Stock Market Decent Comeback, Mixed, Consolidation Day

Stock-Markets / Stock Markets 2016 Jul 08, 2016 - 09:31 AM GMT

The stock market indices had a mixed session. The day started out with a pop to the upside, but they gave it back and then some, getting in the negative column by midday. They retested in the afternoon, making lower lows on the S&P 500, which was not confirmed by the Nasdaq 100. That resulted in a late rally back to finish mixed on the session.

Net on the day, the Dow was down 22.74 at 17,895.88, 70 points off the low. The S&P 500 was down 1.83 at 2097.90, 9 points off its low. The Nasdaq 100 was up 14.88 at 4459.58, 21 points off its low.

Advance-declines were positive by 275 issues on the New York Stock Exchange, and positive by 400 issues on the Nasdaq. Up/down volume was flat on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 1.6 billion shares and had a 2 to 1 positive volume ratio.

TheTechTrader.com board was mixed and narrowly mixed. Priceline.com (PCLN) was up 5.22 to 297.26, Apple Inc. (AAPL) in the green by 41 cents to 95.94, and Netflix, Inc. (NFLX) had a slight gain, up 50 cents to 95.10, but Google Inc. (GOOG) lost 2.41 to 695.36, and Amazon.com Inc. (AMZN) gave back 1.04 to 736.57.

Baidu, Inc. (BIDU) bounced 1.86 to 63.42, Facebook dropped 85 cents to 15.85, and First Solar, Inc. (FSLR) on a downgrade by Deutsche Bank, down 4.75 to 44.34.

Tesla Motors, Inc. (TSLA) jumped 1.50 to 215.94.

Universal Display Corp. (OLED), one of our swing trades, was up 1.49 to 67.84, NVIDIA Corporation (NVDA) up 1.24 to 48.89, Gigamon Inc. (GIMO) 1.59 to 39.27, and Ambarella, Inc. (AMBA) 1.20 to 52.23.

Checking TheTechTrader.com percent-gain leaderboard, US Energy Corp. (USEG) advanced 68 cents to 2.45, or 39%. Second Sight Medical Products, Inc. (EYES) gained 72 cents to 4.10, or 21%, on 3.1 million shares. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) popped 56 cents to 6.18, or 10%, on 8 million shares.

Among other gainers, SemiLEDs Corporation (LEDS), one of the more spectacular gains this year, on a major investment by a private investor, exploded 6.85 to 10.15, or 208%, on 13.8 million shares, trading as high as 11.35 earlier in the day. That was 58,000% more volume than average. Momo Inc. (MOMO) ran 1.74 to 11.65, or 18%, on 3.2 million shares. Weibo Corporation (WB), one of our swing trades, closed up 3.08 to 31.57, or %, on 2 million shares. BioMarin Pharmaceutical Inc. (BMRN) eked out 7.35 to 88.16.

Stone Energy Corp. (SGY) ran to 16.40 early on, pulled back and closed up 88 cents to 14.70, and Achillion Pharmaceuticals, Inc. (ACHN) climbed 71 cents to 8.88.

The Bear oils got hammered after the inventory report. The VelocityShares 3x v Inverse Crude Oil ETN (DWTI) soared to 87.50, up 10.46, or 4%, on 4.2 million shares. The ProShares UltraShort Bloomberg Crude Oil (SCO) climbed 7.30 to 91.92.

Randgold Resources Limited (GOLD) had a nice day, up 6.33 to 119.08, and the Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 53 cents to 6.21, or 10%, on 45.8 million shares.

Stepping back and reviewing the hourly chart patterns, the indices started with a gap and a run in the morning, got up to new rally highs, but right near key overhead resistance just under 4470 Nasdaq 100 and just under 2110 S&P 500. They pulled back fairly steeply but in an orderly fashion to test support twice holding midday on the Nasdaq 100, although the S&P 500 made a lower low. They did come back late in the day, jumping from 2089.98 S&P 500 and 4440.60 on the Nasdaq 100.

It was a decent comeback, mixed session on the day. Kind of a consolidation day.

Good Trading!

Harry

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