Stock Market US Election Day Follow-Through

Stock-Markets / Stock Markets 2016 Nov 09, 2016 - 01:55 PM GMT

The stock market indices on election day decided to follow through on yesterday’s rally. The day started out with a pullback, they tested support, and when they failed to take any action to the downside, they took off. The S&P 500 went from the 2123-4 zone all the way up to 2147. The Nasdaq 100 jumped from 4757 to 4825. In the afternoon the pulled back and formed wedges, but when they failed to take out secondary support, they headed back up again,tried to retest the highs, but fell short, and pulled back in the last ten minutes. Still, it was a positive session.

Net on the day, the Dow was up 73.48 at 18,333.08, 68 points off the high. The S&P 500 was up 8.01 at 2139.53, 7 points off its high. The Nasdaq 100 was up 31.19 at 4804.92, 20 points off its high.

Advance-declines were 18 to 12 positive on the New York Stock Exchange, and 15 to 12 positive on the Nasdaq. Up/down volume was 21 to 17 positive on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 5 to 3 positive volume ratio.

TheTechTrader.com board was mostly green again today. Priceline.com (PCLN) led the way up by far on earnings, exploding 97.80 to 1578.13, Alphabet Inc. (GOOG) up 7.99 to 790.51, Apple Inc. (AAPL) up 65 cents to 111.06, Amazon.com, Inc. (AMZN) 2.82 to 787.75, but Netflix, Inc. (NFLX) dropped 24 cents to 123.34.

Baidu, Inc. (BIDU) also dropped, 64 cents to 170.92, Facebook, Inc. (FB) gained 2.03 to 124.18, but First Solar, Inc. (FSLR) gave back 27 cents to 33.49. Microsoft Corporation (MSFT) was down a nickel to 60.47, and Intel Corporation (INTC) was also down just a nickel to 34.74.

Tesla Motors, Inc. (TSLA) jumped 1.73 to 194.94.

Other stocks to the upside included Acacia Communications, Inc. (ACIA), up a whopping 5.66 to 71.33, Puma Biotechnology, Inc. (PBYI) up 1.55 to 40.30, and Accelerate Diagnostics, Inc. (AXDX) up 1.05 to 23.00.

Biotech’s had a terrific day. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 80 cents to 31.10.

Checking TheTechTrader.com percent-gain leaderboard, Osiris Therapeutics, Inc. (OSIR) advanced 99 cents, or 24%, to 5.18, on 1.3 million shares traded. Celldex Therapeutics, Inc. (CLDX) popped 49 cents, or 15%, to 3.78, on 7 million shares traded. LSB Industries Inc. (LXU) snapped back 87 cents, or 14%, to 7.02. Karyopharm Therapeutics, Inc. (KPTI) closed-up 87 cents, or 13%, to 7.79.

Stone Energy Corp. (SGY), on some solid news, led the way up today, exploding 1.63, or 41%, to 5.65, on 4 million shares traded, finishing near the highs for the day.

NUTANIX, INC. (NTNX) jumped 3.52, or 15%, to 26.89, on 2.3 million shares traded. Earthstone Energy (ESTE) bounced 2.34, or 27%, to 11.43, in a very strong session. ACADIA Pharmaceuticals Inc. (ACAD) climbed 3.85, or 17%, to 26.84, on 8.5 million shares traded. Resolute Energy Corporation (REN) snapped back 2.90, or 12%, to 26.42, on 1.4 million shares traded. Trex Co. Inc. (TREX) ran 5.83, or 11%, to 58.29.

As the gas prices come down, the VelocityShares 3x Inv Natural Gas ETN (DGAZ) is up 1.68, or 23%, to 8.91, on 16.7 million shares traded.

Stepping back and reviewing the hourly chart patterns, after a brief dip early on, the indices roared ahead until just after the lunch hour when they pulled back. In the last hour, they jumped sharply, and pulled back in the last ten minutes to end positive on the day.

Let’s see what happens after tonight’s election is over to see whether we will be laughing or crying in the morning.

Good Trading!

Harry

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