Stock Market Indices Close Positive in Volatile Session

Stock-Markets / Stock Markets 2015 Apr 09, 2015 - 10:37 AM GMT

The stock market indices had a very volatile, topsy-turvy day, unable to take out support or resistance, but had some violent swings in between on FOMC statement today.

The day started out with a pop to the upside, they then pulled back, the S&P 500 making lower lows, but the Nasdaq 100 refusing to, and then they popped. The Nasdaq 100 made nominal new highs, but the S&P 500 failed to confirm as well, and then they rolled over. The FOMC created a lot of volatility after first spiking down, and then exploding to the upside, making new highs for the day on the Nasdaq 100, but the S&P 500 failed to do so, and they pulled back. At the end of the day, they bounced to firm it up a little bit.

Net on the day, the Dow was up 27.09 at 17,902.51, 74 points off the high. The S&P 500 was up 5.57 at 2081.90, 5 points off its. The Nasdaq 100 was up 31.88 at 4375.96, 7 points off its high.

Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was 18 to 13 positive on New York, with total volume of 3.2 billion shares. Nasdaq traded 1 2/3 billion shares, and had a little better than 2 to 1 positive volume ratio.

TheTechTrader.com board was mixed today. Priceline.comIncorporated (PCLN) was up 7.27 to 1192.25, Google Inc. (GOOG) up 4.59 to 541.61, Amazon.com Inc. (AMZN) 6.79 to 381.20, and Netflix, Inc. (NFLX) exploded 17.89 to 441.35.

Tesla Motors, Inc. (TSLA) jumped 4.42 to 207.67.

One of our favorites swing trades exploded 2.71 to 18.10, or 17.6%, on 3 million shares. Ambarella, Inc. (AMBA) gained 1.57 to 74.38. FireEye, Inc. (FEYE), in a strong cyber-security sector ran 1.31 to 41. Neurocrine Biosciences Inc. (NBIX) thrust 1.89 to 42.09. Swing trade NewLink Genetics Corporation (NLNK) gained 2.85 to 56.79, closing near the highs for the day.

Regulus Therapeutics Inc. (RGLS) was up 1.99 to 17.94 on 2.5 million shares, SolarCity Corporation (SCTY) up 1.56 to 54.33, and Splunk, Inc. (SPLK) 1.28 to 63.37.

To the downside, there were no stocks down more than a point.

Checking the TheTechTrader.com percent-gain leaderboard, Chinese stocks were very strong today. All of the percent-gainers today, are Chinese stocks. Low-priced AirMedia Group Inc. (AMCN) spiked 79 cents to 2.84, or 38 1/2%, on 14.2 million shares, reaching as high as 3.70 earlier in the day. Sky-mobi Limited (MOBI) gained 65 cents to 4.71, or 16%, on 1 million shares. SouFun Holdings Ltd. (SFUN) advanced 77 cents to 7.39, or 12%, on 18.9 million shares.

Also a Chinese stock, iDreamSky Technology Limited (DSKY), up 1.46 to 8.65, or 20%, on 2.7 million shares.

Yanzhou Coal Mining Co. Ltd. (YZC) ran up to 12.17 before pulling back to 11.86, up 2.25, or 23%. YY Inc. (YY) climbed 8.20 to 63.86, or 15%, on 5.7 million shares. 500.com Limited (WBAI) bounced 1.96 to 16.43, or 13 1/2%, on 5.5 million shares. Juinmei International Holding Limited (JMEI) increased 1.64 to 17.67, or 10%, on 3.1 million shares.

Among other gainers, Mylan, Inc. (MYL), on takeover rumors for Perrigo, was up 8.79 to 68.36, ReWalk Robotics Ltd. (RWLK), on news of a Medicare reimbursement, up 1.21 to 14.02, Digital Ally Inc. (DGLY), on positive news, 1.40 to 14.00, and Second Sight Medical Products, Inc. (EYES) 1.38 to 14.00.

Stepping back and reviewing the hourly chart patterns, the indices were up, they were down, they were up, and they were back down again after spiking post-FOMC meeting. They pulled back and closed strong. It was a very volatile, consolidation day. Both support and resistance held. The jury is still out on what direction they are going to take from here.

Good Trading!

Harry

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