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Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Terrific Stock Market Day for Wall Street

Stock-Markets / Stock Market 2017 Jun 02, 2017 - 06:58 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market started off the month with a big bang, first gapping up, and then pulling back sharply, like it did yesterday, except today it rallied the rest of the day, finishing at the highs for the day going away and at new all-time highs.

Net on the day, the Dow was up 135.53 at 21,144.18. The S&P 500 was up 18.26 at 2430.06, closing at the highest close in its history and at the high for the day. The Nasdaq 100 was up 27.71 at 5816.51, closing within pennies off the high for the day and new all-time high.


Advance-declines were 4 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on the Nasdaq. Up/down volume was 7 to 1 negative on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 3 to 1 positive volume ratio.

TheTechTrader.com board was almost all green. Priceline.com (PCLN) was up 13.73 to 1890.82, making intraday and new all-time high, Alphabet Inc. (GOOG) up 2.09 to 966.95, Apple Inc. (AAPL) up 42 cents to 153.18, Amazon.com, Inc. (AMZN) 1.33 to 995.95, and Netflix, Inc. (NFLX) closed flat at 162.99.

Baidu, Inc. (BIDU) jumped 1.16 to 187.26, Facebook, Inc. (FB) gained just 7 cents to 151.53, but First Solar, Inc. (FSLR) dropped 19 cents to 38.32.

Tesla Motors, Inc. (TSLA) dropped 64 cents to 340.37.

Other stocks to the upside included bluebird bio, Inc. (BLUE), up 3.85 to 79.20, Achaogen, Inc. (AKAO) up 1.10 to 21.28, Clovis Oncology Inc (CLVS) up 3.55 to 55.21, Exact Sciences Corporation (EXAS) up 1.77 to 38.24, Kite Pharma, Inc. (KITE) 2.34 to 74.66, Minerva Neurosciences, Inc. (NERV) 1.75 to 10.00, Supernus Pharmaceuticals, Inc. (SUPN), with another new all-time high today, 1.15 to 38.75.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 3.47 to 46.93.

In addition, Five9, Inc. (FIVN) gained 1.05 to 23.52, and Qorvo, Inc. (QRVO) advanced 1.11 to 79.06.

On the downside, there were no stocks down as much as a point, and only a few fractional losers.

Checking TheTechTrader.com percent-gain leaderboard, Microbot Medical Inc. (MBOT) bounced 89 cents, or 20%, to 5.41, on 7.8 million shares traded. Neuralstem, Inc. (CUR) climbed 75 cents, or 17%, to 5.21. Kamada Ltd. (KMDA) closed up 1.15, or 16%, to 8.20.

XBiotech Inc. (XBIT) ran 1.96, or 27%, to 9.33.

Palo Alto Networks, Inc. (PANW) popped 20.40, or 17%, to 138.99, on 15 million shares traded on earnings. Ciena Corporation (CIEN) exploded 3.71, or 16%, to 27.19, on 22 million shares traded.

Stepping back and reviewing the hourly chart patterns, after an early pop and sharp drop on Nasdaq 100, with the S&P 500 holding much better, the indices rallied back with the S&P 500 leading the way and taken out at key resistance, closing at new all-time highs.

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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