Stock Market Very Mixed Picture

Stock-Markets / Stock Markets 2016 Jan 06, 2017 - 12:02 PM GMT

The stock market indices had a mixed session today, although at the end of the session they came on strong. The day started out with a pop to the upside for the Nasdaq 100, but the S&P 500 barely bounced. They barely came down in the morning, and the Nasdaq 100 held, although the S&P 500 made two lower lows. When the S&P 500 was not confirmed by the Nasdaq 100 by midday, they rallied, and rallied for the rest of the session. Not only that, the S&P 500 popped near 2270 at the close.

Net on the day, the Dow was down 42.87 at 19,899.29, about 88 points off the low. The S&P 500 was down 1.75 at 2269.00. The Nasdaq 100 was up 27.75 at 4964.95, just 3 points off the high.

Advance-declines were 16 to 13 negative on the New York Stock Exchange, and 17 to 12 negative on the Nasdaq. Up/down volume was 4 to 3 negative on New York, total volume 3.7 billion shares traded. The Nasdaq traded 1.75 billion shares and had a flat volume ratio.

TheTechTrader.com board was mixed. The Nasdaq general had a fairly decent participation. Priceline.com (PCLN) was up 16.41 to 1503.70, Alphabet Inc. (GOOG) up 7.12 to 794.02, Apple Inc. (AAPL) up 61 cents to 116.63, Amazon.com, Inc. (AMZN) 23.27 to 780.45, and Netflix, Inc. (NFLX) 2.40 to 131.81.

Baidu, Inc. (BIDU) jumped 5.51 to 177.47, Facebook, Inc. (FB) gained 1.98 to 120.67, but First Solar, Inc. (FSLR) gave back 29 cents to 33.88.

Tesla Motors, Inc. (TSLA) dropped 24 cents to 226.75.

The biotech stocks were mixed today, but Clovis Oncology Inc (CLVS) had a good day, up 1.66 to 46.33.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was just above the zero line, closing up just a quarter to 36.53.

To the downside, Zumiez, Inc. (ZUMZ) had a difficult session, down 2.15 to 20.60. Argan, Inc. (AGX) was down 1.80 to 71.75, CoLucid Pharmaceuticals, Inc. (CLCD) down 2.75 to 32.95, NVIDIA Corporation (NVDA), continuing its recent weakness, 2.65 to 101.74, U.S. Concrete, Inc. (USCR) 1.75 to 63.50, United States Steel Corp. (X) 1.25 to 36.08, and XPO Logistics, Inc. (XPO) 1.43 to 43.71.

Checking TheTechTrader.com percent-gain leaderboard, EnteroMedics Inc. (ETRM) gained 1.88, or 90%, to 3.97, on nearly 20 million shares traded, 1,000% more volume than average.

Halozyme Therapeutics, Inc. (HALO) climbed 1.92, or 18%, to 12.61, on 16.8 million shares traded. Quantenna Communications, Inc. (QTNA) advanced 3.25, or 17%, to 22.88.

The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) ran 1.80, or 26%, to 8.74, on 77 million shares traded. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) popped 1.56, or 18%, on 10.32, on 96.5 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran up sharply on the Nasdaq 100, but not the S&P 500, and when they pulled back sharply late morning on the S&P 500, the Nasdaq 100 didn’t keep pace, and actually held the double-bottom support. That triggered a late-afternoon rally, that lasted into the afternoon and finished mixed, with the blue chips slightly low, but the Nasdaq 100 closed up on the day.

Good Trading!

Harry

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