Harry Boxer
The Technical Trader
The stock market indices had a nice session, although in the last hour they pulled back to prevent them with another big gain and off the highs for the day. Still, it was a profitable day with decent technicals.
The day started out with a thrust to the upside and then a 3-wave corrective pullback. They went higher all afternoon, and in the last hour when they rolled back, and pared back the gains.
Net on the day, the Dow got up to 17,735.70, up 40.07 at 17,687.82, about 50 points off the high. The S&P 500 was up 10.48 at 2051.80, 19 points off its high. The Nasdaq 100 was up 28.40 at 4242.19, 6 points off its high.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, but substantially higher earlier in the day, and 8 1/2 to 5 1/2 positive on Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 3.3 billion shares. Nasdaq traded 1.5 billion shares, and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mostly green today. Priceline.com Incorporated (PCLN) was up only 42 cents to 1166.83, Apple Inc. (AAPL) up 1.48 to 115.47, and Amazon.com Inc. (AMN) 1.88 to 324.93. Google Inc. (GOOG), however, lost 1.48 to 535.03, and Netflix, Inc. (NFLX) closed nearly flat, down 11 cents to 381.03.
Pharmacyclics Inc. (PCYC) gained 1.97 to 137.09, and Tesla Motors, Inc. (TSLA) popped 3.72 to 257.70, but Vipshop Holdings Limited (VIPS) lost 28 cents to 23.71.
Solars had a very good day today. SunEdison, Inc. (SUNE), a swing trade and favorite of ours for months, jumped 4.87 to 21.48, or 29%, on a whopping 64.3 million shares, an all-time record volume. SolarCity Corporation (SCTY) climbed 2.05 to 55.64, First Solar, Inc. (FSLR) gained 1.51 to 49.46, JinkoSolar Holding Co. closed up 1.28 to 22.20, and Canadian Solar Inc. (CSIQ) advanced 1.00 to 27.37.
GoPro, Inc. (GPRO) was up 2.60 to 84.10, GW Pharmaceuticals (GWPH) up 3.94 to 80.50, and NewLink Genetics Corporation (NLNK), a new swing trade of ours, up 1.75 to 32.66. Royal Gold, Inc. (RGLD), another favorite of ours, gained 2.60 to 71.32, with Regulus Therapeutics Inc. (RGLS) up 1.27 to 18.12, and Splunk, Inc. (SPLK) 1.18 to 65.96.
Checking the TheTechTrader.com percent-gain leaderboard, Can-Fite BioPharma Ltd. (CANF) popped 57 cents to 3.00 or 23 1/2%, on 1.4 million shares. Blonder Tongue Laboratories Inc. (BDR) thrust 54 cents to 2.20, or 32 1/2%, on 4.3 million shares. Organovo Holdings, Inc. (ONVO) ran 60 cents to 6.74, or 10%, on 4.2 million shares.
TerraForm Power, Inc. (TERP), a spinoff of SUNE on a 2.4 billion-dollar merger with a wind energy company, ran 6.91 to 32.75, or 27%, on 2.9 million shares, reaching as high as 34.74 earlier in the day. Abengoa (ABGB) pushed up 3.05 to 14.40, or 27%, on 1.5 million shares.
Gold ETFs were very strong today a gold continued higher. The Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) ran to 6.09, before closing at 5.93, up 99 cents, or 20%, on 32.3 million shares. The ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) gained 2.15 to 16.86, or 15%, on 21 million shares.
Among other gainers, Virgin America Inc. (VA) a new IPO, was up 4.37 to 37.05, Omeros Corporation (OMER) up 1.66 to 21.40, Bitauto Holdings Limited (BITA), reaching over 95.00, at one point, up 4.61 to 93.99, and Terex Corp. (TEX) up 1.43 to 29.71.
Stepping back and reviewing the hourly chart patterns, the indices shot up at the get-go, pulled back late morning, held support, and ran the rest of the session until the last hour when they rolled back and gave back a chunk of the gains on profit-taking.
Let's see what happens tomorrow.
Good Trading!
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