Stock Market Sloppy-Choppy, Topsy-Turvy Day

Stock-Markets / Stock Markets 2016 Apr 21, 2016 - 09:07 AM GMT

The stock market indices had a topsy-turvy day today as they were up and down more times than ocean waves during a bad storm. They opened to the upside, went down and then up several times, until they had a strong rally to resistance at about 4560 Nasdaq 100, pulled back mid-afternoon, rallied back to that level, took it out by a point, but couldn’t maintain. Meanwhile, the S&P 500 was making higher-highs all day, reaching 2111, not confirmed by the Nasdaq 100. In the afternoon in the last hour, they sold off pretty sharply, gave back a big chunk of the gains, but still managed to close slightly positive.

Net on the day, the Dow was up 42.67 at 18,096.27, 70 points off the high. The S&P 500 was up 1.60 at 2102.40, 9 points off its high. The Nasdaq 100 was up 3.35 at 4540.44, 22 points off its high.

Advance-declines were 17 to 13 positive on the New York Stock Exchange, and 5 to 3 positive on the Nasdaq. Up/down volume was 3 to 2 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 3 to 2 positive volume ratio.

TheTechTrader.com board as a result of the late sell off was mixed. Priceline.com (PCLN) was up 4.22 to 1350.00, Apple Inc. (AAPL) up 22 cents to 107.13, Amazon.com Inc. (AMZN) up 5.09 to 6323.99, Netflix, Inc. (NFLX), with a late rally, up 2.43 to 96.77 near the high for the day, but Google Inc. (GOOG) dropped 1.26 to 752.67.

Baidu, Inc. (BIDU) lost 85 cents to 193.67, Facebook, Inc. (FB) gained 13 cents to 112.42, and First Solar, Inc. (FSLR) jumped 1.20 to 61.72.

Tesla Motors, Inc. (TSLA) popped 2.60 to 249.97, 4 points off its high.

Intrexon Corporation (XON), in a mixed biotech sector, gained 1.07 to 36.83, and MaxLinear, Inc. (MXL) snapped back 1.14 to 17.00.

On the downside, GOOG was the only point-plus loser today.

Checking the TheTechTrader.com percent-gain leaderboard, Bonanza Creek Energy, Inc. (BCEI), in a strong oil sector, bounced 45 cents to 2.89, or 18.4%, on 9.5 million shares. Sanchez Energy Corporation (SN) popped 66 cents to 7.65, or 10%, on 4.8 million shares.

Straight Path Communications Inc. (STRP), with an FCC license renewed, jumped 5.58 to 35.35, or 19%, on 509,749, which was good volume for that stock. Manhattan Associates, Inc. (MANH), a software company, ran 8.48 to 67.30, or 14%, on 2.7 million shares traded. VMware, Inc. (VMW) exploded 7.07 to 58.53, or 14%, on 10.5 million shares traded.

Among other gainers, SolarCity Corporation (SCTY) bounced 2.37 to 32.65, Energy Recovery, Inc. (ERII) gained 83 cents to 12.48, and 3D Systems Corporation (DDD) advanced 41 cents to 17.80.

The Direxion Daily Russia Bull 3X ETF (RUSL) climbed 5.04 to 66.41.

Stepping back and reviewing hourly chart patterns, the indices were choppy in the morning, they ran into late morning to the highs for the day on the Nasdaq 100, but by consolidating by mid-afternoon, they rallied again, with the S&P 500 ripping through three new highs, the Nasdaq 100 failing to confirm. That negative divergence caused a last-hour sell off that put them back not too far from flat on the session, but the Nasdaq 100 and S&P 500 managed to eke out small gains.

Let’s see what happens tomorrow.

Good Trading!

Harry

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