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A Good Day for Wall Street

Stock-Markets / Stock Markets 2016 Nov 16, 2016 - 12:07 PM GMT

By: Harry_Boxer

Stock-Markets

The stock market had a terrific Tuesday as the indices forged ahead, adding to the recent gains. The day started out with gap ups and a strong, early-morning move, reaching the morning highs within the first half hour. In a 3-wave pullback move toward lunch hour, they retested the highs, held well, and moved up steadily all afternoon. Late in the session the Nasdaq 100 had a small pullback, because they had a big recovery earlier, but the S&P 500 closed near the highs for the day.


Net on the day, the Dow was up 54.37 at 18,923.06, a new all-time high. The S&P 500 was up 16.19 at 2180.39, almost the high for the day. The Nasdaq 100 was up 62.43 at 4764.47, snapping back beautifully.

Advance-declines were 11 to 4 positive on the New York Stock Exchange, and 3 to 2 positive on the Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume of over 4.5 billion shares traded. The Nasdaq traded over 2 billion shares and had a 3 to 1 positive volume ratio.

TheTechTrader.com board was mostly all green today. Priceline.com (PCLN) was up 8.27 to 1497.45, Alphabet Inc. (GOOG) up 22.41 to 758.49, Apple Inc. (AAPL) up 1.40 to 107.11, Amazon.com, Inc. (AMZN) 24.17 to 743.24, and Netflix, Inc. (NFLX) 21 cents to 113.59.

Baidu, Inc. (BIDU) ran 2.71 to 164.44, Facebook, Inc. (FB) climbed 2.12 to 127.20, and First Solar, Inc. (FSLR) gained 11 cents to 33.19. Microsoft Corporation (MSFT) thrust 1.14 to 58.87, and Intel Corporation (INTC) popped 43 cents to 34.91.

Tesla Motors, Inc. (TSLA) jumped 2.32 to 183.77.

Other stocks to the upside, included such high-tech stocks as swing trade Aerie Pharmaceuticals, Inc. (AERI), up 2.20 to 41.95, a new all-time high, Ambarella Inc. (AMBA) up 2.16 to 62.20, Acacia Communications, Inc. (ACIA) up 7.45 to 74.86, NUTANIX, INC. (NTNX) 4.25 to 32.45, Puma Biotechnology, Inc. (PBYI) 2.95 to 43.05, NVIDIA Corporation (NVDA) 2.55 to 86.19, and Twilio, Inc. (TWLO) 3.34 to 34.73.

Gold did great. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) gained 1.04 to 9.55, and the Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) advanced 1.12 to 8.40.

The only stock down as much as a point on the main board was U.S. Concrete, Inc. (USCR), down 1.05 to 56.35.

Checking TheTechTrader.com percent-gain leaderboard, Ocean Power Technologies, Inc. (OPTT) bounced 1.49, or 61%, to 3.92, on 9.6 million shares traded, and traded as high as 5.89. Crossroads Systems, Inc. (CRDS) gained 2.00, or 47%, to 6.27. SAExploration Holdings, Inc. (SAEX) snapped back 1.75, or 23%, to 9.33, on 4.6 million shares traded.

Airgain, Inc. (AIRG) thrust 3.84, or 20%, to 23.29.

The shipping industry had an unbelievable day today. Euroseas Ltd. (ESEA) made a phenomenal move in the morning, up 2.17, or 99%, to 4.36, on 15.7 million shares traded. Top Ships Inc. (TOPS) ran 1.99, or 58%, to 5.38, on 14.8 million shares traded, the day ranging from 4.61 to 6.50. Seanergy Maritime Holdings Corp. (SHIP) ran 2.05, or 76%, to 4.80, on 13.5 million shares traded. DryShips, Inc. (DRYS) jumped 30.14, or 70%, to 73.00, on 10.5 million shares traded, dropping as low as 45.47, and as high as 102.00.

There were many other gainers today as well.

Stepping back and reviewing the hourly chart patterns, the indices had a strong gap up in the morning, a 3-wave corrective pullback by midday, and then came on late in the session, closing near the upper end of the range to a new, all-time high on the DOW.

Let’s see what happens tomorrow.

Good Trading!

Harry

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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.

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