Harry Boxer
The Technical Trader
It was a big day on Wall Street, to say the least, as the indices soared early, consolidated midday, and then came on strong at the end, especially the last 20-30 minutes when they spiked up into the close. The Nasdaq 100 ran 62.66 right up to key overhead resistance that was broken a week and a half ago. So this is a level that's going to be a very important test tomorrow. It made a 5-wave advance up to this level, so there may be a pullback, but it may be constructive, we'll see.
The day started out with a big gap up, a run up, a 5-wave corrective move, a very strong snapback rally ensued in the afternoon, then a pause with an hour to go to consolidate, and then they popped.
Net on the day, the Dow was up 74.95 at 16,532.61. The S&P 500 was up 13.23 at 1885.57, an all-time new high today, just pennies off its high. The Nasdaq 100 was up 62.66 at 3658.40.
Advance-declines were 2 1/2 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was better than 2 to 1 positive on New York, with total volume of over 700 million shares. Nasdaq traded 2.1 billion shares and had a 5 1/2 to 1 positive volume ratio.
TheTechTrader.com board was green across the board today. priceline.com Incorporated (PCLN) was up 59.48 to 1251.37, Google Inc. (GOOG) up 20.38 to 1134.89, Apple Inc. (AAPL) up 5.11 to 541.85, Amazon.com Inc. (AMZN) 6.63 to 342.99, Netflix, Inc. (NFLX) 12.66 to 364.69. International Business Machines Corporation (IBM) gained 2.02 to 194.51 and Goldman Sachs Group, Inc. (GS) thrust 2.08 to 165.93.
Tesla Motors, Inc. (TSLA) jumped 8.52 to 216.97, Pharmacyclics Inc. (PCYC) snapped back 7.20 to 107.42, and Vipshop Holdings Limited (VIPS) ran 10.38 to 159.69.
Facebook, Inc. (FB) was up 2.38 to 62.62, Maxwell Technologies, Inc. (MXWL) up 1.43 to 14.35, Arrowhead Research Corp. (ARWR) 1.86 to 18.28, and Anacor Pharmaceuticals, Inc. (ANAC) gained 1.01 to 21.02.
Solars did well today. SolarCity Corporation (SCTY) ran 2.31 to 64.93, First Solar, Inc. (FSLR) gained 1.01 to 70.89, Canadian Solar Inc. (CSIQ) advanced 1.02 to 33.06, JinkoSolar Holding Co. 3.29 to 31.24.
Checking the TheTechTrader.com percent-gain leaderboard, Ku6 Media Co., Ltd. (KUTV) popped 90 cents to 3.00, or 43%, on 9.1 million shares. IsoRay, Inc. (ISR) bounced 43 cents to 2.63, or 20%, on 21.8 million shares.
Highpower International, Inc. (HPJ), a new swing trade of ours, thrust 1.55 to 6.86, or 29%, on 4 million shares, reaching as high as 7.29 earlier in the day.
Health care services, Providence Service Corp. (PRSC) jumped 9.72 to 38.99, or 35%, on 1 million shares. Sungy Mobile Limited (GOMO) climbed 3.83 to 24.74, or 18%.
Other stocks of note includes Pacific Ethanol, Inc. (PEIX), up 2.32 to 17.90, Castlight Health, Inc. (CSLT) up 2.75 to 23.97, 58.com Inc. (WUBA) 5.17 to 46.80, zulily, Inc. (ZU) 5.20 to 55.39, Bitauto Holdings Limited (BITA) 3.75 to 39.59, SouFun Holdings Ltd. (SFUN) 6.68 to 75.10, Qiwi (QIWI) 3.19 to 37.84.
In addition, YY Inc. gained 5.48 to 81.84, Trulia, Inc. (TRLA) snapped back 2.44 to 35.64, Green Plains Renewable Energy, Inc. (GPRE) closed up 1.85 to 31.81, and Melco Crown Entertainment Limited (MPEL) advanced 2.20 to 40.85.
Stepping back and reviewing the hourly chart patterns, the indices were up early, pulled back in a 3-wave corrective move, held support, and then came on strong in the last couple hours to close up on the session. Although it didn't seem that big for the blue chips, Nasdaq 100 had a spectacular day today.
Let's see how it goes tomorrow.
Good Trading!
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