The stock market indices had a solid day today. The day started out with a little bit of a move up, they pulled back, tested successfully, ran up solidly into midday where they reached their session highs, came down again for a retest, held successfully at support, and then came on strong at the close with the Nasdaq 100 making a new high. Although the S&P 500 couldn’t, they still ended the day in the positive column.

Net on the day, the Dow was up 35.68 at 18,903.82, a new all-time high. The S&P 500 was up 10.18 at 2187.12, just a point off the high. The Nasdaq 100 was up 34.32 at 4826.59, within pennies of its high.

Advance-declines were slightly positive by 150 issues on the New York Stock Exchange, and 700 issues positive on the Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume of 3.6 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 2 to 1 positive volume ratio.

TheTechTrader.com board was mixed today. Priceline.com (PCLN) was up 9.67 to 1512.90, Alphabet Inc. (GOOG) up 6.75 to 771.23, Amazon.com, Inc. (AMZN) 9.91 to 756.40, but Apple Inc. (AAPL) was down 4 cents to 109.95 and Netflix, Inc. (NFLX) dropped 16 cents to 115.03.

Baidu, Inc. (BIDU) lost 53 cents to 166.21, and First Solar, Inc. (FSLR), on earnings, dropped 1.66 to 31.16, but Facebook, Inc. (FB) popped 1.45 to 117.79.

Tesla Motors, Inc. (TSLA) jumped 4.73 to 188.66, with the merge with SolarCity Corporation (SCTY), and was trading 3 points higher in the aftermarket.

Biotech’s had a really strong day. Zynerba Pharmaceuticals, Inc. (ZYNE) was up 1.55 to 15.73, Supernus Pharmaceuticals, Inc. (SUPN) up 1.08 to 24.70, Clovis Oncology Inc (CLVS) up 1.40 to 36.30, and Ariad Pharmaceuticals Inc. (ARIA) 1.02 to 13.89.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 2.15 to 45.86.

On the downside, Acacia Communications, Inc. (ACIA) fell 2.28 to 74.13, and NUTANIX, INC. (NTNX) gave back 1.58 to 31.20.

Gold ETF’s had a weak day today. Direxion Daily Gold Miners Bull 3X ETF (NUGT) was down 66 cents to 8.65, and Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) down 65 cents to 6.96.

It was a wild and crazy day for the shipper stocks after exploding pre-market, and then they all got crushed, especially after DryShips, Inc. (DRYS) opened sharply lower and dropped more than 100 points, closing down 62.00 to 11.00, with a 10.80 low, after a 52.99 high.

Checking TheTechTrader.com percent-gain leaderboard, Advanced Micro Devices, Inc. (AMD) popped 79 cents, or 10.3 million shares traded.

Superconductor Technologies Inc. (SCON) ran 2.92, or 158%, to 3.30, on 20 million shares traded, trading as high as 4.50.

Aegean Marine Petroleum Network Inc. (ANW), a new swing trade for us, gained 1.75, or 19%, to 10.85, on 1.3 million shares traded. Airgain, Inc. (AIRG) ran 4.14, or 19%, to 26.45. Best Buy Co., Inc. (BBY), one of our day trades, climbed 5.54, or 14%, to 45.99, on 25.4 million shares traded. The Children's Place, Inc. (PLCE) bounced 11.60, or 13%, to 99.20, on 2 million shares traded.

Stepping back and reviewing the hourly chart patterns, after moving up early and pulling back, the indices had a strong surge to midday, they pulled back, and a late rally brought them on again to have a good finish to the day.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2016 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.