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

For more of Harry Boxer, sign up for a FREE 7-Day Trial to his Real-Time Technical Trading Diary.

(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.