Stock Market Rebounds from Crash Low Amidst Extreme Volatility

Stock-Markets / Stock Markets 2015 Sep 11, 2015 - 11:18 AM GMT

The stock market indices had a very volatile, difficult day today. The day started out with a move up. They continued upward in a 5-wave advance until early afternoon when they spiked. At that point, they completed the 5-wave advance near resistance, and then pulled back in a 5-wave decline, only to snapback into the close and finish with a positive day.

It was a tough session to trade stocks today.

Net on the day, the Dow was up 78.83 at 16,330.40, 118 off the low. The S&P 500 was up 10.25 to 1952.29, 15 points off the low and 13 points off the high. The Nasdaq 100 was up 42.85 to 4296.30, 50 points off the low and 30 points off the high.

Advance-declines were 16 to 14 positive on New York Stock Exchange and 16 to 11 positive on Nasdaq. Up/down volume was 4 to 3 positive on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 1.9 billion shares, and had a 2 to 1 positive volume ratio.

TheTechTrader.com board was mixed but higher. Priceline.com (PCLN) was up 11.02 to 1287.74, Google Inc. (GOOG) up 8.63 to 621.35, Apple Inc. (AAPL) up 2.42 to 112.57, Amazon.com Inc. (AMZN) 5.35 to 522.24, and Netflix, Inc. (NFLX) up just 30 cents to 99.48.

Tesla Motors, Inc. (TSLA) dropped 53 cents to 248.38.

Facebook, Inc. (FB) was up 1.54 to 91.98, Juno Therapeutics Inc. (JUNO) up 2.19 to 40.43, SolarCity Corporation (SCTY) 1.01 to 48.12, and NewLink Genetics Corporation (NLNK) 2.87 to 49.19.

On the downside, losers included Energy Focus, Inc. (EFOI), down 4.84 to 23.00, and after the close announced secondary trading at 21.00. Fitbit Inc. (FIT) started out pretty good, but as the day progressed, it just kept going lower and lower until it was down 1.72 to 34.23, and Mobileye N.V. (MBLY), after earnings, continued to drop, down 3.79 to 44.57.

Akebia Therapeutics, Inc. (AKBA), which exploded recently, turned it around and dipped under 10.00 today, down 1.69 to 9.67. Sigma Designs (SIGM) shot up at the opening and then went nearly straight down and formed a base the rest of the afternoon, down 1.92 to 8.71, but reached as high as 11.47 earlier in the day.

Quite a reversal day there.

Checking the TheTechTrader.com percent-gain leaderboard, Midstates Petroleum Company, Inc. (MPO) bounced 93 cents to 6.35.

Sangamo Biosciences Inc. (SGMO) thrust 1.42 to 7.96, or 22%, on 9 million shares traded.

Straight Path Communications Inc. (STRP) gained 8.94 to 37.25, or 32%, on 1 million shares. This stock has doubled in three days. ZS Pharma, Inc. (ZSPH) jumped 16.54 to 74.73, or 28%, on 6.7 million shares. aTyr Pharma Inc. (LIFE) advanced 3.00 to 18.43, or 19%. Advaxis, Inc. (ADXS) had a good day, up 2.10 to 15.96, or 15%, on 1.1 million shares.

Among other gainers, Inteliquent, Inc. (IQNT) was up 1.74 to 20.77, FibroGen, Inc. (FGEN), in a strong biotech group, up 1.87 to 28.00, YRC Worldwide Inc. (YRCW) 1.11 to 16.29, Clovis Oncology, Inc. (CLVS) 8.21 to 104.26, and Palo Alto Networks, Inc. (PANW), on earnings, 12.23 to 177.40.

Stepping back and reviewing the hourly chart patterns, the indices were strong in the morning, consolidated midday, popped sharply early afternoon, and then came down pretty hard, taking back a big chunk of the gains, before a late bounce put them solidly in the green for a positive session, but it was a tough road.

Let's see how it goes tomorrow.

Good Trading!

Harry

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