Harry Boxer
The Technical Trader
The stock market indices staged a huge snapback rally off of very sharp morning weakness as the downside follow-through took the Nasdaq 100 under 4350 and the S&P 500 under 2045. They then staged a monstrous rally, taking the Nasdaq 100 from a low of 4344 to a high of 4434, a 90-point rally. The S&P 500 jumped from 2044 low to 2084 high, 40 points, and the Dow was up more than 300 points. All three indices closed in the green column not far from the highs for the session.
Net on the day, the Dow was up 93.33 at 17,776.91. The S&P 500 was up 12.58 at 2081.34. The Nasdaq 100 was up 10.40 at 4429.06.
Advance-declines, which were negative all day, moved to 3 to 2 positive on New York Stock Exchange and 16 to 11 positive on Nasdaq. Up/down volume was 27 to 17 positive on New York, with total volume of 4.4 billion shares. Nasdaq traded 2.1 billion shares, and had an 11 1/2 to 9 negative volume ratio. So it didn't quite make it back.
TheTechTrader.com board was mixed. Priceline.com Incorporated (PCLN) was up 3.58 to 1145.01, Google Inc. (GOOG) up 2.16 to 525.02, and Amazon.com Inc. (AMZN) up just 68 cents to 436.72.
Esperion Therapeutics, Inc. (ESPR) rocked today, up 6.06 to 91.23, Fitbit Inc (FIT) gained 1.96 to 42.15, with 39.00 low to 42.98 high, and GoPro, Inc. (GPRO) 1.31 to 52.25.
Solar stocks had a good day today. SolarCity Corporation (SCTY) ran 1.46 to 53.21, and SunEdison, Inc. (SUNE) jumped 1.28 to 30.24, made their way higher.
On the downside, Apple Inc. (AAPL) was down 31 cents to 125.69, Netflix, Inc. (NFLX) down 3.36 to 658.64, and Tesla Motors, Inc. (TSLA), on a downgrade, had its biggest drop so far this year, down 11.84 to 267.88.
Cheetah Mobile Inc. (CMCM) got whacked all the way back to 19.00, closing down 2.81 to 22.11. Juno Therapeutics Inc. (JUNO) opened at the high for the day at 54.80, and then worked its way down to 52.37, down 1.96. Royal Gold, Inc. (RGLD) backed off 1.79 to 61.63.
Checking the TheTechTrader.com percent-gain leaderboard, there were some outstanding gainers today mostly led by lower-priced stocks. Prima Biomed Ltd. (PBMD) bounced 43 cents to 1.62, or 36%, on 14.4 million shares. Fate Therapeutics, Inc. (FATE) gained 65 cents to 7.53, or 10%. TeleCommunication Systems Inc. (TSYS) climbed 36 cents to 3.70, or 11%, on 1.2 million shares. Clean Energy Fuels Corp (CLNE) thrust 55 cents to 5.78, or 11%, on 2.7 million shares. Himax Technologies, Inc. (HIMX) closed up 75 cents to 8.52, or 10%, on 6.7 million shares.
Some of the junior oils did well today. Triangle Petroleum Corporation (TPLM) popped 34 cents to 4.59, or 8%, on 1.6 million shares. Sanchez Energy Corporation (SN) gained 14 cents to 8.72, on 2.6 million shares.
Among other gainers, Melco Crown Entertainment Limited (MPEL) jumped 1.49 to 21.46, and Ophthotech Corporation (OPHT) climbed 1.76 to 54.15.
The Direxion Daily FTSE China Bear 3X ETF (YANG) was up as high 93.30, up 10.00 to 86.99. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) advanced 1.34 to 10.26, or 15%, on 5.7 million shares. The Direxion Daily Gold Miners Bear 3X Shrs (DUST) ran 2.49 to 20.38.
Stepping back and reviewing the hourly chart patterns, after a very sharp selloff that saw the indices reach their lows, just before noon they rallied very sharply, and closed not far from the session highs to take the win from the bears today. The bulls were in control.
It was a very, very sharp rally that indicates the potentiality of an important, intermediate low in here. We'll see if there's any follow-through as far as resistance up around 4445-7 Nasdaq 100. It will be key to see if they get through that, and 2085-6 S&P 500.
Let's see how it goes tomorrow.
Good Trading!
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