Harry Boxer
The Technical Trader
The stock market indices started off with a firm opening, then backed and filled in the morning, but held support, and rallied strongly and sharply, taking the Nasdaq 100 from 4152 to 4180. The S&P 500 jumped from 2030 to 2039. Then they backed off, backed and filled the rest of the day, closing with a little bounce.
Net on the day, the Dow was up 39.81 at 16,613.74, a new all-time high close. The S&P 500 was up 6.34 at 2038.26, also a new all-time high close. The Nasdaq 100 was up 15.44 at 4175.95, not far from key resistance now overhead around 4180, which is the 14-year high.
Advance-declines were 17 to 13 positive on the New York Stock Exchange, and 16 1/2 to 10 positive on Nasdaq. Up/down volume was flat, but slightly positive by 800,000 shares, or 16 to 15 on New York, with total volume of 3.2 billion shares. Nasdaq traded 1.8 billion shares, and had a 4 to 3 positive volume ratio.
TheTechTrader.com board was mixed but mostly higher. Priceline.com Incorporated (PCLN) led the way, up 25.41 to 1120.02. Google Inc. (GOOG) was up 6.48 to 547.49, Apple Inc. (AAPL) down slightly to 108.83, Amazon.com Inc. (AMZN) up 5.25 to 305.11, and Netflix, Inc. (NFLX) up 3.11 to 387.27.
Pharmacyclics Inc. (PCYC) edged ahead by 49 cents to 133.98, Tesla Motors, Inc. (TSLA) gained 1.73 to 241.93, and Vipshop Holdings Limited (VIPS) popped 1.17 to 24.51.
ALIBABA GROUP HOLDING LTD (BABA) was up 4.59 to 119.15, closing near the post-IPO, all-time highs. Agios Pharmaceuticals, Inc. (AGIO) was up 9.72 to 81.78, swing-trade Achillion Pharmaceuticals, Inc. (ACHN) up 2.74 to 12.85 on 28 million shares, Ambarella, Inc. (AMBA) 2.07 to 49.21,Cyber-Ark Software Ltd. (CYBR) 2.17 to 34.88, and Celldex Therapeutics, Inc. (CLDX), another one of our swing trades, 1.39 to 14.81.
Canadian Solar Inc. (CSIQ), in a firm solar sector, gained 1.45 to 31.72. First Solar, Inc. (FSLR) ran 1.67 to 51.96, FireEye, Inc. (FEYE) popped 1.77 to 32.39, swing-trade NewLink Genetics Corporation (NLNK) advanced 2.25 to 34.40, and swing-trade VASCO Data Security International (VDSI) jumped another 1.64 to 28.27.
On the downside, gold had a difficult session, and gave back a big chunk. Royal Gold, Inc. (RGLD) dropped 3.47 to 61.95, and GoPro, Inc. (GPRO) gave back 3.31 to 75.75.
Checking the TheTechTrader.com percent-gain leaderboard, Planar Systems Inc. (PLNR), following through from Friday's gain, had a big day, up 1.28 to 7.68, or 20%, on 5.2 million shares.
Orexigen Therapeutics, Inc. (OREX), on positive drug news, led the way today, up 1.28 to 5.13, or 33%, on 15.4 million shares.
Dean Foods Company (DF) gained 1.98 to 16.40, or 14%, on 10.6 million shares. Vitae Pharmaceuticals, Inc. (VTAE) climbed 1.95 to 16.39, or 13 1/2%. TG Therapeutics, Inc. (TGTX) bounced 1.28 to 12.55, or 11%.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) ran 4.05 to 29.05, or 16%, on 4.1 million shares. The Direxion Daily Gold Miners Bear 3X Shrs (DUST) ran 5.97 to 39.88, or 11%, on 4.8 million shares.
Among other gainers, Gogo Inc. (GOGO) popped up 1.76 to 18.40, and Forward Pharmaceutical (FWP) closed up 2.16 to 23.21.
Stepping back and reviewing the hourly chart patterns, after a brief dip early on, the indices ran sharply higher to test key-resistance on the Nasdaq 100 at 4180, and set new all-time highs on the S&P 500 at 2038.70. They backed and filled the rest of the day. It was a positive session to start the week with fairly good technicals.
Let's see what happens tomorrow.
Good Trading!
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