Fed Yellen raised interest rates a quarter percent today and the stock market loved it. The Nasdaq 100 popped early, and then pulled back, but the S&P 500 kept going up all morning. By midday, just before the FOMC, they pulled back just a little going into that meeting, and then exploded. They pulled back again and rallied sharply. Only at the end of the day did they pull back a little to pare back the profits.

Net on the day, the Dow was up 112.73 at 20,950.10. The S&P 500 was up 19.81 to 2385.26. The Nasdaq 100 was up 34.08 at 5416.25.

Advance-declines were almost 6 to 1 positive on the New York Stock Exchange, and 6 to 1 positive on the Nasdaq. Up/down volume was 7 to 1 positive on New York, total volume of 3.85 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board was mostly red today, however, Priceline.com (PCLN) dropped 1.02 to 1767.98, while Alphabet Inc. (GOOG) was up 1.58 to 847.20, Apple Inc. (AAPL), reaching a new all-time high, up 1.47 to 140.46, Amazon.com, Inc. (AMZN) up 44 cents to 852.97, and Netflix, Inc. (NFLX) 2.06 to 145.25.

Baidu, Inc. (BIDU) fell 80 cents to 172.04, Facebook, Inc. (FB) popped 40 cents to 139.72, and First Solar, Inc. (FSLR) snapped back 93 to 33.00.

Downgraded today, Tesla Motors, Inc. (TSLA) dropped 2.27 to 255.73.

Biotech’s did great today. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 3.11 to 54.56, with a high of over 55.00 at one point. Bluebird bio, Inc. (BLUE) was up 5.85 to 97.85, Clovis Oncology Inc. (CLVS) up 4.98 to 71.93, Supernus Pharmaceuticals, Inc. (SUPN) up 1.15 to 28.50, and Xencor, Inc. (XNCR) 1.00 to 24.82.

Other stocks to the upside included Checkpoint Therapeutics Inc. (CKPT), up 1.19 to 100.73, Deere & Company (DE), one of our swing trades, up 1.58 to 110.79, Exelixis, Inc. (EXEL) 1.06 to 22.80, Shopify Inc. (SHOP) 1.01 to 64.84, Terex Corporation (TEX) 1.06 to 31.09, and United States Steel Corp. (X) 1.94 to 37.66.

On the downside, Edits Medicine Inc. (EDIT) got hit by an article in Forbes, down 1.40 to 24.64, and Achaogen, Inc. (AKAO) got hammered down 2.85 to 22.40 on a secondary.

Checking TheTechTrader.com percent-gain leaderboard, Cerulean Pharma Inc. (CERU) ran 74 cents, or 33%, to 2.98, on 3.1 million shares traded. GSI Technology, Inc. (GSIT) bounced 89 cents, or 11%, to 8.89. magicJack VocalTec Ltd. (CALL) climbed 75 cents, or 10%, to 8.10.

CARBO Ceramics Inc. (CRR) snapped back 1.11, or 10%, to 11.80, on 1.1 million shares traded.

The Direxion Daily Jr Gold Miners Bull 3X ETF (JNUG) had a great day today as gold rallied, jumping 1.89, or 33%, to 7.61, on 137 million shares traded.

Among other gainers, Fogo de Chao, Inc. (FOGO) was up 1.35 to 14.60, U.S. Silica Holdings, Inc. (SLCA) up 3.18 to 47.21, and many other gainers, just too many to show.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 7-Day Trial to his Real-Time Technical Trading Diary.

(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.