Stock Market Opens with Big Bang on a Gap

Stock-Markets / Stock Markets 2016 May 25, 2016 - 11:24 AM GMT

It was turn-around Tuesday for the stock market as the indices roared from the get-go with breakaway gaps, strong morning moves, and then climbed upward all day on the Nasdaq 100. The S&P 500 took a little afternoon rest, held support, and then came on late. In the last 30-40 minutes they pulled back a little bit to peel off from the highs, but it was a stellar session.

Net on the day, the Dow was up 213.12 at 17,706.05, 35-6 points off the high. The S&P 500 was up 28.02 at 2076.06, 3 points off its high. The Nasdaq 100 was up 89.20 at 4444.30, 5 points off its high.

Advance-declines were more than 3 to 1 positive on the New York Stock Exchange, and nearly 4 to 1 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 1.9 billion shares and had a 5 to 1 positive volume ratio.

TheTechTrader.com board was mostly all green. Priceline Inc. (PCLN) was up 19.14 to 1256.63, Google Inc. (GOOG) up 15.85 to 720.09, Apple Inc. (AAPL) up 1.47 to 97.90, Amazon.com Inc. (AMZN) 7.45 to 704.20, and Netflix, Inc. (NFLX) 3.00 to 97.89.

Baidu, Inc. (BIDU) gained 6.14 to 175.91, Facebook, Inc. (FB) ran 1.73 to 117.70, and First Solar, Inc. (FSLR) advanced 1.42 to 50.46. Intel Corporation (INTC) climbed 83 cents to 31.06, and Microsoft Corporation (MSFT) closed up 1.56 to 51.59.

Tesla Motors, Inc. (TSLA) jumped 1.69 to 217.92.

Other stocks of note included Ubiquity, Inc. (UBIQ), one of our swing trades, ran to 40.10, and closed at 39.87, up 1.94, Shutterstock, Inc. (SSTK) up 1.50 to 41.61, Stratasys Ltd. (SSYS) 1.62 to 22.08, Medivation, Inc. (MDVN) 1.16 to 61.91, Gigamon Inc. (GIMO) 1.08 to 31.13.

Inaddition, FireEye, Inc. (FEYE), on potential takeover rumors by International Business Machines Corporation (IBM), jumped 1.14 to 15.39, Cynosure, Inc. (CYNO) thrust 1.85 to 49.69, and Adeptus Health Inc. (ADPT) popped 2.51 to 71.85.

Direxion Daily S&P Biotech Bull 3X ETF (LABU) had a good day, up 1.83 to 32.82.

On the downside, the only stock down more than a point on earnings, Energy Recovery, Inc. (ERII) had a big drop down 1.48 to 9.66.

Checking the TheTechTrader.com percent-gain leaderboard, Exact Sciences Corporation (EXAS) bounced 58 cents to 6.22, or 10%, on 2.8 million shares.

Spherix Incorporated (SPEX) led the way today, up 1.16 to 3.07, or 61%, on 12 million shares, reaching as high as 4.69.

Nordson Corporation (NDSN) ran 11.43 to 87.61, or 15%, on 1.9 million shares on earnings. Toll Brothers Inc. (TOL) jumped around and closed up 2.36 to 29.46, or 9%, on 10.8 million shares as they led the way in the building sector. Not only did their earnings report come out strong, but the housing report was excellent.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) climbed 4.08 to 22.55, the Direxion Daily Gold Miners Bear 3X ETF (DUST) bounced 2.46 to 17.40. Both closed at the highs for the day going away.

Stepping back and reviewing the hourly chart patterns, the indices started with a big bang on a gap, ran straight up the ladder, settled down in a slow angle of descent, and continued to ascend in the afternoon.

Let’s see what happens tomorrow.

Good Trading!

Harry

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