Harry Boxer
The Technical Trader
The stock market indices had a nice follow-through to yesterday’s rally in the morning as they gapped up, ran hard in the first thirty-forty minutes and reached their session highs. By midday they pulled back in falling wedges, resulting in an afternoon rally back. The resistance was too much for the markets, and they pulled back in the last hour, but still closed positive on the day.
Net on the day, the Dow was up 83.55 at 17,716.66. The S&P 500 was up 8.94 to 2063.95, 9 points off the high, so it gave back about half the gains. The Nasdaq 100 was up 23.16 to 4490.88, 23 points off the high, also giving back about half.
Advance-declines were 19 to 11 positive on the New York Stock Exchange, and 17 1/2 to 10 1/2 positive on the Nasdaq. Up/down volume was 2 to 1 positive on New York, total volume of 3.4 billion shares traded. The Nasdaq traded 2 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board had many of the stocks that were up in the morning, and back down in the afternoon, close not far from zero, so there were a lot of flat closes today. Priceline.com (PCLN) was up 9.14 to 1317.03, Google Inc. (GOOG) up 5.76 to 750.53, Apple Inc. (AAPL) up 1.88 to 109.56, Amazon.com Inc. (AMZN) 4.83 to 598.69, but Netflix, Inc. (NFLX) lost 1.94 to 102.19.
Baidu, Inc. (BIDU) closed flat, Facebook, Inc. (FB) was down 1.44 to 114.70, and First Solar, Inc. (FSLR) closed down 33 cents to 68.97.
Tesla Motors, Inc. (TSLA) was also down by 3.24 to 226.89.
Other gainers on note included ACADIA Pharmaceuticals Inc. (ACAD), which exploded 2.20 to 26.01, reaching as high as 28.85, Targa Resources Corp. (TRGP) gained 85 cents to 29.09.
On the downside, Intrexon Corporation (XON) was also down, 1.49 to 33.78.
Checking the TheTechTrader.com percent-gain leaderboard, there was a significant move for DragonWave Inc. (DRWI), up 95 cents to 3.39, or 39%, on 1.5 million shares, reaching as high as 4.40 earlier in the day. MediciNova Inc. (MNOV) advanced 77 cents to 7.70, or 11%.
Centrus Energy Corp. (LEU), which we traded today, made its way up 1.23 to 4.55, or 37%, on 3.7 million shares traded.
Yirendai Ltd. (YRD) gained 1.86 to 11.85, or 19%, on 1.5 million shares. Lululemon Athletica Inc. (LULU), on earnings, bounced 6.56 to 67.80, or 11%, on 11 million shares. Square, Inc. (SQ) climbed 1.28 to 15.02, or 10%, on 2.1 million shares.
Among other gainers, Silicon Motion Technology Corp. (SIMO) jumped 2.98 to 39.89 to a new all-time high.
Stepping back and reviewing the hourly chart patterns, the indices ran up sharply early on, pulled back to the session lows by midday, rallied in the afternoon, but couldn’t hold it, and backed off. Still, they finished up on the day, but gave back about half of their gains from the session highs.
Let’s see what happens tomorrow.
Good Trading!
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