Harry Boxer
The Technical Trader
The stock market indices started out the week with a little pullback, and then a pop to the upside immediately, but that failed at resistance. They pulled back one more time and made slightly lower lows, and held support. That was significant because the markets put on a 5-wave advance over the next several hours to reach 4430 Nasdaq 100 and 2054 S&P 500, which were new highs for the rally. They then pulled back with an hour and a half to go, and in the last half hour they bounced again to finish positive on the day.
Net on the day, the Dow was up 21.57 at 17,623.87. The S&P 500 was up 2.02 to 2051.60, 8 off the low. The Nasdaq 100 was up 16.15 to 4426.98, 27 points off the low.
Advance-declines were negative all day but managed to go in the positive column by just a few issues on the New York Stock Exchange, and 80 issues on Nasdaq. Up/down volume was 17 to 15 positive on New York, total volume of 3 1/3 billion shares traded. The Nasdaq traded 1.58 billion shares and had an 80 to 78 positive volume ratio.
It was a modestly positive day, but not bad considering the profit taking that was going on early today.
TheTechTrader.com board showed mostly narrow-fractional gainers. Priceline.com (PCLN) was up 6.29 to 1350.51, Google Inc. (GOOG) up 4.49 to 742.09, Apple Inc. (AAPL) closed flat but positive by a penny at 105.91, while Amazon.com Inc. (AMZN) was up 1.90 to 553.98, and Netflix, Inc. (NFLX) closed flat, but down 6 cents to 101.06.
Baidu, Inc. (BIDU) was down 80 cents to 187.12, Facebook, Inc. (FB) closed up 40 cents to 111.85, and First Solar, Inc. (FSLR) dropped 1.20 to 71.24.
Tesla Motors, Inc. (TSLA) jumped 5.58 to 238.32.
Biotech’s were mixed, but somewhat firm today. Intrexon Corporation (XON), which was one of several gainers in this sector, ran to 39.49 before closing at 38.44, up 1.06.
Checking the TheTechTrader.com percent-gain leaderboard, Kitov Pharmaceuticals Holdings LTD (KTOV) gained 90 cents to 4.60, or 24%, on 2.5 million shares. Solazyme, Inc. (SZYM) climbed 47 cents to 2.73, or 21%, on 3.4 million shares.
Cara Therapeutics Inc. (CARA) advanced 1.10 to 6.27, or 21%, on 3.1 million shares traded. Advaxis, Inc. (ADXS) bounced 1.01 to 9.25, or 12%, on 1.8 million shares traded. Celator Pharmaceuticals, Inc. (CPXX) popped 1.01 to 9.71, or 12%, or 6.4%, on 6.4 million shares.
OvaScience, Inc. (OVAS) ran 1.84 to 10.58, 21%, on 1.7 million shares. Sarepta Therapeutics, Inc. (SRPT) jumped 3.71 to 21.71, or 21%, on 6.9 million shares. GW Pharmaceuticals (GWPH) bounced 8.15 to 80.87, or 11%.
The VelocityShares 3x Inv Natural Gas ETN (DGAZ) thrust 2.41 to 23.30, or 11.6%, on 4.15 million shares.
Among other gainers, Prothena Corporation (PRTA) was up 3.30 to 40.62, ACADIA Pharmaceuticals Inc. (ACAD) up 1.74 to 21.53, and Intra-Cellular Therapies, Inc. (ITCI) 1.99 to 26.15.
Stepping back and reviewing the hourly chart patterns, the indices were choppy, but higher until the last hour when they backed off, and then snapped back to finish normally positive on the day after a somewhat weak start in the morning.
Let’s see what happens tomorrow.
Good Trading!
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