.com board turned around, with Priceline.comIncorporated (PCLN) up 10.41 to 1174.44, 13 points off the low. Google Inc. (GOOG) was up 2.04 to 577.10, Apple Inc. (AAPL) up 2.88 to 100.75, closing at the high going away, Amazon.com Inc. (AMZN) 1.28 to 323.21, 6 points off the low, and Netflix, Inc. (NFLX) 5.26 to 448.75. International Business Machines Corporation (IBM) gained 1.05 to 190.06.
Pharmacyclics Inc. (PCYC) jumped 3.14 to 120.61. However, Tesla Motors, Inc. (TSLA) was down 35 cents to 146.60, and Vipshop Holdings Limited (VIPS) lost 96 cents to 199.02.
Facebook, Inc. (FB) ran 1.57 to 78.79, with a new all-time high of 78.84. JinkoSolar Holding Co., in a resounding solar group, ran 1.27 to 30.24.
Royal Gold, Inc. (RGLD), the only point-plus loser, gave back 1.09 to 64.99.
Checking the TheTechTrader.com percent-gain leaderboard, ChinaNet Online Holdings, Inc. (CNET) gained 79 cents to 3.48, or 30%, on 23 million shares. LightInTheBox Holding Co. bounced 56 cents to 6.23, or 10%.
By far, the biggest winner today was Janus Capital Group, Inc. (JNS), which Pimco's Bill Gross is joining, ran 4.78 to 15.89, or 43%, on 132 million shares, the biggest volume this stock has ever seen, and closed right at resistance from the 2009 high. Agios Pharmaceuticals, Inc. (AGIO) was up a whopping 10.31 to 63.76, or 19%, on 4.1 million shares, almost 1000% more volume than average. Digital Ally Inc. (DGLY) snapped back on a contract, up 2.55 to 17.63, or 17%, on 3.6 million shares, reaching as high as 20.20. Repros Therapeutics Inc. (RPRX) ran 1.52 to 10.48, or 17%, on 6.3 million shares. Nike, Inc. (NKE) jumped 9.75 to 89.50, or 12%, on 17.5 million shares, closing near the session highs.
Among other gainers, Micron Technology Inc. (MU) was up 2.13 to 33.83, Diamond Foods, Inc. (DMND) up 1.95 to 28.57, C&J Energy Services, Inc. (CJES) up 1.86 to 30.92, INSYS Therapeutics, Inc. (INSY) 1.96 to 38.16, Ambarella, Inc. (AMBA) 2.06 to 41.79, Bitauto Holdings Limited (BITA) 3.37 to 78.93, Autohome Inc. (ATHM) 2.01 to 42.06, and Yahoo! Inc. 1.71 to 40.66 rounded out the gainers for today.
BioDelivery Sciences International, Inc. (BDSI) climbed 90 cents to 17.41.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down late morning to the session lows, but came on strong in the afternoon, exploded, took out a couple layers of resistance, but failed on the hourly declining moving averages, and backed off into the close.
Observing the overall patterns, we are in a 4-wave decline, so far, not taking out the declining topsline or overhead resistance. Monday will be a very important day for the indices.
Let's see what happens then.
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