The stock market indices had a really volatile and interesting day today due to the FOMC. The day started out with a very nice run up in a 3-wave, corrective-type move, reaching resistance midday just before the FOMC. When that occur, and indications of a probable or potential raise in rates in June, it took the market back form 4362 down to 4305, a big, 57-point drop. The S&P 500 dropped from 2060 to 2035, 25 points. They backed and filled in a right-handed, extended-V bottom to finish positive, and get the blue chips back down near flat.

Net on the day, the Dow was down 3.36 at 17,526.62,108 points off the low. The S&P 500 was up .42 at 2047.63, 13 points off the low. The Nasdaq 100 was up 15.76 at 4338.23, 35 points off the low.

Advance-declines were a little less than 2 to 1 negative on the New York Stock Exchange, and 3 to 2 positive on the Nasdaq. Up/down volume was a little less than 2 to 1 negative on New York, total volume of 4 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 12 to 7 positive volume ratio.

TheTechTrader.com board was mixed. Priceline.com (PCLN) was down 10.75 to 1267.27, but Google Inc. (GOOG) was up just 40 cents to 706.63, Apple Inc. (AAPL) up 1.07 to 94.56, Amazon.com Inc. (AMZN) 2.18 to 697.45 and Netflix, Inc. (NFLX) 1.87 to 90.50.

Baidu, Inc. (BIDU) dropped 1.59 to 169.45, while Facebook, Inc. (FB) gained 30 cents to 117.65, and First Solar, Inc. (FSLR) popped 20 cents to 48.71.

Tesla Motors, Inc. (TSLA) jumped 6.51 to 211.17, but after hours they were down 8 points.

Adeptus Health Inc. (ADPT) advanced 1.73 to 66.25, and Juno Therapeutics Inc. (JUNO) climbed 1.34 to 39.68.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU), in a firm biotech group, gained 1.54 to 28.36.

On the downside, Targa Resources Corp. (TRGP), in a weak oil group, pulled back 1.69 to 42.12.

Checking the TheTechTrader.com percent-gain leaderboard, Castlight Health, Inc. (CSLT) bounced 85 cents to 4.05, or 27%, on 2.6 million shares traded.

Great Basin Scientific, Inc. (GBSN) led the way today, up 1.92 to 3.65, or 111%, on 11.7 million shares traded, and trading even higher in after hours.

The Andersons, Inc. (ANDE), on earnings, spiked 6.13 to 32.07, or 24%, on 2.3 million shares. Five9, Inc. (FIVN) ran 1.38 to 10.00, or 16%, on 1.8 million shares. MacroGenics, Inc. (MGNX) had a good day, up 3.02 to 21.06, or 17%, on 1.2 million shares.

Among other gainers, SolarEdge Technologies, Inc. (SEDG) was up 1.34 to 19.81, Seattle Genetics, Inc. (SGEN) up 2.17 to 38.02, NICE Systems Ltd. (NICE) up 2.75 to 66.56, Portola Pharmaceuticals, Inc. (PTLA) 1.32 to 25.91, and Neurocrine Biosciences Inc. (NBIX) 2.25 to 45.64.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ) bounced around and closed with a gain of 1.28 to 17.93, or 8%, on 5.2 million shares. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) stair-stepped its way up 1.54 to 28.36

Stepping back and reviewing the hourly chart patterns, the indices were up all morning into early afternoon before the FOMC, and then plunged, but managed to take back about half the losses.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2016 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.