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Stock Market Positive Session with Good Technicals

Stock-Markets / Stock Markets 2016 Oct 06, 2016 - 10:22 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had another wild session, first gapping up and running to retest the highs, unable to get there, and by midday hit their peak on the Nasdaq 100. The S&P 500 did make a higher high in the afternoon, unconfirmed by the Nasdaq 100. That caused a negative divergence, which sold them off in the last hour.

Net on the day, the Dow was up 112.58 at 18,281.03, 34 points off its high. The S&P 500 was up 9.24 at 2159.73, 4 points off its high. The Nasdaq 100 was up 18.28 at 4877.75, 14 points off its high.


Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 2 billion shares and had a 11 to 6 positive volume ratio.

TheTechTrader.com board was mostly higher. Priceline.com (PCLN) was up 8.56 to 1497.58, Google Inc. (GOOG) up just 4 cents to 776.47, Apple Inc. (AAPL) also up just a few pennies, 5 cents to 113.05, Amazon.com Inc. (AMZN), reaching a new high, up 10.33 to 844.36, and Netflix, Inc. (NFLX) 3.94 to 106.28.

Baidu, Inc. (BIDU) gained 3 cents to 184.11, Facebook, Inc. (FB) popped 28 cents to 128.46 and First Solar, Inc. (FSLR), in a very strong solar sector today, jumped 1.53 to 39.74.

Tesla Motors, Inc. (TSLA) lost 2.95 to 208.46.

Other gainers of note included Acacia Communications, Inc. (ACIA), on an upgraded guidance, exploded 11.54, or 11%, to 113.54. That was a nice gain there. Puma Biotechnology, Inc. (PBYI) ran 3.09 to 65.63, Clovis Oncology Inc (CLVS), on takeover rumors, up 2.52 to 37.28, and Cara Therapeutics Inc. (CARA), had a very solid day, 1.03 to 9.68.

Biotech’s were generally firm. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 2.24 to 49.88.

On the downside, NOVAN, INC. (NOVN) gave back 1.24 to 18.90, and NUTANIX, INC. (NTNX) dropped 1.91 to 36.18.

Checking TheTechTrader.com percent-gain leaderboard, Aurinia Pharmaceuticals Inc. (AUPH) bounced 55 cents, or 16%, to 4.05, on 9.9 million shares traded.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) advanced 1.85, or 26%, to 8.87, on 13.4 million shares traded, reaching as high as 9.75.

Net 1 Ueps Technologies Inc. (UEPS) climbed 2.00, or 22%, to 11.00, on 2.6 million shares traded. Resolute Energy Corporation (REN) closed up 5.02, or 20%, to 30.70, on 5.2 million shares traded. BioTelemetry, Inc. (BEAT) popped 2.42, or 13%, to 20.75, 1.8 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices started the day out with a gap up and a strong run early on, they pulled back very hard in the morning, and got to session highs on the Nasdaq 100 just before noon. At that point, the S&P 500 made a higher high. In the afternoon, they consolidated in wedges, tried to break out late, the S&P 500 actually making a new high at 2164, but the Nasdaq 100 couldn’t confirm, and in the last hour they pulled back to close positive on the day.

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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