Closing Analysis

Fantastic Day for Wall Street

Closing Technical Market Analysis for Thu August 8th 2019

The stock market had a fantastic day on Thursday. They opened to the upside, dipped midmorning to session lows, and then took off, consolidating as they ran up all day to intraday highs. They pulled back, and took off again, retested highs several times as they continued to consolidate. In the last fifteen minutes, indices got a late pop out of the multi-hour bull flags and surged to more new rally highs. They pulled back, popped, pulled back again, and then popped slightly into the close to close near the highs for the day.

Net on the day, the Dow was up 371.12 at 26,378.19. The S&P 500 was up 54.11 at 2938.09. The Nasdaq 100 was up 172.93 at 7724.83.

Advance-declines were almost 5 to 1 positive on the New York Stock Exchange and a little more than 2 1/2 to 1 positive on the Nasdaq. Up/down volume was 3 to 1 positive of New York, total volume 3.8 billion shares traded. The Nasdaq traded 2.3 billion and had an equal volume ratio.

TheTechTrader.com board had a very green day on Thursday. Amazon.com, Inc. (AMZN) was up 34.48 to 1827.88, Alphabet Inc. (GOOG) up 30.81 to 1204.80, Apple Inc. (AAPL) 4.39 to 203.43, Facebook, Inc. (FB) 5.01 to 190.16, and Netflix, Inc. (NFLX) 11.61 to 315.90.

Tesla, Inc. (TSLA) jumped 4.88 to 238.30, NVIDIA Corporation (NVDA) gained 4.37 to 158.26, and Intuitive Surgical, Inc. (ISRG) ran 14.05 to 519.41. Microsoft Corporation (MSFT) snapped back 3.61 to 138.89.

There were many point-plus gainers on Thursday. Almost too many to list them all. Genpact Limited (G) was up 3.22 to 41.90, Luckin Coffee Inc. (LK) up 1.00 to 24.11, Lattice Semiconductor Corporation (LSCC) 1.04 to 19.36, Zscaler, Inc. (ZS) 3.50 to 84.72, Evolus, Inc. (EOLS) 1.14 to 18.15, Chewy, Inc. (CHWY) 1.62 to 33.95, New Relic, Inc. (NEWR) 4.21 to 63.99, CrowdStrike Holdings, Inc. (CRWD) 7.43 to 91.65, Smartsheet Inc. (SMAR) 1.61 to 49.01, Uber Technologies, Inc. (UBER) 3.27 to 42.97, and Lyft, Inc. (LYFT) 1.81 to 62.10.

To the downside, the only point-plus loser on our board was Beyond Meat, Inc. (BYND) down 4.30 to 162.70.

Checking TheTechTrader.com percent-gain leaderboard, Gogo Inc. (GOGO) bounced 71 cents, or 18%, to 4.57, on 3.5 million shares. Amyris, Inc. (AMRS) stair-stepped 76 cents, or 26 1/2%, to 3.63, on 3.3 million shares. Luna Innovations Incorporated (LUNA) popped 97 cents, or 21%, to 5.62. Apyx Medical Corporation (APYX) popped 96 cents, or 15%, to 7.26. DBV Technologies S.A. (DBVT) eked out 87 cents, or 10%, to 10.01.

Corindus Vascular Robotics, Inc. (CVRS) gained 1.85, or 76 1/2%, to 4.27, on 78 million shares. Vitamin Shoppe, Inc. (VSI) advanced 1.93, or 42 1/2%, to 6.47, on 12 million shares.

Carvana Co. (CVNA) jumped 14.56, or 25%, to 72.47, on 7.7 million shares. Stamps.com Inc. (STMP) closed up 12.71, or 27%, to 58.98, on 4.3 million shares. Avalara, Inc. (AVLR) thrust 9.02, or 11%, to 89.50, on 2.4 million shares. Lumentum Holdings Inc. (LITE) ran 6.58, or 10%, to 60.64, on 4.5 million shares. Jack in the Box Inc. (JACK) claimed 12.54, or 17%, to 86.97, on 2.8 million shares. Advanced Micro Devices, Inc. (AMD) ramped 4.73, or 16%, to 33.92, on 164 million shares. Huntsman Corporation (HUN) rocketed 3.10, or 17%, to 21.37, on 6.5 million shares. Roku, Inc. (ROKU) moved up 21.06, or 21%, to 122.03, on 27 million shares.

There were additional percent-gainers on Thursday as well.

Among other gainers, Zoetis Inc. (ZTS) was up 3.22 to 124.11, Alteryx, Inc. (AYX) up 6.62 to 132.86, and Edwards Lifesciences Corporation (EW) up 4.02 to 217.10.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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