Closing Analysis

Good Day for the Market RSS

Closing Technical Market Analysis for Thu July 28th 2016

The stock market indices had a very interesting day with it opening lower, then jumping higher, pulling back by midday, holding support on both indices, rallying sharply in the afternoon, and then pulling back in the last few minutes. They managed to eke out a positive day on the Nasdaq 100, which was led by Amazon.

Net on the day, Dow was down 15.82 at 18,456.35. The S&P 500 was up 3.48 at 2170.06. The Nasdaq 100 was up 18.52 at 4721.41. board was mixed. (PCLN) was up 1.62 to 1326.10, Google Inc. (GOOG) up 4.14 to 745.91, Apple Inc. (AAPL) up 1.39 to 104.34, Inc. (AMZN) 15.94 to 752.61, and treading another but traded another 10-12 points higher in afterhours on earnings. Netflix, Inc. (NFLX), however, was down 39 cents to 91.65.

Baidu, Inc. (BIDU) gained 13 cents to 165.63, Facebook, Inc. (FB) ran 1.66 to 125.00, reaching 125.33 earlier, but First Solar, Inc. (FSLR) dropped 1.42 to 47.13.

Tesla Motors, Inc. (TSLA) jumped 2.12 to 230.61.

On the upside, other gainers of note included Shopify Inc. (SHOP), one of our swing trades, was up 1.06 to 34.27, and Shutterstock, Inc. (SSTK) advanced 1.71 to 55.42.

On the downside, Universal Display Corp. (OLED) took a hit, dropping 1.16 to 71.11, BroadSoft, Inc. (BSFT) lost 2.64 to 44.23, Acacia Communications, Inc. (ACIA) gave back 1.44 to 63.46, along with several others.

Checking percent-gain leaderboard, low-priced Delta Technology Holdings Limited (DELT) popped 1.25 to 2.41, or 127%, on 7.7 million shares. 5000% more volume than average. Evoke Pharma, Inc. (EVOK) gained 92 cents to 3.03, or 48%, on 29 million shares.

New Concept Energy, Inc. (GBR) thrust 1.15 to 4.22, or 38%, on 2.75 million shares. Groupon, Inc. (GRPN) gained 1.09 to 4.87, or 29%, on 65 million shares.

Healthways, Inc. (HWAY) had a good day, up 3.72 to 15.90, or 31%, on 6.8 million shares. SkyPeople Fruit Juice, Inc. (SPU) bounced 2.77, or 30%, on 3.3 million shares. GrubHub Inc. (GRUB) exploded 7.41 to 38.15, or 24%, on 14 million shares. Cirrus Logic Inc. (CRUS) jumped on earnings, up 8.05 to 49.83, or 19%, on 7 million shares.

Gas inventories came out and exploded the VelocityShares 3x Long Natural Gas ETN (UGAZ) 7.55 to 42.45, or 22%, on 5 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were down early, they snapped back, and then retested. When that was successful they started a nice afternoon rally that made new highs on the Nasdaq 100, but didn’t quite get there on the S&P 500, and they backed off in the last ten minutes.

It was a good day.

Let’s see what happens tomorrow.

Good Trading!


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- Harry Boxer

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