Harry Boxer
The Technical Trader
The stock market indices started off the week with a little pop to the upside, a pullback retest, and then they held the lows from Friday, especially on the Nasdaq 100, which was pretty negative last week. They then ran the market straight up from 4490 to 4565, a 75-point rally, on the Nasdaq 100, and the S&P 500 ran from 2024 to 2053, nearly 30 points, and they closed near the highs for the day going away.
It was a very, very nice start to the week.
Net on the day, the Dow was up 237.77 at 17,483.01. The S&P 500 was up 30.15 to 2053.19. The Nasdaq 100 was up 63.33 to 4565.47.
Advance-declines were almost 3 to 1 positive on New York Stock Exchange and 3 to 2 positive on Nasdaq. Up/down volume was just under 3 to 1 positive on New York, with total volume of 3.7 billion shares. Nasdaq traded 1 billion shares, and had a more than 2 1/2 to 1 positive volume ratio. Generally, a positive day. Much more so with the blue chips and the NYSE.
TheTechTrader.com board was mixed. Google Inc. (GOOG) led the way today, up 11.96 to 728.96, closing within pennies of its high. Apple Inc. (AAPL) was up 1.84 to 114.18, Amazon.com Inc. (AMZN) up 5.46 to 647.81, and Netflix, Inc. (NFLX) up 7.70 to 111.35.
They all closed not far off their highs.
Tesla Motors, Inc. (TSLA) jumped 7.12 to 214.31, and Baidu, Inc. (BIDU) gained 4.77 to 198.72. Prothena Corporation (PRTA) was up 1.03 to 67.29, Juno Therapeutics Inc. (JUNO) up 3.47 to 53.47, and Facebook, Inc. (FB) was nearly flat, up just 9 cents to 104.04.
The solar's were strong today. First Solar, Inc. (FSLR) advanced 1.46 to 54.18, JinkoSolar Holding Co., Ltd. (JKS) popped 1.26 to 23.56, and SolarCity Corporation (SCTY) thrust 1.99 to 27.84.
On the downside, Priceline Inc. (PCLN) got crushed for 30.88 to 1266.87.
Checking the The TechTrader.com percent-gain leader board, Baytex Energy Corp. (BTE) climbed 68 cents to 4.64, or 17%, on 3.5 million shares. Stone Energy Corp. (SGY) gained 59 cents to 6.58, or 10%, on 2.6 million shares. C&J Energy Services, Ltd. (CJES) closed up 35 cents to 4.85, or 8%, on 1.6 million shares. Hi-Crush Partners LP (HCLP) stair-stepped its way up 93 cents to 7.30, or 15%, not far from the highs for the day. The Velocity Shares 3x Long Crude Oil ETN (UWTI) thrust 56 cents to 7.59, or 8%, on 37.3 million shares.
Range Resources Corporation (RRC) bounced 2.90 to 34.62, or 9%, on 5.6 million shares.
Other gainers of note included Lipocine Inc. (LPCN) was up 1.21 to 14.38, and swing trade Bonanza Creek Energy, Inc. (BCEI) bounced 67 cents to 8.44.
Stepping back and reviewing the hourly chart patterns, the indices popped at the opening, got to resistance, pulled back, retested in a very orderly manner, and the breakout late morning triggered a rally that lasted all day into the close.
Let's see how it goes 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 extends its upside above 0.6600, eyes on RBA rate decision
The AUD/USD pair extends its upside around 0.6610 during the Asian session on Monday. The downbeat US employment data for April has exerted some selling pressure on the US Dollar across the board. Investors will closely monitor the Reserve Bank of Australia interest rate decision on Tuesday.
EUR/USD: Optimism prevailed, hurting US Dollar demand
The EUR/USD pair advanced for a third consecutive week, accumulating a measly 160 pips in that period. The pair trades around 1.0760 ahead of the close after tumultuous headlines failed to trigger a clear directional path.
Gold holds below $2,300, Fedspeak eyed
Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.