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Closing Technical Market Analysis for Tue June 18th 2013
The stock market indices had a very strong session, indeed, and only a late selloff prevented it from having a spectacular session. Nevertheless, the last 5-minute bounce-back brought them back from a late pullback as well, and they closed with very strong gains.
Net on the day, the Dow was up 138.38 at 15,318.23, 22 points off the high. The S&P 500 was up 12.77 at 1563.07, 2 1/2 points off the high. The Nasdaq 100 was up 24.83 at 2996.09, 6 points off its high.
Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, with total volume of 640 million shares. Nasdaq traded nearly 1.56 billion and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher as well with most of the large-cap stocks doing well. Google Inc. (GOOG) hit over 900 to close at 900.62, up 14.37. Priceline Inc. (PCLN) was up 9.28 to 834.82, Amazon Inc. (AMZN) 3.70 to 281.76, and International Business Machines Corporation (IBM) 1.83 to 204.87.
Swing trade Cree, Inc. (CREE) was up 2.77 to 65.70, Aegerion Pharmaceuticals, Inc. (AEGR) up 1.36 to 63.70, and Pharmacyclics Inc. (PCYC) 1.07 top 88.26.
Checking the TheTechTrader.com leaderboard, low-priced Cytokinetics, Incorporated (CYTK), which we traded today, had a spectacular day, gapping and running from 1.60 to 1.80, and closing up 43 cents to 1.89, or 30%, on 13.4 million shares, and trading higher in the aftermarket. Gevo, Inc. (GEVO) popped 34 cents to 2.07, or 19%, on 9.5 million shares. Zion Oil & Gas, Inc. (ZN) thrust to 2.99, pulled back and closed up 40 cents to 2.60, or 18%, on 1.4 million shares. CombiMatrix Corporation (CBMX) popped 41 cents to 2.95, or 16%, on 1.5 million shares. Endeavour International Corporation (END) gained 43 cents to 3.80, or 13%.
Junior semi-conductor, Applied Micro Circuits Corp. (AMCC), which we also traded today, had a very big day, up 1.62 to 9.72, or 20%, on 2.8 million shares.
Stemline Therapeutics, Inc. (STML) ran 4.02 to 24.34, or 20%, on a half million shares. We also traded that stock today. Walter Energy, Inc. (WLT), which we traded today, closed up 1.93 to 13.63, or 16 1/2%, on 25.6 million shares.
Other stocks of note included Repros Therapeutics Inc. (RPRX) up 1.26 to 19.19, Universal Display Corp. (PANL) up 1.70 to 28.87, FLIR Systems, Inc. (FLIR), which we traded, 1.54 to 26.49, Rackspace Hosting, Inc. (RAX), which we also traded, 2.05 to 37.65, Proto Labs, Inc. (PRLB) 3.07 to 62.53, and United Rentals, Inc. (URI) 2.48 to 51.65.
Spreadtrum Communications Inc. (SPRD) popped 1.05 to 22.98, Alkermes plc (ALKS) jumped 1.14 to 29.91, and Nexstar Broadcasting Group, Inc. (NXST) ran 1.18 to 33.36.
Biodel Inc. (BIOD) advanced 37 cents to 4.76, and OmniVision Technologies, Inc. (OVTI), which we also traded, gained 88 cents to 20.22. We not only traded that one, but we put a swing trade on it at a higher level.
Stepping back and reviewing the hourly chart patterns, the indices were sharply higher in the morning, back and filled midday, went to higher highs, over 3000 NDX, and as high as 1654 S&P 500, before they pulled back into the close. Only in the last 5 minutes did they bounce a bit to firm up prices.
It was a good day for the market.
Let’s see how it goes tomorrow.
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