Closing Analysis

Fantastic Day for the Market

Closing Technical Market Analysis for Wed November 7th 2018

The stock market had a breakout and breakaway day on Wednesday. The indices opened with gaps up, took a little dip early morning, and then sailed the rest of the day, closing up sharply higher on the day going away.

Net on the day, the Dow was up 546.29 at 26,180.30. The S&P 500 was up 58.44 at 2813.89, up more than 2%. The Nasdaq 100 was up 214.29 at 7203.13, up more than 3%.

Advance-declines were better than 3 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on the Nasdaq. Up/down volume was more than 3 to 1 positive on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 2 2/3 billion shares and had a little better than 2 to 1 positive volume ratio. board was nearly all higher on Wednesday. Lead the way was, Inc. (AMZN) up 112.68 to 1755.49, Alphabet Inc. (GOOG) up 37.58 to 1093.39, Apple Inc. (AAPL) up 6.18 to 209.95, Netflix, Inc. (NFLX) 16.66 to 327.50, Tesla, Inc. (TSLA) 7.10 to 348.16, NVIDIA Corporation (NVDA) 2.73 to 213.79, and Intuitive Surgical, Inc. (ISRG) 25.99 to 545.68.

Microsoft Corporation (MSFT) was up 4.24 to 111.96, Intel Corporation (INTC) up 1.47 to 48.72, Baidu, Inc. (BIDU) up 2.97 to 195.41, Facebook, Inc. (FB) 1.58 to 151.53, and First Solar, Inc. (FSLR) 1.34 to 44.17.

Other point-plus gainers included Square, Inc. (SQ) up 5.36 to 82.67, but in after hours it’s getting smacked back, uniQure N.V. (QURE) up 2.27 to 27.90, Teladoc, Inc. (TDOC) 4.85 to 68.26, Etsy, Inc. (ETSY) 9.58 to 50.01, and Acacia Communications, Inc. (ACIA) 2.11 to 45.22.

Marijuana stocks had a good day on Wednesday,  Tilray, Inc. (TLRY) up 32.74 to 139.60, and Canopy Growth Corporation (CGC) up 348 to 46.07.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 4.30 to 60.92, Exact Sciences Corporation (EXAS) up 1.26 to 75.48, Nektar Therapeutics (NKTR) 1.87 to 37.95, Nutanix, Inc. (NTNX) 1.32 to 45.73, Aimmune Therapeutics, Inc. (AIMT) 1.91 to 32.17, and Tandem Diabetes Care, Inc. (TNDM) 2.76 o 39.56.

To the downside, bluebird bio, Inc. (BLUE) was down 1.24 to 133.37, and ACADIA Pharmaceuticals Inc. (ACAD) down 1.88 to 20.00 were the only point-plus losers.  

Checking percent-gain leaderboard, it was a big day on Wednesday. Office Depot, Inc. (ODP) gained 66 cents, or 24%, to 3.41, on 15 million shares. New Age Beverages Corporation (NBEV) thrust 85 cents, or 20%, to 5.08, on 17 million shares. Low-priced Idera Pharmaceuticals, Inc. (IDRA) bounced 1.99, or 28%, to 9.20, on 1.3 million shares.

Tableau Software, Inc. (DATA) gained 16.13, or 15%, to 121.16, on 3.6 million shares. Granite Construction Incorporated (GVA) popped 6.05, or 12%, to 55.69, on 1.45 million shares. American Superconductor Corporation (AMSC) climbed 1.81, or 24%, to 9.35, on 1.1 million shares. Genomic Health, Inc. (GHDX) bounced 19.39, or 27%, to 90.18, on nearly a million shares.

Twilio Inc. (TWLO) moved up 25.17, or 35%, to 96.19, on 25 million shares. SendGrid, Inc. (SEND) snapped back 12.18, or 3%, to 46.45, on 4 million shares. Horizon Pharma Public Limited Company (HZNP) ran 3.09, or 16%, to 22.44, on 5.2 million shares.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran up sharply, paused midday, consolidated, and ripped into the close, leaving the shorts no room whatsoever.

Let’s see what happens tomorrow.

Good Trading! 


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