Harry Boxer
The Technical Trader
The stock market indices had a huge day today. They gapped up at the opening, formed early consolidation wedges, broke out again midday, ran up in a very sharp, midday spike after the FOMC meeting, and then ran to the close tagging 2085 S&P 500 from a morning low of 2052, and the Nasdaq 100 ran as high as 4657 from a low of 4580, closing near the highs.
Net on the day, the Dow was up 247.66 at 17,737.16, 15 points off its high. The S&P 500 was up 33.14 to 2083.58, just a point off its high. The Nasdaq 100 was down 87.63 to 4653.44, 4 points off its high.
Advance-declines were 4 to 1 positive on New York Stock Exchange and a little more than 2 to 1 positive on Nasdaq. Up/down volume was 8 to 1 positive on New York, with total volume of 3.85 billion shares. Nasdaq traded nearly 2 billion shares, and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but mostly positive. Priceline Inc. (PCLN) was up 19.71 to 1278.50, Google Inc. (GOOG) up 14.70 to 740.00, Apple Inc. (AAPL) up 3.60 to 117.29, Amazon.com Inc. (AMZN) 20.24 to 663.54, and Netflix, Inc. (NFLX) 3.53 to 120.63.
Tesla Motors, Inc. (TSLA) jumped 7.07 to 221.07 and Baidu, Inc. (BIDU) ran 7.90 to 204.73. Facebook, Inc. (FB) gained 2.64 to 107.77, and swing trade Weight Watchers International, Inc. (WTW) climbed 2.71 to 26.61.
Biotech stocks were very strong today. Prothena Corporation (PRTA) was up 3.93 to 69.03, NewLink Genetics Corporation (NLNK) up 1.26 to 36.19, Juno Therapeutics Inc. (JUNO) 1.07 to 54.20, and Intra-Cellular Therapies, Inc. (ITCI) 2.27 to 51.74, along with man others.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 1.86 to 22.27.
Cyber-security stocks were firm today. CyberArk Software, Ltd. (CYBR) ran 1.08 to 39.15, and FireEye, Inc. (FEYE) gained 1.10 to 22.69.
Solar's were also strong. First Solar, Inc. (FSLR) jumped 1.19 to 53.94, SolarCity Corporation (SCTY) bounced 1.75 to 27.75, and SunPower Corporation (SPWR) thrust 1.30 to 23.66.
Most of the blue chips had a very good day today. Microsoft Corporation (MSFT) was up 88 cents to 53.85, and Intel Corportation (INTC) closed up 52 cents to 33.16.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Sophiris Bio, Inc. (SPHS) bounced 41 cents to 2.25, or 22%, on 2.1 million shares.
Anavex Life Sciences Corp. (AVXL) exploded 2.06 to 5.30, or 64%, on 33.7 million shares. e-Future Information Technology Inc. (EFUT) climbed 1.21 to 7.54, or 19%, on 1.3 million shares. Veracyte, Inc. (VCYT) had an interesting day, up 1.00 to 7.27.
Recent IPO Boot Barn Holdings, Inc. (BOOT) stair-stepped its way up 1.62 to 10.82, or 17%. Daqo New Energy Corp. (DQ) thrust 1.89 to 14.05, or 15 1/2%. Vipshop Holdings Limited (VIPS) advanced 1.88 to 14.41, or 15%, on 45.7 million shares. Halozyme Therapeutics, Inc. (HALO) spiked to 17.70 before pulling back and closing up 1.87 to 17.51, or 12%, on 1.8 million shares. Aramark (ARMK) gained 3.02 to 32.64, or 10%, on 7 million shares.
Other gainers of note included PRA Group, Inc. (PRAA), up 3.30 to 40.24, Concordia Healthcare Corp. (CXRX) up 2.85 to 35.50, and Kite Pharma, Inc. (KITE) 6.96 to 86.85.
Stepping back and reviewing the hourly chart patterns, after a gap up, the indices stair-stepped their way higher in a rising channel all day, and closed near the highs for the day going away.
Let's see how it goes tomorrow.
Good Trading!
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