Harry Boxer
The Technical Trader
What a day for the stock market! The indices extended yesterday's rally with a big gap up at the opening. They pulled back midmorning, but when that held they just went on a terror the rest of the day, and spiked in the last hour to close up positive on the day.
Net on the day, the Dow was up 421.28 at 17,778.15, definitely a magical day for the market. The S&P 500 was up 48.34 at 2061.23, at the high for the day. The Nasdaq 100 was up 102.68 at 4267.77, also at the high for the day.
Advance-declines were 5 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 8 to 1 positive on New York, with total volume a whopping 4.6 billion shares. Nasdaq traded 2.1 billion shares, and had a 5 to 1 positive volume ratio.
TheTechTrader.com board was extremely strong. Priceline.com Incorporated (PCLN) was up 29.24 to 1104.58, Google Inc. (GOOG) up 6.21 to 511.10, Apple Inc. (AAPL) up 3.24 to 112.65, and Netflix, Inc. (NFLX) just 77 cents to 334.42.
Tesla Motors, Inc. (TSLA) exploded 12.44 to 218.26, Pharmacyclics Inc. (PCYC) ran 2.31 to 133.34, and Vipshop Holdings Limited (VIPS) gained 1.28 to 20.33.
Agios Pharmaceuticals, Inc. (AGIO) was up 3.64 to 119.72, Bristol-Myers Squibb Company (BMY) up 1.60 to 60.79, Ambarella, Inc. (AMBA) up 1.84 to 48.56, Cyber-Ark Software Ltd. (CYBR) 2.01 to 40.63, FireEye, Inc. (FEYE) 2.29 to 30.90, Splunk, Inc. (SPLK) 2.57 to 59.19.
Gold was strong today. Royal Gold, Inc. (RGLD) jumped 2.13 to 64.60, ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) climbed 1.40 to 11.82, and Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) popped 49 cents to 2.68.
Solar Sector had a good day today. SolarCity Corporation (SCTY) was up 3.38 to 53.75, First Solar, Inc. (FSLR) up 2.86 to 45.21, SunEdison, Inc. (SUNE) up 30 cents to 19.50, SunPower Corporation (SPWR) 1.22 to 25.69.
Twitter, Inc. ran 1.16 to 36.73, and Facebook, Inc. (FB) closed at the high for the day, up 2.29 to 78.40.
On the downside, Amazon.com Inc. (AMZN) was down 1.15 to 297.73 and GoPro, Inc. (GPRO) was really weak, down 2.41 to 57.09, which shows extremely-relative negativity.
Checking the TheTechTrader.com percent-gain leaderboard, Mobile Telesystems OJSC (MBT) bounced 1.57 to 8.00, or 24%, on 22.8 million shares.
OvaScience, Inc. (OVAS), on major drug news, jumped 8.26 to 43.22, or 24%, on 2 million shares, 1100% more volume than average. MacroGenics, Inc. (MGNX) climbed 4.58 to 33.83, or 16%, on 1.6 million shares. Tetraphase Pharmaceuticals, Inc. (TTPH) moved up 4.81 to 38.00, or 15%, on 1.6 million shares. Inogen, Inc. (INGN) thrust 3.75 to 29.27, or 15%.
Among other gainers, Karyopharm Therapeutics, Inc. (KPTI) was up 3.51 to 36.12, NewLink Genetics Corporation (NLNK) up 2.68 to 37.21, PTC Therapeutics, Inc. (PTCT) 4.08 to 54.96, and Oracle Corporation (ORCL) , which we traded today, 4.19 to 45.35.
Groupon, Inc. (GRPN) advanced 60 cents to 7.39.
Stepping back and reviewing the hourly chart patterns, after gapping up and running sharply, the indices pulled back midmorning, rallied into the early afternoon session, pulled back again, but ran into a fifth-wave spike, and closed at the highs for the day.
It was a spectacular session for the indices, to say the least. It's the second day for action like this. The market is extremely short-term overbought.
We'll see how it goes tomorrow.
Good Trading!
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