Closing Analysis

Election Day Solid Session

Closing Technical Market Analysis for Tue November 6th 2018

The stock market had a very solid session on Tuesday, the Nasdaq 100, which exploded at the get-go, but came down in a 3-wave decline, giving back all of the gains. The S&P 500 did a little bit better. They both came back strongly late in the day in the last hour, closing solidly in the plus column. Although the Nasdaq 100 closed more than 10 points off its high, all three indices closed in the green on this, what is being called, historical US Election Day.

Net on the day, the Dow was up 173.31 at 25,635.01. The S&P 500 was up 17.14 at 2755.45, just a point off the high. The Nasdaq 100 was up 51.76 at 6988.85, substantially off the high, but a nice comeback.

Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 3 to 2 positive on the Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 2.2 billion shares and had a 13 to 8 positive volume ratio. board was mixed on Tuesday, however, there were some outstanding gainers., Inc. (AMZN) jumped 15.01 to 1642.81, about 23 points off the high, but a solid gain. Alphabet Inc. (GOOG) was up 15.72 to 1055.81, Apple Inc. (AAPL) up 2.18 to 203.77, Intuitive Surgical, Inc. (ISRG) 12.29 to 519.69, Baidu, Inc. (BIDU) 1.85 to 192.44, and Facebook, Inc. (FB) 1.26 to 149.94.

Other point-plus gainers included Square, Inc. (SQ) up 2.30 to 77.31, Clovis Oncology, Inc. (CLVS) up 2.02 to 44.41, and Semtech Corporation (SMTC) 1.32 to 48.52. Marijuana stocks were strong with Canopy Growth Corporation (CGC) up 2.50 to 42.59, and Tilray, Inc. (TLRY) up 5.88 to 106.86.

To the downside, Netflix, Inc. (NFLX) lost 4.50 to 310.84, and marijuana stock Pyxus International, Inc. (PYX) dropped 1.63 to 24.79. Although the Direxion Daily S&P Biotech Bull 3X ETF (LABU) had a fractional loss on Tuesday, there were several other biotech’s that didn’t fare too well today.  Bluebird bio, Inc. (BLUE) was down 1.19 to 134.91, and Nektar Therapeutics (NKTR) down 3.92 to 36.08, along with several others.

Checking percent-gain leaderboard, BioScrip, Inc. (BIOS) advanced 40 cents, or 14%, to 3.21, on 1.3 million shares. Boxlight Corporation (BOXL) exploded 1.78, or 93%, to 3.70, on nearly 15 million shares. Gogo Inc. (GOGO) stair-stepped 1.52, or 26%, to 7.31, more than 12 million shares on positive news. Calix, Inc. (CALX) gained 1.85, or 24 1/2%, to 9.37, on 2.2 million shares.

Novanta Inc. (NOVT) closed up 12.12, or 19 1/2%, to 74.00. Vericel Corporation (VCEL) had a big day on Tuesday, up 5.11, or 44%, to 16.65, on 11 million shares. Outfront Media Inc. (OUT) reached its high early on, still closing up 1.90, or 10%, to 20.11, on 4.2 million shares. nLIGHT, Inc. (LASR) climbed 2.66, or 14%, to 21.96, on 1.1 million shares. Malibu Boats, Inc. (MBUU) eked out 6.93 or 15 1/2%, to 48.93. Fabrinet (FN) had an early high, then pulled back and closed up 4.80, or 11%, to 50.00.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, pulled back in a 3-wave decline, and then they rallied late in the day to finish with a solid session.

Let’s see what happens tomorrow.

Good Trading! 


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