Harry Boxer
The Technical Trader
The stock market indices had a terrific session with a very, very strong thrust at the opening with strong gaps to the upside, and then they ran hard into the early part of the session, which at that point they consolidated and started moving higher. With an hour to go they were at the session highs at 4700 Nasdaq 100 and 2081 S&P 500. They did get some profit taking in the last half hour.
Net on the day, the Dow was up 192.71 at 17,720.98, 30 points off its high. The S&P 500 was up 21.85 to 2078.36, about 3 points off its high. The Nasdaq 100 was up 69.73 to 4691.08, 11 points off its high.
Advance-declines were 3 to 1 positive on New York Stock Exchange and 2 1/2 to 1 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, and 2 1/2 billion shares. The Nasdaq traded 1 1/3 billion shares and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly green. Priceline.com (PCLN) was up 29.44 to 1302.40, Google Inc. (GOOG), new all-time high, up 14.09 to 776.60, Apple Inc. (AAPL) up 1.92 to 108.74, Amazon.com Inc. (AMZN) 18.77 to 693.97, and Netflix, Inc. (NFLX) 2.01 to 119.12.
Tesla Motors, Inc. (TSLA), put on the list of the best cars for 2016, jumped 8.24 to 237.19, Baidu, Inc. (BIDU) ran 1.88 to 194.68, and Facebook, Inc. (FB) advanced 1.33 to 107.26.
Biotech's were firm for the most part. Prothena Corporation (PRTA) was up 2.41 to 71.24, NewLink Genetics Corporation (NLNK) up 1.07 to 37.24, Juno Therapeutics Inc. (JUNO) up 1.46 to 45.13.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 1.32 to 22.22.
On the downside, there were no stocks down more than a fraction.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Inventergy Global, Inc. (INVT) gained 80 cents to 2.16, or 59%, on 11 million shares, 3700% more volume than average, and reached as high as 2.82 at one point in the day. Auris Medical Holding AG (EARS) popped 61 cents to 5.00, or 14%, on 1.5 million shares. Chimerix, Inc. (CMRX) jumped 75 cents to 7.37, or 11.3%, on 14 million shares.
Resource America, Inc. (REXI) stair-stepped its way up 1.11 to 3.31, or 21%, closing just a penny off the session high.
FXCM Inc. (FXCM) ran to 20.36, before pulling back to 19.80, up 4.06, or 26%, on 5.8 million shares, 1900% more volume than average. Triumph Group, Inc. (TGI), on a strong earnings report, bounced 6.56 to 40.98, or 19%, on 3 million shares traded. Other gainers included Atara Biotherapeutics, Inc. (ATRA), up 1.97 to 24.74, and Atlassian Corporation (TEAM), a recent IPO, up 2.20 to 31.10.
Vuzix Corporation (VUZI) bounced 60 cents to 7.19. Lattice Semiconductor Corporation (LSCC), on a potential takeover by Intel, climbed 49 cents to 6.77.
Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran hard early in the session, and then slowed down the ascent, but in a steady rising channel until late in the day when profit taking set in.
Let's see what happens 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
EUR/USD extends sideways grind below 1.0900
EUR/USD stays in a consolidation phase below 1.0900 following the previous week's rally. In the absence of high-tier data releases, the US Dollar stays resilient against its rivals as investors scrutinize comments from central bank officials.
Gold retreated from record highs, maintains the upward bias
Gold rose sharply at the beginning of the week on escalating geopolitical tensions and touched a new all-time high of $2,450. With market mood improving modestly, XAU/USD erases a majority of its daily gains but manages to hold above $2,400.
GBP/USD holds steady near 1.2700, in an uneventful US session
GBP/USD fluctuates in a narrow channel near 1.2700 on the first trading day of the week. The cautious market stance helps the US Dollar hold its ground while central bank officials fail to trigger some action ahead of this week's key events.
Ripple stays above $0.50 on Monday as firm backs research on blockchain and quantum computing
XRP price holds steady above the $0.50 key support level and edges higher on Monday, trading at 0.5130 and rising 0.70% in the day at the time of writing.
Week ahead: Nvidia results and UK CPI falling back to target
What a week for investors. The Dow Jones reached a record high and closed last week above 40,000, for the first time ever. This is a major bullish signal even though gains for global stocks were fairly modest on Friday, and European stocks closed lower.