Day Trading with Hary Boxer

The stock market indices closed the week with a bang, starting off with a big gap to the upside and then running until late morning peaks with the Nasdaq 100, going from 2657 to 2685 and the SPX from 1365 to 1394. In the afternoon they pulled back into the last half hour but  bounced late, preserving a 217 point  gain on the Dow and more than 50 plus on the NDX. The S&P 500 also surged from 1365, all the way up to 1394, and then closed back around 1391.

There was a little bit of profit taking at the end of the day and week, but still, it was a strong  day with great technicals.

Net on the day, the Dow was up 217.06, back above the 13,000 at 13,095.94, the S&P 500 was up 26.01 at 1391.04, only 3 points off its high, and the Nasdaq 100 up 50.48 at 2676.00, 8 points off its high.

Advance-declines were 5 to 1 positive on New York Stock Exchange, and 3 1/2 to 1 positive on Nasdaq. Up/down volume was 7 to 1 positive on New York, with total volume of 725 million shares. Nasdaq traded 1.7 billion, and had a little more than a 4 to 1 positive volume ratio.

TheTechTrader.com board was strong across the board, with many point-plus gainers. Nasdaq 100 stocks lead the way with Google Inc. (GOOG) up 12.58 to 641.33, Apple Inc. (AAPL) up 7.91 to 615.70, Amazon.com Inc. (AMZN) 4.16 to 234.97, International Business Machines Corp. (IBM) 4.07 to 198.52, and Goldman Sachs (GS) closed back over 100, up 3.17 to 100.98.

VirnetX Holding Corp (VHC) was up 1.93 to 26.42. Pharmacyclics Inc. (PCYC) snapped back 2.01 to 55.60. Sourcefire, Inc. (FIRE) gained 1.39 to 45.05. Facebook, Inc. (FB) was even up 1.05 to 21.09.

The ultra-long ETF Direxion Daily Small Cap Bull 3X Shares (TNA) was up 3.41 to 51.34, and the Direxion Daily Financial Bull 3X Shares (FAS) jumped 5.18 to 91.44.

Other gainers of note included Blue Nile Inc. (NILE), up 8.25 to 32.00, or 35%, on 1.8 million shares. MaxLinear, Inc. (MXL) gained 1.02 to 5.61, or 22%, on 1.1 million shares. Knight Capital Group, Inc. (KCG) advanced 1.47 to 4.05, or 57%, on 120 million shares. MagnaChip Semiconductor Corporation (MX) was up 2.00 to 12.31, or 19%, on 800 thousand shares.

PROS Holdings, Inc. (PRO) jumped 2.37 to 15.12, or 18 1/2%, on 300 thousand shares. OpenTable, Inc. (OPEN) gained 5.40 to 39.55, or 16%, on 3.9 million shares. Genco Shipping & Trading Ltd. (GNK) ran up 73 cents to 3.73, or 24%, on 2.8 million shares.

LinkedIn Corporation (LNKD) was up a whopping 15.00 to 108.51, or 16%, on 9.8 million shares.

The Interpublic Group of Companies, Inc. (IPG), on takeover rumors, thrust way up from 9.82 to 11.05, closing up 1.29 to 10.97, or 13%, on 40 million shares. Sunrise Senior Living Inc. (SRZ) was up 1.00 to 7.58, or 15%, on 2.1 million shares. Thor Industries Inc. (THO) closed up 3.74 to 30.96, or 13%, on 816 thousand shares. Synacor, Inc. (SYNC) had a topsy-turvy day, up 98 cents to 10.10, or 11%, on 715 thousand shares, which is low volume for this stock.

MasTec, Inc. (MTZ) gained 2.11 to 18.09, or 13%, on 4.7 million shares. Patrick Industries Inc. (PATK), one of our favorites, took back 1.26 to 12.46, or 11%, on 144 thousand shares. Synaptics Inc. (SYNA) ran up 2.59 to 28.03, or 10%, on 2.6 million shares. ResMed Inc. (RMD) jumped 3.82 to 35.65, or 12%, on 2.9 million shares.

Westport Innovations Inc. (WPRT) was up 4.45 to 39.04, or 13%, on 2.1 million shares.

There were many other point-plus gainers on our board today, but too many to mention here.

On the downside, Cobalt International Energy, Inc. (CIE) gave back 1.19 to 22.53, and Onyx Pharmaceuticals, Inc. (ONXX) was down 2.36 to 70.43 on profit taking.

Those were the only point plus losers, other than the ultra-shorts. The ProShares UltraShort Silver (ZSL) was down 3.25 to 64.88.

Stepping back and reviewing the hourly chart patterns, the indices gapped up sharply, pulled back briefly to test support, then exploded in the morning, consolidated midday, rolled over in the late afternoon  holding support, and then bounced into the close, ending with very sharp gains to close out the week.

Perhaps some short-covering, but more importantly, the Nasdaq 100 took out a triple-top today, a key technical breakout.

Have a great weekend, and we’ll see how it goes next week.

Good Trading!

Harry