Harry Boxer
The Technical Trader
Despite a very sharp pullback in the morning, after the strong opening, the stock market indices held support once again, and then a 5-wave rally ensued that took the rest of the session into the close to finish with positive gains today.
Net on the day, the Dow was up 122.10 at 16,912.29, about 50 points off the high and about 150 points off the low. The S&P 500 was up 15.91 to 1995.83, 4 points off the high and 19 points off the low. The Nasdaq 100 was up 26.76 to 4333.46, 9 points off the high and 54 points off the low.
Advance-declines were almost 4 to 1 positive on New York Stock Exchange and 3 to 1 positive on Nasdaq. Up/down volume was 4 1/2 to 1 positive on New York, with total volume of a strong 4.5 billion shares. Nasdaq traded a little over 2 billion shares, and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly green. Priceline.com (PCLN) was up 16.13 to 1291.58, and Amazon.com Inc. (AMZN) up 4.46 to 541.94. However, Google Inc. (GOOG) was down 3.08 to 642.36, Apple Inc. (AAPL) down just 53 cents to 110.78, and Netflix, Inc. (NFLX) also down 23 cents to 108.10.
Tesla Motors, Inc. (TSLA) dropped 9.50 to 231.96.
The biotech stocks led the way with a strong day. Intra-Cellular Therapies, Inc. (ITCI) was up 2.41 to 41.83, Heron Therapeutics, Inc. (HRTX) up 2.30 to 26.07, Juno Therapeutics Inc. (JUNO) up 1.42 to 48.75, and NewLink Genetics Corporation (NLNK) 2.19 to 35.77.
In addition, Amgen Inc. (AMGN) had a big day today, up 6.83 to 148.05, on rumors of a takeover, and Celgene Corporation (CELG) gained 4.79 to 116.98.
Checking the TheTechTrader.com percent-gain leaderboard, Lion Biotechnologies, Inc. (LBIO) gained 80 cents to 6.43, or 14%. Voxeljet AG (VJET) thrust 82 cents to 6.73, or 14%. Tetraphase Pharmaceuticals, Inc. (TTPH) stair-stepped its way up 96 cents to 9.29, or 11.5%, on nearly 2 million shares.
Pacific Biosciences of California, Inc. (PACB) ran 1.43 to 7.80, or 23%, and traded as high as 8.09, on 11 million shares, or more than 1000% more volume than average. SunEdison, Inc. (SUNE) had a really good session, up 1.03 to 9.72, or 12%, on 55 million shares traded.
Cross Country Healthcare, Inc. (CCRN) climbed 1.84 to 14.62, or 14%, on nearly a million shares. Core-Mark Holding Company, Inc. (CORE) advanced 8.53 to 73.30, or 13%, on 1.3 million shares. Aerie Pharmaceuticals, Inc. (AERI) bounced 2.35 to 21.25, or 12%, on 1 million shares.
Among other gainers, Wynn Resorts Ltd. (WYNN) was up 4.14 to 71.99, NantKwest, Inc. (NK) up 1.90 to 13.45, TerraForm Power, Inc. (TERP) 1.89 to 19.77, PTC Therapeutics, Inc. (PTCT) 2.44 to 31.49, and Exxon Mobil Corporation (XOM) 1.31 to 79.20.
Global Payments Inc. (GPN) made its way up 12.83 to 128.20, on strong earnings report.
The Direxion Daily FTSE China Bull 3X ETF (YINN) gained 2.46 to 22.61.
Stepping back and reviewing the hourly chart patterns, the indices gapped up and ran to resistance, rolled over hard and came down sharply, but held support, and came back in a 5-wave advance to close just under the session highs going away.
Let's see how it goes tomorrow.
Good Trading!
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