Harry Boxer
The Technical Trader
The stock market indices had a mixed session and a very interesting volatile day. The day started out with a gap lower on Apple Inc. (AAPL) earnings, went down very sharply on the Nasdaq 100, dropping from 4450 down to 4380, about 70 points from top to bottom, they rallied back to 4409, pulled back to retest the low, made higher lows, went back to the highs again, but couldn’t get back through the 4410 range, and back off. Post FOMC they spurted up toward a retest. A pullback did about a .618 Fibonacci retracement, and they ran right back up to the gap, only to pullback right at the close. The S&P 500 actually pulled through the 4-day resistance highs, and made a nominal new high near 2100 today before falling back to 2095.
Net on the day, the Dow was up 51.23 at 18,042.55. The S&P 500 was up 3.45 at 2095.15, 4 point off the high, but 13 off the low. The Nasdaq was down 36.33 at 4416.63, 35 points off the low.
Advance-declines were nearly 3 to 1 positive on the New York Stock and 175 issues higher on the Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 11 to 8 positive volume ratio.
TheTechTrader.com board was narrowly mixed. Priceline Inc. (PCLN) was the only one of the Nasdaq Generals that was up today, and due in part because OpenTable, which is part of the PCLN Group, created an app making it easier to find local restaurants and entertainment. They were up 19.79 to 1353.74.
Google Inc. (GOOG) was down 2.30 to 705.84, Apple Inc. (AAPL), on earnings, down 6.53 to 97.83, Amazon.com Inc. (AMZN) down 10.31 to 606.57, and Netflix, Inc. (NFLX) down 1.39 to 91.04.
Baidu, Inc. (BIDU) lost just 30 cents to 187.95, Facebook, Inc. (FB) eked out 18 cents to the upside, while First Solar Inc. (FSLR) managed to pop 79 cents to 62.03.
Tesla Motors, Inc. (TSLA) lost 2.27 to 251.47.
Some of our swing trades did great today. With oil up today CONSOL Energy Inc. (CNX) was up 1.53 to 15.69, Targa Resources Corp. (TRGP) up 2.36 to 40.46, Stratasys Ltd. (SSYS) 1.13 to 27.13, and Cynosure, Inc. (CYNO) had a swing trade put on it today and bounced 1.19 to 50.79.
Losers of note included the Direxion Daily S&P Biotech Bull 3X ETF (LABU), down 1.17 to 33.00, although the low was 31.80 today, and Universal Display Corp. (OLED) gave back 1.48 to 60.01.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Legacy Reserves (LGCY) advanced 73 cents to 3.64, or 25%, on 10 million shares. Bonanza Creek Energy, Inc. (BCEI) climbed 51 cents to 4.23, or 14%, on 9.7 million shares.
Sonus Networks, Inc. (SONS), which we traded today, gained 1.10 to 8.36, or 15%, on 1.8 million shares.
Barracuda Networks, Inc. (CUDA) bumped up 2.63 to 18.18, or 17%, on 3.5 million shares. Nanometrics Incorporated (NANO) closed up 2.11 to 17.85, or 13%. Energy Transfer Equity, L.P. (ETE) had a big day, up 1.50 to 13.29, or 13%, on 32 million shares. Cirrus Logic Inc. (CRUS) gained 4.20 to 38.11, or 12%, on 6 million shares. Boston Scientific Corporation (BSX) snapped back 2.20 to 21.89, or 11%, on 47 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply in the morning, up midday, they consolidated, ran after the FOMC meeting, and a 3-wave advance took the S&P 500 back near 2100 before backing off.
Let’s see what happens tomorrow.
Good Trading!
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