Indices Closed At and Near Session Highs

The stock market indices had a very mixed session and a sloppy day at that. The day started out with a big gap to the downside, and for the rest of the session they worked their way back up in a rising channel, but finished near the actual highs on the S&P 500 and the Dow, and not far from the session highs on the Nasdaq 100.

Net on the day, the Dow was up 22.40 at 17,251.53. The S&P 500 was down 3.71 to 2015.93. The Nasdaq 100 was down .25 to 4367.08.

Advance-declines were 3 to 1 negative on New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was more than 3 to 1 negative on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was narrowly mixed. Priceline Inc. (PCLN) was up 6.40 to 1332.13, Apple Inc. (AAPL) up 2.06 to 104.58, Amazon.com Inc. (AMZN) up 3.65 to 577.01, but Google Inc. (GOOG) was down 2.16 to 728.33, and Netflix, Inc. (NFLX) lost just 27 cents to 97.66.

Tesla Motors, Inc. (TSLA) jumped 3.19 to 218.34, but Baidu, Inc. (BIDU) dropped another 1.80 to 180.22. Facebook, Inc. (FB) gained 78 cents to 110.67, but First Solar, Inc. (FSLR) lost 11 cents to 70.78.

Biotech’s had a very, very tough day. Juno Therapeutics Inc. (JUNO) was down 3.38 to 36.78, Intrexon Corporation (XON) down 3.23 to 34.19. Those are the two that had a particularly bad day.

Stratasys Ltd. (SSYS) lost 2.87 to 22.19, Cray Inc. (CRAY) gave back 1.10 to 40.54.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) got whacked 1.22 to 5.94.

Checking the TheTechTrader.com percent-gain leaderboard,

Celator Pharmaceuticals, Inc. (CPXX) was definitely the standout today, up 7.26 to 8.94, or 432%, on 38.5 million shares, or more than 10,400 more volume than average, on major drug news.

Inogen, Inc. (INGN) gained 6.01 to 41.35, or 17%, on 1.3 million shares. Mead Johnson Nutrition Company (MJN) on takeover potential, up 8.34 to 83.78, or 11%, on 10 million shares.

The Direxion Daily S&P Biotech Bear 3X ETF (LABD) made its way up 9.43 to 65.88. The Direxion Daily Russia Inogen, Inc. Bear 3X ETF (RUSS) ran 2.02 to 22.90, or 10%.

Among other gainers, Amphastar Pharmaceuticals, Inc. (AMPH) was up 1.01 to 12.72, Outerwall Inc. (OUTR) up 3.10 to 37.49, and The Children's Place, Inc. (PLCE) 5.80 to 76.48 rounded out the winners for today.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, went to lower lows within the first twenty minutes. They then worked their way back up, consolidated midday in wedges, but broke out in the afternoon, and managed to close at the highs for the day on the blue chips, and a little below that on the Nasdaq 100, but a nice recovery.

However, based on the overall structure, be very careful tomorrow. Potentially, we could see lower markets.

Good Trading!

Share: Analysis feed

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.