Closing Analysis

Topsy-Turvy, Volatile Session RSS

Closing Technical Market Analysis for Tue July 26th 2016

The stock market had a topsy-turvy, volatile session. The indices were up sharply in the morning, came down sharply midmorning, rallied back midday, came down again in the afternoon, made higher lows, and then rallied back at the end of the day, finishing mixed on the day.

Net on the day, the Dow was down 19.31 at 18,473.75. The S&P 500 was up .70 at 2169.18. The Nasdaq 100 was up 6.18 at 4672.11.

Advance-declines were better than 3 to 2 positive on the New York Stock Exchange, and even better than 3 to 2 positive on the Nasdaq. Up/down volume was 2 to 1 positive on New York, total volume of 3.4 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 2 to 1 positive volume ratio.

TheTechTrader.com board very mixed today. Priceline.com (PCLN) was up 2.86 to 1324.53, 8 points off the low, Netflix, Inc. (NFLX) up 3.75 to 91.41, but Google Inc. (GOOG) was down 1.35 to 738.42, Amazon.com Inc. (AMZN) down 4.02 to 735.59. Apple Inc. (AAPL) dropped 71 cents to 96.63 earlier in the day, but up 7.00 dollars in after hours on a surprisingly strong earnings report.

Baidu, Inc. (BIDU) gained 3.78 to 164.03, First Solar, Inc. (FSLR) popped 59 cents to 48.58, but Facebook, Inc. (FB) fell 41 cents to 121.22.

Tesla Motors, Inc. (TSLA) gave back 50 cents to 229.51.

On the upside, Exact Sciences Corporation (EXAS), a swing trade of ours, ran 3.75 to 16.21, reaching as high as 17.47, on nearly 30 million shares. It met both of my swing trade at 15 and 17 in one day. Ambarella, Inc. (AMBA) was up 1.27 to 58.66, and CONSOL Energy Inc. (CNX) up 1.18 to 18.35.

On the downside, Mobileye N.V. (MBLY), on an announcement that they are no longer doing business with TSLA, lost 3.97 to 45.33.

Checking TheTechTrader.com percent-gain leaderboard, Eleven Biotherapeutics, Inc. (EBIO) bounced 40 cents to 3.48, or 13%, on 14 million shares.

Cesca Therapeutics Inc. (KOOL) ran 1.52 to 4.97, or 44%, on 13 million shares.

Allegheny Technologies Inc. (ATI) jumped 2.85 to 17.98, or 19%, on 6.2 million shares. Clayton Williams Energy, Inc. (CWEI) advanced 5.02 to 38.25, or 15%. CryoLife Inc. (CRY) closed up 1.73 to 13.75, or 14%, on 1.9 million shares.

Gold ETF’s were good today. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) jumped 21.32 to 219.12, or 13%. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) exploded 9.28 to 131.02, or 8%, on 3.7 million shares.

Among other gainers, Texas Instruments Inc. (TXN), on strong earnings, was up 5.20 to 71.42, Vascular Solutions Inc. (VASC) up 4.04 to 46.36, Crane Co. (CR) 3.85 to 61.80, and Wynn Resorts Ltd. (WYNN) 6.06 to 103.47.

Stepping back and reviewing the hourly chart patterns, the indices started the day with a big thrust to the upside, reversed midmorning, came down hard, and then rallied back about a .628 Fibonacci retracement, only to pull back in the afternoon to retest, and make higher lows to finish with a flurry near even on the day.

Let’s see what happens tomorrow.

Good Trading!

Harry

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- Harry Boxer




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