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Stock Market Late Rally Takes Them Into the Positive Column

Stock-Markets / Stock Markets 2016 Nov 18, 2016 - 10:57 AM GMT

By: Harry_Boxer


The stock market indices had a solid day today. The day started out with a little bit of a move up, they pulled back, tested successfully, ran up solidly into midday where they reached their session highs, came down again for a retest, held successfully at support, and then came on strong at the close with the Nasdaq 100 making a new high. Although the S&P 500 couldn’t, they still ended the day in the positive column.

Net on the day, the Dow was up 35.68 at 18,903.82, a new all-time high. The S&P 500 was up 10.18 at 2187.12, just a point off the high. The Nasdaq 100 was up 34.32 at 4826.59, within pennies of its high.

Advance-declines were slightly positive by 150 issues on the New York Stock Exchange, and 700 issues positive on the Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume of 3.6 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 2 to 1 positive volume ratio. board was mixed today. (PCLN) was up 9.67 to 1512.90, Alphabet Inc. (GOOG) up 6.75 to 771.23,, Inc. (AMZN) 9.91 to 756.40, but Apple Inc. (AAPL) was down 4 cents to 109.95 and Netflix, Inc. (NFLX) dropped 16 cents to 115.03.

Baidu, Inc. (BIDU) lost 53 cents to 166.21, and First Solar, Inc. (FSLR), on earnings, dropped 1.66 to 31.16, but Facebook, Inc. (FB) popped 1.45 to 117.79.

Tesla Motors, Inc. (TSLA) jumped 4.73 to 188.66, with the merge with SolarCity Corporation (SCTY), and was trading 3 points higher in the aftermarket.

Biotech’s had a really strong day. Zynerba Pharmaceuticals, Inc. (ZYNE) was up 1.55 to 15.73, Supernus Pharmaceuticals, Inc. (SUPN) up 1.08 to 24.70, Clovis Oncology Inc (CLVS) up 1.40 to 36.30, and Ariad Pharmaceuticals Inc. (ARIA) 1.02 to 13.89.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 2.15 to 45.86.

On the downside, Acacia Communications, Inc. (ACIA) fell 2.28 to 74.13, and NUTANIX, INC. (NTNX) gave back 1.58 to 31.20.

Gold ETF’s had a weak day today. Direxion Daily Gold Miners Bull 3X ETF (NUGT) was down 66 cents to 8.65, and Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) down 65 cents to 6.96.

It was a wild and crazy day for the shipper stocks after exploding pre-market, and then they all got crushed, especially after DryShips, Inc. (DRYS) opened sharply lower and dropped more than 100 points, closing down 62.00 to 11.00, with a 10.80 low, after a 52.99 high.

Checking percent-gain leaderboard, Advanced Micro Devices, Inc. (AMD) popped 79 cents, or 10.3 million shares traded.

Superconductor Technologies Inc. (SCON) ran 2.92, or 158%, to 3.30, on 20 million shares traded, trading as high as 4.50.

Aegean Marine Petroleum Network Inc. (ANW), a new swing trade for us, gained 1.75, or 19%, to 10.85, on 1.3 million shares traded. Airgain, Inc. (AIRG) ran 4.14, or 19%, to 26.45. Best Buy Co., Inc. (BBY), one of our day trades, climbed 5.54, or 14%, to 45.99, on 25.4 million shares traded. The Children's Place, Inc. (PLCE) bounced 11.60, or 13%, to 99.20, on 2 million shares traded.

Stepping back and reviewing the hourly chart patterns, after moving up early and pulling back, the indices had a strong surge to midday, they pulled back, and a late rally brought them on again to have a good finish to the day.

Good Trading!


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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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