Turn-Around Tuesday Ends the Day Firm

It was turn-around Tuesday as the stock market rebounded smartly from yesterday’s sharp selloff. The day started out with a big rally, they pulled back, retraced, and then rallied the rest of the day, until the last hour-hour and a half when they consolidated, tried to retest, held, and closed firm.

Net on the day, it was a solid session with the Dow up 133.47 at 18228.30. The S&P 500 was up 13.83 at 2159.93. The Nasdaq 100 was up 59.54 at 4866.71.

Advance-declines were 17 to 12 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was 18 to 15 positive on New York, total volume of 3 1/3 billion shares traded. The Nasdaq traded 2 billion shares and had a 1 3.4 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher. Priceline.com (PCLN) as up 6.34 to 1453.49, Alphabet Inc. (GOOG) up 8.80 to 783.01, Apple Inc. (AAPL) up 21 cents to 113.09, Amazon.com, Inc. (AMZN), reaching new, all-time highs, 16.95 to 816.11, and Netflix, Inc. (NFLX) 2.51 to 07.07.

Baidu, Inc. (BIDU) ran 1.97 to 190.83, Facebook, Inc. (FB) up 1.38 to 128.69, and First Solar, Inc. (FSLR) gained 1.84 to 39.09.

Tesla Motors, Inc. (TSLA), however, lost 3.18 to 205.81.

NVIDIA Corporation (NVDA) jumped 2.20 to 66.54, Twilio, Inc. (TWLO) up 68.22, SYNNEX Corp. (SNX) up 10.44 to 116.62, Gigamon Inc. (GIMO) 2.41 to 55.67, Aerie Pharmaceuticals, Inc. (AERI) 1.36 to 40.72, and Ambarella Inc. (AMBA) 2.32 to 68.64 rounded out the winners today.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.03 to 54.64. The VelocityShares 3x Inverse Crude Oil ETN (DWTI) rose 5.86 to 85.72.

On the downside, Acacia Communications, Inc. (ACIA), failure of a secondary stock option, tumbled 2.22 to 104.90.

Checking TheTechTrader.com percent-gain leaderboard, by far the winner today, Real Goods Solar, Inc. (RGSE) exploded 2.94, or 111%, to 5.59, on 44.4 million shares traded, reaching as high as 8.00 or 200% at one point in the day.

Yirendai Ltd. (YRD) gained 3.83, or 18%, to 25.00, on 2.8 million shares traded. Juno Therapeutics Inc. (JUNO) advanced 3.77, or 13%, to 33.42, on 5 million shares traded. Impinj, Inc. (PI) climbed 3.55, or 11%, to 35.68. Kite Pharma, Inc. (KITE) snapped back 5.06, or 10%, to 60.04, on 5.8 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices had a strong start, a Fibonacci retracement by midmorning, a nice, stair-step rally the rest of the afternoon, until a late consolidation. They held up very well.

Let’s see what happens tomorrow.

Good Trading!