Stock Market Up Day, But Substantially Off the Highs

Stock-Markets / Stock Markets 2016 Dec 20, 2016 - 12:13 PM GMT

The stock market indices started out the week with a pop to the upside, a very strong rally ensued, the Nasdaq 100 jumped from 4912 to 4963 to a new all-time high. The S&P 500 popped, but couldn’t get anywhere near the highs, reaching up to 2267.47, only 9 points off the lows, and then they backed off. In the afternoon, the Nasdaq 100 came down in a strong 3-wave decline, taking it from 4963 1/2 to 4926. It bounced at 4933 at the close, and managed to close positive on the day, but substantially off the highs.

Net on the day, the Dow was up 39.64 at 19,883.06. The S&P 500 was up 4.46 at 2262.53. The Nasdaq 100 was up 19.98 at 4934.85.

Advance-declines were about 18 to 11 positive on the New York Stock Exchange, and 16 to 12 positive on the Nasdaq. Up/down volume was barely ahead by 16.6 to 14.3 positive on New York, total volume of 3 billion shares traded. The Nasdaq traded 1.6 billion shares and had a 5 to 3 positive volume ratio.

TheTechTrader.com board was mixed, but there were many point-plus gainers today. Priceline.com (PCLN) was up 4.55 to 1488.83, Alphabet Inc. (GOOG) up 3.40 to 794.20, Apple Inc. (AAPL) up 67 cents to 116.64, Amazon.com, Inc. (AMZN) 8.23 to 766.00, and Netflix, Inc. (NFLX) 1.23 to 125.45.

Baidu, Inc. (BIDU) gave back 1.25 to 163.68, Facebook Inc. (FB) fell 63 cents to 119.24, and First Solar, Inc. (FSLR) dropped 13 cents to 34.98. Microsoft Corporation (MSFT) reached new all-time highs, up 1.32 to 63.62, and Intel Corporation (INTC) advanced 58 cents to 36.89.

Tesla Motors, Inc. (TSLA) gained just 24 cents to 202.73.

Argan, Inc. (AGX), one of our swing trades, was up 4.25 to 73.90, Clovis Oncology Inc (CLVS), on FDA approval, exploded 3.28 to 40.48, Supernus Pharmaceuticals, Inc. (SUPN), one of our swing trades, 1.90 higher to 25.65, swing trade Unisys Corporation (UIS) 1.20 to 16.40, U.S. Concrete, Inc. (USCR) 1.75 to 65.45, and NVIDIA Corporation (NVDA) 1.22 to 101.63, tagging a new all-time high at 102.45.

On the downside, XPO Logistics, Inc. (XPO) was down 1.47 to 43.94, Puma Biotechnology, Inc. (PBYI) down 1.20 to 35.05, Emergent BioSolutions Inc. (EBS) swing trade 1.76 to 34.12, bluebird bio, Inc. (BLUE) 4.15 to 67.05, and Aerie Pharmaceuticals, Inc. (AERI) 1.25 to 38.80.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) had a difficult day, down 1.46 to 34.68.

Checking TheTechTrader.com percent-gain leaderboard, BioCryst Pharmaceuticals, Inc. (BCRX) popped 66 cents, or 11%, to 6.85, on 5 million shares traded. Kosmos Energy Ltd. (KOS) gained 59 cents, or 59%, to 6.32, on 2.65 million shares traded.

xG Technology, Inc. (XGTI) gained 1.32, or 57%, to 3.62, on 12 million shares traded, although at one point it reached 4.97.

Stone Energy Corp. (SGY) had a huge day, up 2.42, or 31%, to 10.17, on 3.95 million shares traded, and reaching as high as 10.68 earlier in the day. Loxo Oncology, Inc. (LOXO) ran 6.95, or 26%, to 33.86, on 2.45 million shares traded. Straight Path Communications Inc. (STRP) bounced 4.87, or 17%, to 33.99, on half a million shares traded. BioTelemetry, Inc. (BEAT) closed up 2.00, or 10%, to 23.20, on 1.2 million shares traded.

Stepping back and reviewing the hourly chart patterns, after a strong surge in the morning, the indices came down in a 3-wave decline and gave back about two-thirds of the gains. It was an up-day, but a little unsatisfying.

Good Trading!

Harry

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