Nasdaq 100 Rockets to New All-Time Highs

Stock-Markets / Stock Market 2017 May 10, 2017 - 06:15 AM GMT

The stock market indices had a very interesting session. The Nasdaq 100 had a big gap up, and a sharp run in the morning, taking it up to over 5690, and the S&P 500 popped to 2404, both reaching new all-time highs. In the afternoon, they had a slow, 5-wave constructive pullback, although news of North Korea doing additional missile test caused the market to take a big hit. In the last fifteen minutes, they snapped back just as sharply, and actually finished up on the day on the Nasdaq 100, while the Dow and S&P 500 finished slightly lower in the red.

Net on the day, the Dow was down 36.50 at 20,975.78, 30 points off the low. The S&P 500 was down 2.46 at 2396.92, just 4 points off the high. The Nasdaq 100 was up 19.24 at 5678.31, 13 points off the high, but it was a solid session.

Advance-declines were 16 1/2 to 12 1/2 negative on the New York Stock Exchange, and slightly positive on the Nasdaq. Up/down volume was 19 to 16 negative on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 11 to 8 positive volume ratio.

TheTechTrader.com board was mixed today, but there were plenty of point-plus gainers. Priceline.com (PCLN) was up 7.22 to 1911.13, Apple Inc. (AAPL) got up to 154.05, a new all-time high, and closed up 98 cents to 153.99, Amazon.com, Inc. (AMZN) 3.78 to 952.82, and Netflix, Inc. (NFLX) 1.08, 157.46. However, Alphabet Inc. (GOOG), the only point-plus losers on our board today, dropped 2.13 to 932.17.

Baidu, Inc. (BIDU) rocked 5.51 to 182.98, Facebook, Inc. (FB) fell 58 cents to 150.48, and First Solar, Inc. (FSLR) gained 63 cents to 35.78.

Tesla Motors, Inc. (TSLA) exploded 14.07 to 321.26.

Other stocks to the upside included Mazor Robotics Ltd. (MZOR), up 1.51 to 39.99, reaching as high as 41.07, Shopify Inc. (SHOP) up 2.37 to 89.15, trading over 91.00, and XPO Logistics, Inc. (XPO) 1.25 to 55.30

Biotech’s had a good day. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.16 to 47.01. Kite Pharma, Inc. (KITE), when the CEO bought a chunk of the stock, went from 66.75 to 72.93 before pulling back and closing at 72.10, up 1.11. Supernus Pharmaceuticals, Inc. (SUPN) advanced 1.00 to 32.90. NVIDIA Corporation (NVDA) popped on 17 cents, but in afterhours, it was trading nearly 14.00 to 219.70 on a strong earnings report.

Checking TheTechTrader.com percent-gain leaderboard, Emmis Communications Corp. (EMMS) bounced 68 cents, or 26%, to 3.26, on 2 million shares traded.

Cleantech Solutions International, Inc. (CLNT) pushed 2.20, or 57%, to 5.47, on 17 million shares traded, or 3,153% more volume than average.

World Acceptance Corporation (WRLD) rocketed 24.50, or 38 1/2%, to 88.00 even, on 1.4 million shares traded. Teladoc, Inc. (TDOC) ran 5.75, or 25%, to 28.60, on 3.4 million shares traded. Valeant Pharmaceuticals International, Inc. (VRX) popped 2.34, or 24%, to 12.05, on 126 million shares traded. WAYFAIR INC. (W) closed up 10.60, or 21%, to 61.73, on 12 million shares traded. Endo International plc (ENDP) gained 1.97, or 18%, to 12.82, on 22.222 million shares traded.

Stepping back and reviewing the hourly chart patterns, after a sharp run in the morning, the indices had a 5-wave decline, only to snapback late in the session to salvage a mixed session.

Good Trading!

Harry

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