Closing Analysis

New Month Begins With Spectacular Session RSS

Closing Technical Market Analysis for Fri May 1st 2015

The stock market indices had a spectacular rally and closed at the highs for the day going away. They opened with big gaps up, went into consolidation during the morning session, came on again late morning, rallied strongly, pulled back in the last hour, only to come on again in the last 20-30 minutes, and close with a bang.

Net on the day, the Dow was up 183.54 at 18,024.06. The S&P 500 was up 22.78 at 2108.29, within pennies of its high. The Nasdaq 100 was up 64.80 at 4479.06, right at the high for the day.

Advance-declines were a little more than 3 to 2 positive on New York Stock Exchange and 16 to 11 positive on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, with total volume of 3 1/3 billion shares. Nasdaq traded over 1.8 billion shares and had a 2 1/2 to 1 positive volume ratio. board had an outstanding day today. Leading the way was Incorporated (PCLN), up 22.62 to 1260.43, Google Inc. (GOOG) up by only 56 cents to 537.90, Apple Inc. (AAPL), on 57 million shares, came on strong, up 3.80 to 128.95, Inc. (AMZN) 1.09 to 422.87, and Netflix, Inc. (NFLX) just 53 cents to 557.03.

NewLink Genetics Corporation (NLNK) snapped back 2.04 to 46.64, as many biotech’s did nicely today. SolarCity Corporation (SCTY) ran 1.57 to 61.62, and Royal Gold, Inc. (RGLD), in a firm gold sector, popped 1.40 to 65.93.

The cyber-security group was safe today. Cyber-Ark Software Ltd. (CYBR) came on strong, up nearly 4.00 today, 3.97 to 66.92. FireEye, Inc. (FEYE) popped 2.01 to 43.31, and TASER International Inc. (TASR) advanced 2.18 to 32.37, but traded nearly a dollar higher earlier in the day. It just fell short of the all-time highs from 15 years ago, trading nearly 7 million shares. A spectacular move for that stock.

Regulus Therapeutics Inc. (RGLS) was up 92 cents to 13.47.

On the downside, First Solar, Inc. (FSLR), after a poor earnings report, got zapped for 2.33 to 57.34, reaching 60.00 earlier in the day. That was the only stock on the main board that was down on the session today.

Checking the percent-gain leaderboard, InterCloud Systems, Inc. (ICLD), on some strong orders, ran 1.15 to 2.67, or 76%, on 15.7 million shares, 9500% more volume than average.

Nutrisystem, Inc. (NTRI), which we traded today, exploded 4.20 to 23.25, or 22%, on 2 million shares. Ocwen Financial Corp. (OCN) gained 1.77 to 10.26, or 21%, on 14.7 million shares. SkyWest Inc. (SKYW) closed up 2.47 to 16.12, or 18%, on nearly 2 million shares. Syngenta AG (SYT) advanced 10.88 to 77.92, or 16%, on 4.1 million shares. Sorrento Therapeutics, Inc. (SRNE), which has been under pressure of late, climbed 1.33 to 10.35, or 15%. Century Aluminum Co. (CENX) bounced 1.71 to 14.60, or 13%, on 7.6 million shares. Integra LifeSciences Holdings Corporation (IART), in the biotech sector, spiked to 66.73 before pulling back and closing at 65.48, up 6.70, or 11%, on 1 million shares.

Among other gainers, Teradyne Inc. (TER) ran 2.05 to 20.30, and Altera Corp. (ALTR), on continued rumors on takeover rumors by Intel, jumped 4.08 to 45.76.

Stepping back and reviewing the hourly chart patterns, after a large gap up in the morning, the indices pulled back in wedge patterns, and consolidated bullishly, holding support all morning. That’s when they came on and rallied strongly. They had a late afternoon pullback that looked bullish in terms of bull flags, and then they surged to the end, closing at the highs for the day going away.

It was a very, very strong day. After a 5-wave decline, the indices rallied like we expected them to, and it was spectacular.

Have a nice weekend!


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