Closing Analysis

Tremendous Follow-Through Day RSS

Closing Technical Market Analysis for Wed June 29th 2016

The stock market indices had a tremendous, follow-through day today, gapping up and running hard again in very strong 5-wave advances, although in the last hour they backed off a little, but still managed to hold onto huge gains.

Net on the day, the Dow was up 284.96 at 17,694.68. The S&P 500 was up 34.68 at 2070.77, 3 points off the high. The Nasdaq 100 was up 74.27 at 4364.74.

Advance-declines were 6 to 1 positive on the New York Stock Exchange, and nearly 4 to 1 positive on the Nasdaq. Up/down volume was more than 9 to 1 positive on New York, total volume of 4.25 billion shares traded. The Nasdaq traded 2.1 billion shares and had a 5 to 1 positive volume ratio. board was mostly all green. (PCLN) was up 35.16 to 1239.41, Google Inc. (GOOG) up 4.07 to 684.11, Apple Inc. (AAPL) up 81 cents to 94.40, Inc. (AMZN) 7.65 to 715.60, and Netflix, Inc. (NFLX) 3.09 to 91.06.

Baidu, Inc. (BIDU) ran 4.00 to 164.41, Facebook, Inc. (FB) bounced 1.46 to 114.16, and First Solar, Inc. (FSLR) snapped back 1.72 to 48.09.

Tesla Motors, Inc. (TSLA) jumped 8.40 to 210.10.

Teladoc, Inc. (TDOC) was up 1.35 to 15.93, Mobileye N.V. (MBLY) up 1.60 to 41.96, Intrexon Corporation (XON) up 1.62 to 25.44, and Shutterstock, Inc. (SSTK) had a comeback today, up 1.83 to 42.74.

Biotech’s were strong. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.97 to 28.29.

On the downside, the only stock on our board that was down today was ANI Pharmaceuticals, Inc. (ANIP), down 82 cents to 56.18.

Checking percent-gain leaderboard, Cryoport, Inc. (CYRX) popped 43 cents to 2.36, or 22%. MGT Capital Investments, Inc. (MGT) 76 cents to 4.04, or 23%, on 16.6 million shares. Vuzix Corporation (VUZI) climbed 67 cents to 6.91, or 11%.

Tesaro, Inc. (TSRO), on positive drug news, jumped 40.19 to 77.40, or 108%, on 18.7 million shares, 3000% more volume than average. Twilio, Inc. (TWLO), a recent IPO, closed up 7.16 to 37.08, or 23%, on 16.6 million shares. Clovis Oncology, Inc. (CLVS) climbed 2.71 to 15.06, or 22%, on 5 million shares. TerraForm Power, Inc. (TERP) gained 1.59 to 10.34, or 18%, on 10 million shares. Xencor, Inc. (XNCR) advanced 1.95 to 18.51, or 12%, on 1 million shares.

Stepping back and reviewing the hourly chart patterns, the indices gapped and ran at the opening, pulled back in the morning, ran to midday, pulled back one more time before a final fifth wave in the last hour that took them to new rally highs near overhead gaps from last week’s down move. There’s resistance there, so they did back off at the close.

Let’s see what happens tomorrow and whether that consequential or not.

Good Trading!


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