Harry Boxer
The Technical Trader
The stock market indices had a really ugly opening, gapping down and running down hard, breaking support, but rebound held secondary support near key averages. They then had a right-handed, extended-V, bottom-type pattern that exploded midday. They spent the rest of the day consolidating, unable to get through overhead resistance, but still held on to a nice comeback move, particularly on Nasdaq 100.
Net on the day, the Dow was down 5.41 at 17,745.98, 100 points off the low. The S&P 500 managed to eke out a .06 gain at 2108.63, but 14 points off the low. The Nasdaq 100 rallied back from 4540 all the way above 4600 at 4598.59, up 16.99.
Advance-declines were about 64 issues higher on New York Stock Exchange and 130 issues higher on Nasdaq. Up/down volume was 4 to 3 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 1.9 billion shares and had a 10 to 9 positive volume ratio.
TheTechTrader.com board was mixed.
Priceline.com (PCLN) was up 2.63 to 1222.06, Google Inc. (GOOG) up on 66 cents to 632.59, Amazon.com Inc. (AMZN) 7.76 to 536.76, and Netflix, Inc. (NFLX) up 4.58 to 111.56, but Apple Inc. (AAPL) lost 62 cents to 122.37.
Tesla Motors, Inc. (TSLA) snapped back 2.97 to 266.79.
In addition, Esperion Therapeutics, Inc. (ESPR) was up 1.77 to 64.25, Etsy, Inc. (ETSY), one of our swing trades, had a big day, up 2.22 to 21.20, Fitbit Inc. (FIT), also a swing trade of ours, 1.12 to 45.19, Radius Health, Inc. (RDUS), a former swing trade, 1.85 to 75.24, SolarCity Corporation (SCTY) 1.53 to 59.58, and Sorrento Therapeutics, Inc. (SRNE) 1.19 to 20.39.
On the downside, the only point-plus loser on our board was TASER International Inc. (TASR), which got whacked 3.59 to 28.11, slicing through support.
Checking the TheTechTrader.com percent-gain leaderboard, there were quite a few large-percent gainers. Voltari Corporation (VLTC), despite the rugged ride it had today, was up 99 cents to 8.36, or 13 1/2%, on 2 million shares.
Intelsat S.A. (I) gained 2.02 to 9.66, or 26 1/2%, on 1 million shares. LivePerson Inc. (LPSN) popped 1.60 to 9.50, or 20%. Sonus Networks, Inc. (SONS) gained 1.23 to 8.10, or 18%, on 4.8 million shares. FormFactor Inc. (FORM) closed up 1.11 to 7.51, or 17%, on 1.5 million shares.
eHealth, Inc. (EHTH) ran 2.83 to 15.50, or 22%, on 1.2 million shares. Open Text Corporation (OTEX) advanced 8.10 to 45.73, or 22%, on 2.7 million shares. Nutrisystem, Inc. (NTRI) exploded 5.53 to 30.74, or 22%, on 2.5 million shares. Ruckus Wireless, Inc. (RKUS) bounced 1.95 to 12.27, or 19%, on 1.3 million shares.
Shopify Inc. (SHOP) soared 3.97 to 38.13, or 12%, on 1.1 million shares. INC Research Holdings, Inc. (INCR) pushed 4.46 to 47.62, or 10%. Pegasystems Inc. (PEGA) peaked midday to 27.91 before pulling back to 26.83, up 3.54, or 15%, on 1.2 million shares.
Skechers USA Inc. (SKX), after earnings, jumped 20.55 to 148.99, or 16%, on 4.2 million shares.
Stepping back and reviewing the hourly chart patterns, after gapping down and breaking through support early on, the indices came roaring back, retested, and made higher lows.
They rallied into midday upon which time they consolidated for the rest of the day, and held onto the gains most of the rally.
Let's see how it goes tomorrow.
Good Trading!
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