Harry Boxer
The Technical Trader
It was definitely turn-around Tuesday for the stock market. The indices opened lower, tested support successfully, ran up, exploded after Janet Yellen’s remarks, consolidated midday, and then ran again, and consolidated at the end of the day, but held their gains. It was a big day for the indices.
Net on the day, the Dow was up 97.72 at 17,633.11, nearly 200 points off its low. The S&P 500 was up 17.96 to 2055.01, 27 points off its low. The Nasdaq 100 was up 69.65 to 4467.72, 83 points off its low.
Advance-declines were 4 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on the Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume of 2.37 billion shares traded. The Nasdaq traded 1.75 billion shares and had a 3 1/2 to 1 positive volume ratio.
TheTechTrader.com board was mostly green. Priceline.com (PCLN) was up 20.86 to 1307.89, Google Inc. (GOOG) up 11.24 to 744.77, Apple Inc. (AAPL) up 2.49 to 107.68, Amazon.com Inc. (AMZN) 14.00 to 593.87, and Netflix, Inc. (NFLX) up 2.92 to 104.13.
Baidu, Inc. (BIDU) jumped 4.67 to 189.84, Facebook, Inc. (FB) gained 2.45 to 116.14, First Solar, Inc. (FSLR) bounced 90 cents to 69.30, and Microsoft Corporation (MSFT) ran 1.17 to 54.71.
Other gainers of note included Editas Medicine Inc. (EDIT), up 2.08 to 32.61, Cray Inc. (CRAY) up 1.61 to 41.87, Bristol-Myers Squibb Company (BMY) up 1.42 to 64.19, Himax Technologies, Inc. (HIMX) 1.72 to 12.00, Juno Therapeutics Inc. (JUNO) 1.44 to 37.45, Rovi Corporation (ROVI), one of our swing trades, 1.28 to 20.89, Supernus Pharmaceuticals, Inc. (SUPN), also one of our swing trades, 1.35 to 15.47, Stratasys Ltd. (SSYS) 1.15 to 25.14, Take-Two Interactive Software Inc. (TTWO) 1.60 to 37.00.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 1.64 to 25.75.
The only stock down more than a point today was Celator Pharmaceuticals, Inc. (CPXX), down 1.08 to 9.97.
Checking the TheTechTrader.com percent-gain leaderboard, Heron Therapeutics, Inc. (HRTX) exploded 3.43 to 19.68, or 21%, on more than a million shares in a very strong biotech sector. Energous Corporation (WATT), a day trade, opened strong and stayed steady all day, up 1.33 to 11.02, or 13.7%, on 3.2 million shares. Science Applications International Corporation (SAIC) closed up 5.33 to 51.88, or 11%, on 1.6 million shares.
Gold ETF’s were phenomenal with the Direxion Daily Gold Miners Bull 3X ETF (NUGT) up 9.07 to 63.58, or 17%, on 12.9 million shares traded. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) advanced 12.59 to 79.23, or 19%, on nearly a million shares.
Stepping back and reviewing the hourly chart patterns, the indices opened a little lower, and then ran all day. It was a terrific, turn-around Tuesday for the markets, and they broke out on the Nasdaq 100, and got right to resistance at the prior highs from last week on the S&P 500.
Let’s see if they get a follow-through, breakout and confirmation.
Good Trading!
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