Harry Boxer
The Technical Trader
The stock market indices had a big, turn-around session today. The day started out with a huge gap to the upside as futures were sharply higher, they ran to overhead resistance at 4980 Nasdaq 100, and then stair-stepped their way down in a very orderly retrace, 5-wave decline. By midday they reached their lows at 4122 NDX, but the S&P 500, which popped to 1916, pulled all the way back to under 1900 to 1897. They then started off on a rally that ran up, they failed a couple times just underneath resistance, but at the end of the day they pushed, and pushed hard, near session highs, and closed near resistance at the session highs for the day.
It was a big day for the market overall.
Net on the day, the Dow was up 235.57 at 16,284.70. The S&P 500 was up 35.94 to 1920.03. The Nasdaq 100 was up 97.69 to 4181.06, more than a 2% gain today.
Advance-declines were better than 2 to 1 positive on New York Stock Exchange and 2 to 1 positive on Nasdaq. Up/down volume was 6 1/2 to 1 positive on New York, with total volume of just under 4 1/2 billion shares. Nasdaq traded a little over 2.4 billion shares, and had a 5 to 1 positive volume ratio.
TheTechTrader.com board was all green. Not a stock on our board was down.
Priceline.com (PCLN) was up 36.54 to 1236.86, Google Inc. (GOOG) up 13.45 to 608.42, Apple Inc. (AAPL) up 1.24 to 110.30, Amazon.com Inc. (AMZN) 15.82 to 511.89, and 4.91 to 103.26, and Netflix Inc. (NFLX) 4.91 to 103.26. Tesla Motors, Inc. (TSLA) jumped 1.75 to 248.40.
Biotech sector was very strong today. Esperion Therapeutics, Inc. (ESPR), which we traded today, gained 5.26 to 23.59, Intra-Cellular Therapies, Inc. (ITCI) snapped back 2.54 to 40.04, Akorn, Inc. (AKRX) ran 2.05 to 28.50, Radius Health, Inc. (RDUS) exploded 3.90 to 69.31, and Prothena Corporation plc (PRTA) was up 1.91 to 45.34.
Teladoc, Inc. (TDOC) ran 1.29 to 22.29, GoPro, Inc. (GPRO) up 1.36 to 31.22, First Solar, Inc. (FSLR) up 1.73 to 42.75, Fitbit Inc. (FIT) 2.39 to 37.69, Facebook, Inc. (FB) 3.23 to 89.90, and CyberArk Software, Ltd. (CYBR) 1.79 to 50.14, just to mention a few on the long list of gainers today.
Checking the TheTechTrader.com percent-gain leaderboard, Bellerophon Therapeutics LLC (BLPH) ran up to 6.03 before noon, pulled back and closed at 5.19, but still it was up 1.07, or 26%, on 4.5 million shares traded. MediWound Ltd. (MDWD) bounced 1.39 to 7.63, or 22%. Synaptics Inc. (SYNA), on takeover talks, ran 17.69 to 82.46, or 27%, on 6.5 million shares. DepoMed Inc. (DEPO) climbed 3.35 to 18.85, or 22%, on 4.2 million shares. Horizon Pharma (HZNP) advanced 3.01 to 19.82, or 18%, on 10.5 million shares traded.
Among other gainers, Akamai Technologies, Inc. (AKAM) was up 1.56 to 69.06, Western Gas Partners LP (WES) 10.08 to 79.45, Endo International (ENDP) 8.71 to 69.28, JinkoSolar Holding Co., Ltd. (JKS) 2.66 to 21.94, Cempra, Inc. (CEMP) 3.18 to 27.83, Alder Biopharmaceuticals Inc. (ALDR) 3.35 to 32.76.
Ralph Lauren Corporation (RL) ran 14.11 to 118.16, and Valeant Pharmaceuticals International, Inc. (VRX) 20.30 to 178.38, were among many, many other winners today.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, followed-through to midmorning, and then pulled back by midday, but came on strong again in the afternoon to close at the session highs.
It was a big day for Wall Street.
Let's see how it goes tomorrow.
Good Trading!
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