Harry Boxer
The Technical Trader
The stock market indices certainly didn't have a turn-around Tuesday, but an explosive, extensive Tuesday as the rally of the last few sessions extended in a big way today. The indices gapped up hugely on overnight futures and ran all day, with only a midday consolidation, closing at the highs for the day on Nasdaq 100, and slightly off the highs on the S&P 500.
Net on the day, the Dow was up 251.14 at 16,614.81. The S&P 500 was up 37.27 at 1941.28. The Nasdaq 100 was up 101.31 at 3971.39.
Advance-declines were 5 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was about 5 to 1 positive on New York, with total volume of 3.9 billion shares. Nasdaq traded 1.95 billion shares, and had a 5 to 1 positive volume ratio.
TheTechTrader.com board was green all the way. Priceline.com Incorporated (PCLN) was up 29.90 to 1132.97, Google Inc. (GOOG) up 5.70 to 526.54, Apple Inc. (AAPL) up 2.71 to 102.47, Amazon.com Inc. (AMZN) 9.12 to 315.33, andNetflix, Inc. (NFLX) 6.77 to 365.99.
Pharmacyclics Inc. (PCYC) bounced 1.73 to 116.56, Tesla Motors, Inc. (TSLA) gained 4.87 to 235.34, and Vipshop Holdings Limited (VIPS) hit 200.00 today, up 4.01.
Agios Pharmaceuticals, Inc. (AGIO) was up 4.65 to 72.90, VASCO Data Security International (VDSI), one of our swing trades, 1.53 to 19.76, NewLink Genetics Corporation (NLNK) 3.06 to 34.50, GW Pharmaceuticals (GWPH) 5.05 to 73.04, and GoPro, Inc. (GPRO) 4.92 to 80.92.
Solar stocks were strong today. First Solar, Inc. (FSLR) gained 1.98 to 56.35, SolarCity Corporation (SCTY) jumped 1.81 to 55.73, SunEdison, Inc. (SUNE) advanced 1.15 to 19.05, Canadian Solar Inc. (CSIQ) popped 2.23 to 30.85, and SunPower Corporation (SPWR) soared 1.41 to 31.74, just to mention a few of the solars.
Checking the TheTechTrader.com percent-gain leaderboard, LiveDeal, Inc. (LIVE), which we traded, popped 47 cents to 3.10, or 18%, on 9.3 million shares, reaching as high as 3.87 today. Orexigen Therapeutics, Inc. (OREX) reached 4.95 before closing at 4.51, up 45 cents, or 11%, on 8.7 million shares.
Enphase Energy, Inc. (ENPH) jumped 1.57 to 13.80, or 13%, on nearly a million shares. Bitauto Holdings Limited (BITA), which we traded today, had a big day today, up 8.50 to 81.06, or 12%, on 2 million shares.
Illumina Inc. (ILMN) had a fantastic day, up 15.08 to 179.55, or 9%, on 3.6 million shares.
Among other gainers, Harley-Davidson, Inc. (HOG), on a good earnings report, was up 4.27 to 62.65, American Airlines Group Inc. (AAL) up 2.63 to 37.85, and Spirit Airlines, Inc. (SAVE) up 4.24 to 63.20.
Stepping back and reviewing the hourly chart patterns, after a strong gap up, the indices moved higher and kept going higher in a rising channel all day. Very impressive session for the indices, but leaving us quite overbought short-term. So we'll see if we get a pullback over the next day or two. It looks like we could. The market is extended very short term, however. The NDX had gone from 3700, to 3971, 271 points in four sessions, with the S&P 500 jumping from 1822 to 1942 at the high.
Let's see what happens tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
AUD/USD retargets the 0.6600 barrier and above
AUD/USD extended its positive streak for the sixth session in a row at the beginning of the week, managing to retest the transitory 100-day SMA near 0.6580 on the back of the solid performance of the commodity complex.
EUR/USD keeps the bullish bias above 1.0700
EUR/USD rapidly set aside Friday’s decline and regained strong upside traction in response to the marked retracement in the Greenback following the still-unconfirmed FX intervention by the Japanese MoF.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Bitcoin price dips to $62K range despite growing international BTC validation via spot ETFs
Bitcoin (BTC) price closed down for four weeks in a row, based on the weekly chart, and could be on track for another red candle this week. The last time it did this was in the middle of the bear market when it fell by 42% within a span of nine weeks.
Japan intervention: Will it work?
Dear Japan Intervenes in the Yen for the first time since November 2022 Will it work? Have we seen a top in USDJPY? Let's go through the charts.