Closing Analysis

Big Gains Despite Late Sell-Off

Closing Technical Market Analysis for Thu April 12th 2018

The stock market had an interesting day with a solid gain on Thursday, but most of the gains came early on as the market gapped up sharply and ran hard in the first thirty-forty minutes, they then backed and filled into midday, slowed down after lunch when there were talks about Military action in Syria. Then had a 5-wave advance, reaching nominal new highs, but couldn’t sustain it. In the last twenty minutes they sold them off pretty well, but still closed up with big gains for the day.

Net on the day, the Dow was up 293.60 at 24,483.05, about 110 points off the high. The S&P 500 was up 21.80 at 2663.99, about 10 points off the late high. The Nasdaq 100 was up 72.81 at 6656.25, about 26 points off its high.

Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 19 to 10 positive on the Nasdaq. Up/down volume was 3 to 2 positive on New York, total volume of 3 billion shares traded. The Nasdaq traded 2 billion shares and had an almost 3 to 1 positive volume ratio.

TheTechTrader.com board was led by some of the big-cap stocks. Booking Holdings Inc. (BKNG) was up 5.16 to 2085.81, Google Inc. (GOOG) up 12.54 to 1032.51, Apple Inc. (AAPL) up 1.70 to 174.14, Amazon Inc. (AMZN) 21.45 to 1448.50, and Netflix Inc. (NFLX) 5.58 to 309.25. Intuitive Surgical, Inc. (ISRG) jumped 2.93 to 415.05, and NVIDIA Corporation (NVDA) gained 8.36 to 234.60, about a point off its high, closing very well.

Baidu, Inc. (BIDU) popped 1.69 to 231.34, Microsoft Corporation (MSFT) ran 1.72 to 93.58, Intel Corporation (INTC) snapped back 1.62 to 52.72.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was up 3.49 to 84.88, bluebird bio, Inc. (BLUE) up 3.35 to 177.70, Exact Sciences Corporation (EXAS) up 3.28 to 45.64, and Nutanix, Inc. (NTNX) 1.20 to 53.49.

Other stocks to the upside included Overstock.com, Inc. (OSTK) up 2.90 to 39.20, Universal Display Corporation (OLED) up 2.60 to 102.75, Jounce Therapeutics, Inc. (JNCE) up 1.31 to 21.63, Casa Systems, Inc. (CASA) 1.01 to 30.58, Immunomedics Inc. (IMMU) 1.10 to 16.92 

On the downside, Tesla Motors, Inc. (TSLA) dropped 6.85 to 294.08, Facebook, Inc. (FB) down 2.45 to 163.87, PolarityTE, Inc. (COOL), on a secondary, 1.75 to 16.56, and Yandex N.V. (YNDX) 1.85 to 33.16.

The ProShares Ultra VIX Short-Term Fut ETF (UVXY) fell 1.20 to 18.26.

Checking TheTechTrader.com percent-gain leaderboard, CYREN Ltd. (CYRN) popped 65 cents, or 28%, to 3.00, on 1.3 million shares. Geron Corporation (GERN) climbed 68 cents, or 21%, to 3.99, on 14.5 million shares. Verastem, Inc. (VSTM) advanced 30 cents, or 8%, to 4.07, on 3.9 million shares. MDC Partners Inc. (MDCA) pushed 80 cents, or 12%, to 7.65. General Cannabis Corp (CANN) closed just two cents off the high for the day, up 67 cents, or 22%, to 3.75, on 1.7 million shares.

Essendant Inc. (ESND) thrust 1.36, or 16%, to 9.83, on 1.7 million shares. Bellicum Pharmaceuticals, Inc. (BLCM) ran up late in day, gaining 1.39, or 20%, to 8.24, on 1.65 million shares.

Selecta Biosciences, Inc. (SELB) stair-stepped its way up 1.98, or 20%, to 12.04, on 1.3 million shares. QuinStreet, Inc. (QNST) floated 1.70, or 17%, to 11.84, on 2.8 million shares. Arcadia Biosciences, Inc. (RKDA) reached its high for day minutes from the close at 31.64 before pulling back slightly to close up 5.99, or 24%, to 31.00.

Stepping back and reviewing the hourly chart patterns, the indices gapped at the opening, ran up sharply to resistance at 5680 Nasdaq 100, and 2670-2 zone on the S&P 500, backed and filled, came down hard in early afternoon, only to hold the morning lows, and rallied back up before the late sell-off. Still, they closed in the positive column for the day.

Let’s see what happens tomorrow.  

Good Trading! 

Harry   


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