Stock Market Volatile Consolidation Day

Stock-Markets / Stock Market 2017 May 05, 2017 - 11:58 AM GMT

The stock market indices had a very topsy-turvy volatile session. The day started out with a hard gap down, they bounced hard, came down again with another bounce up, came down one more time around the noon hour even harder, and then rallied for the rest of the day. They consolidated late in the day and firmed up to close mixed on the day.

Net on the day, the Dow was down 6.43 at 20,951.47. The S&P 500 was up 1.39 at 2389.52. The Nasdaq 100 was up 1.16 at 5626.32.

Advance-declines were better than 9 to 5 negative on the New York Stock Exchange, and 10 to 13 negative on the Nasdaq. Up/down volume was nearly 2 to 1 negative on New York, total volume of 4.2 billion shares traded. The Nasdaq traded just under 2 billion shares and had an 11 to 9 negative volume ratio.

TheTechTrader.com board was mixed. Priceline.com (PCLN) had a whopping session, reaching a new all-time high, up 33.62 to 1910.41. Alphabet Inc. (GOOG) was up 4.62 to 931.66, and Netflix, Inc. (NFLX) up 1.66 to 157.25. Apple Inc. (AAPL) dropped 53 cents to 146.53, and Amazon.com, Inc. (AMZN) gave back 3.50 to 937.53

Baidu, Inc. (BIDU) was down 69 cents to 176.71, Facebook, Inc. (FB) down 95 cents to 150.85, but First Solar, Inc. (FSLR) gained 33 cents to 32.24.

Tesla Motors, Inc. (TSLA) lost 15.56 to 295.46.

In the biotech sector, bluebird bio, Inc. (BLUE) had an excellent day, up 5.95 to 93.20, and Kite Pharma, Inc. (KITE) bounced 2.42 to 83.78. Both of those are swing trades. Checkpoint Therapeutics, Inc. (CKPT) gained 1.87 to 106.25,

Other stocks to the upside included one of our older swing trades, XPO Logistics, Inc. (XPO), up 3.88 to 52.65, making a new high.

On the downside, Clovis Oncology Inc (CLVS) dropped 1.94 to 51.36, but traded 2 1/2 points lower than that earlier in the day, and rallied back in the afternoon with the rest of the biotech’s. NeuroDerm Ltd. (NDRM) fell 1.45 to 25.90

Checking TheTechTrader.com percent-gain leaderboard, Agenus Inc. (AGEN) popped 66 cents, or 19%, to 4.08, on 4.4 million shares traded.

AmpliPhi Biosciences Corporation (APHB) led the way up today, jumping 1.12, or 63%, to 2.90, on 11 million shares traded, or 13,600% higher than average. It exploded at one point and traded up to nearly 5.00, but had a disappointing close. MagnaChip Semiconductor Corporation (MX) bounced 1.40, or 17%, to 9.65, on 1.3 million shares traded. Ignyta, Inc. (RXDX) popped 1.00, or 16%, to 7.15, on 6.4 million shares traded.

FormFactor Inc. (FORM) ran 2.50, or 22.22%, to 13.75, on 3.8 million shares traded. Health Insurance Innovations, Inc. (HIIQ) advanced 2.95, Five9, Inc. (FIVN), one of our Top 25, jumped 2.93, or 16%, to 20.93, on 1.7 million shares traded. Air Transport Services Group, Inc. (ATSG) thrust 3.21, or 17%, to 21.94, on 1.85 million shares traded. OraSure Technologies, Inc. (OSUR) closed up 2.43, or 18%, to 15.64, on 3.3 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were extremely volatile, swinging back and forth in a wide range all day, but closed nearly unchanged.

Let’s see what happens tomorrow.

Good Trading!

Harry

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