Harry Boxer
The Technical Trader
The stock market indices had a nice session after an early morning dip to session lows, right near support. Once again, they held support and rallied strongly in a 5-wave advance to new highs, pulled back by midday to support, and then rallied in a 5-wave advance to nominal new highs, and then pulled back into the close. In the last 5 minutes they bounced again to close with a solid session on the day.
Net on the day, the Dow was up 92.35 at 18,209.19, the first time over 18,200 in a while. The S&P 500 was up 5.82 at 2115.48, just a couple points from the high. The Nasdaq 100 was up 1.54 at 4451.03, just 4 couple points off the high as well.
Advance-declines were a little better than 3 to 2 positive on the New York Stock Exchange, and 15 to 11 positive on Nasdaq. Up/down volume was 19 to 11 positive on New York, with total volume of 3 billion shares. Nasdaq traded over 1 3/4 billion shares, and had a 9 to 8 positive volume ratio.
TheTechTrader.com board was mixed.
Priceline.com Incorporated (PCLN) exploded 12.21 to 1219.79, Google Inc. (GOOG) popped 4.18 to 536.09, and Netflix, Inc. (NFLX) gained 3.04 to 47.88. However, Apple Inc. (AAPL) was down 83 cents to 132.17, after hitting an all-time new high at 133.60, and Amazon.com Inc. (AMZN) down 1.55 to 378.58.
Pharmacyclics Inc. (PCYC) increased 65 cents to 188.45, while Tesla Motors, Inc. (TSLA) lost 3.23 to 204.11, and Vipshop Holdings Limited (VIPS) closed down 34 cents to 25.31.
Leading the way today to the upside today was First Solar, Inc. (FSLR) in a very strong solar group, up 5.06 to 54.70, trading as high as 57.89, a 10% gain, on 18 million shares. SunPower Corporation (SPWR) ran 5.00 even to 32.80, JinkoSolar Holding Co. bounced 1.00 to 22.27, Canadian Solar Inc. (CSIQ) gained 1.50 to 29.97, and SunEdison, Inc. (SUNE) spiked to 23.80 before pulling back to 23.29, up 83 cents.
NXP Semiconductors NV (NXPI) was up 1.41 to 85.91, closing just 2 pennies off its high, Cyber-Ark Software Ltd. (CYR) up 1.69 to 60.11, and Ambarella, Inc. (AMBA) up 2.79 to 57.70.
On the downside, Arista Networks, Inc. (ANET) was down 2.70 to 66.35, Splunk, Inc. (SPLK) down 2.16 to 66.44 and Facebook, Inc. (FB) down 39 cents to 78.45.
Checking the TheTechTrader.com percent-gain leaderboard, leading the way today was Biocept, Inc. (BIOC), up 1.19 to 3.39, or 54%, on 34 million shares, 9,000% more volume than average. Helios and Matheson Analytics Inc. (HMNY) worked its way up 1.03 to 3.50, or 15%, on almost 390,000 shares, 19,000% more volume than average. Chegg, Inc. (CHGG) slowly climbed 1.85 to 8.60, or 27%, on nearly 10 million shares, 2600% more volume than usual.
Second Sight Medical Products, Inc. (EYES) thrust 2.72 to 11.20 or 32%, on 5.3 million shares. TRACON Pharmaceuticals, Inc. (TCON) climbed 2.37 to 12.52, or 23%.
Among other gainers, Chart Industries Inc. (GTLS) was up 3.42 to 34.79, DepoMed Inc. (DEPO), one of our swing trades, up 2.21 to 22.71, NeuroDerm Ltd. (NDRM) 1.19 to 13.40, and PTC Therapeutics, Inc. (PTCT) 6.20 to 71.16.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, back up late morning, down midday, and then back up at the end of the day, before a little pullback late in the day, followed by a late pop into close. It was a positive day for the indices, and the technicals broadened into the close.
Let's see what happens tomorrow.
Good Trading!
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