Closing Analysis

Strong Comeback with Good Technicals RSS

Closing Technical Market Analysis for Thu December 8th 2016

The stock market indices had a very strong follow-up session early on today, and made new all-time highs on the S&P 500 and Dow. The Nasdaq 100 was not so fortunate, although it did move up in the morning, and then had a nice 5-wave move by midday, reaching 4870, but backed off to 4843 by mid-afternoon, only to bounce back at the end of the day. The S&P 500 reached 2251, and change, a new all-time high, but then backed off to close about four points lower.

Net on the day, the Dow was up 65.19 at 19,614.81, a new, all-time closing high. The S&P 500 was up 4.84 at 2246.19. The Nasdaq 100 was up 7.25 at 4859.19.

Advance-declines were 18 to 11 positive on the New York Stock Exchange, and 19 to 9 positive on the Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 2.2 billion shares and had a 15 to 7 positive volume ratio. board was mostly green today. (PCLN) was up 21.63 to 1548.67, Alphabet Inc. (GOOG) up 5.23 to 776.42, Apple Inc. (AAPL) up 1.07 to 12.10, however,, Inc. (AMZN) dropped 3.09 to 767.33, and Netflix, Inc. (NFLX) gave back 2.15 to 123.24.

Baidu, Inc. (BIDU) fell 1.59 to 167.75, Facebook, Inc. (FB) gained 96 cents to 118.91, and First Solar, Inc. (FSLR) lost 42 cents to 33.17.

Tesla Motors, Inc. (TSLA) Tesla Motors, Inc. (TSLA) also gave back 86 cents to 192.29.

Biotech’s had a very strong comeback in the afternoon. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 56 cents to 36.46, after being down all day. The VanEck Vectors Semiconductor ETF (SMH) ran 43 cents to 72.05, and closed near the session high.

On the downside, semiconductor stocks were mixed. NVIDIA Corporation (NVDA) was down 1.59 to 93.48, Puma Biotechnology, Inc. (PBYI) down 3.35 to 36.45, Ambarella Inc. (AMBA) 1.09 to 55.58

Other gainers of note included bluebird bio, Inc. (BLUE), which got down to 67.55, closed up more than 4 points above it at 71.80, up 1.30. XPO Logistics, Inc. (XPO), one of our swing trades, was up 1.28 to 49.35, Yirendai Ltd. (YRD) up 1.59 to 28.77, Zumiez, Inc. (ZUMZ) up 1.00 to 25.95, Zynerba Pharmaceuticals, Inc. (ZYNE) up 1.02 to 15.53, and Acacia Communications, Inc. (ACIA) up 2.70 to 69.88.

Checking percent-gain leaderboard, Majesco Entertainment Company (COOL) bounced 2.01, or 64%, to 5.17, on 9.6 million shares traded, reaching as high as 6.22 earlier in the day. That was 43,500% more volume than average. Most of it was in the first 45 minutes. PhotoMedex, Inc. (PHMD) gained 1.04, or 28%, to 4.79, on 1.3 million shares traded.

Tailored Brands, Inc. (TLRD) jumped 7.51, or 40%, to 26.44, on 12.5 million shares traded. CVR Energy, Inc. (CVI) climbed 3.63, or 17%, to 24.77, on 3.1 million shares traded. Lululemon Athletica Inc. (LULU) closed up 9.00, or 15%, to 68.84, on 16 million shares traded. Lumentum Holdings Inc. (LITE) advanced 3.90, or 10%, to 43.50, on 2 million shares traded.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) gained 5.15, or 12%, to 47.31, on 3.9 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were up in a 5-wave move in the morning, pulled back in the afternoon, but bounced into the close to finish positive on the session on good technicals.

The Trump rally rolls on. Let's see how it goes tomorrow.

Good Trading!


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- Harry Boxer

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