Closing Analysis

Good Day for Wall Street

Closing Technical Market Analysis for Thu June 27th 2019

The stock market was interesting on Thursday as the technology sector gave it a push to the upside at the opening and then financials and healthcare led the market higher in the afternoon. In addition, due to economic necessity, Trump and Xi may need to come to a plausible agreement that could help the U.S. and China. On that note, the Nasdaq 100 reached early highs at 7672.98. Indices bounced around, and on comments by WH economic adviser, Larry Kudlows, that Trump may put more tariffs on Chinese goods, they came down, and reached midmorning lows and session lows at 2918.57 S&P 500 and 7636.72 Nasdaq 100. By the noon hour, they rallied, consolidating their way up.  For most of the afternoon, they consolidated and formed coils. With an hour to go, indices came down, popped, pulled back, and made a last-minute pop and pullback into the close, and both indices closed in the plus column.

Net on the day, the Dow was down 10.24 at 26,500.69. The S&P 500 was up 11.14 at 2949.93. The Nasdaq100 was up 30.00 at 7657.05.

Advance-declines were 2 1/2 to 1 positive on the New York Stock Exchange and almost 3 to 1 positive on the Nasdaq. Up/down volume was 3 to 1 positive of New York, total volume 3 billion shares traded. The Nasdaq traded 1.9 billion and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was had a mixed but mostly green session on Thursday. Amazon.com, Inc. (AMZN) was up 6.45 to 1904.28, Facebook, Inc. (FB) up 1.83 to 189.50, Netflix, Inc. (NFLX) 7.82 to 370.02. First Solar, Inc. (FSLR) gained 2.90 to 65.47.

Tesla, Inc. (TSLA) jumped 3.57 to 222.84, NVIDIA Corporation (NVDA) ran 3.97 to 163.23, and Intuitive Surgical, Inc. (ISRG) bounced 4.04 to 517.76.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 3.49 to 4739.

Etsy, Inc. (ETSY) was up 2.00 to 62.36, Teladoc, Inc. (TDOC) 2.74 to 62.82, DocuSign, Inc. (DOCU) 1.16 to 50.65, Nektar Therapeutics (NKTR) 1.39 to 34.68, Uber Technologies, Inc. (UBER) 2.50 to 45.00, and Lyft, Inc. (LYFT) 2.30 to 65.27.

Other stocks to the upside included KB Home (KBH) up 1.86 to 25.39, HealthEquity, Inc. (HQY) 3.09 to 65.27, Walgreens Boots Alliance, Inc. (WBA) 2.14 to 54.52, TripAdvisor, Inc. (TRIP) 2.53 to 46.58, Reata Pharmaceuticals, Inc. (RETA) 6.69 to 91.55, Owens Corning (OC) 2.36 to 56.96, and Natera, Inc. (NTRA) 1.68 to 27.01.

To the downside, the only point-plus loser on our board on Thursday was Alphabet Inc. (GOOG) down 3.79 to 1076.01.

There were three new IPO’s on Thursday. BridgeBio Pharma, Inc. (BBIO) had a huge day, moving up 10.55, or 62%, to 27.55, on 5 million shares. IPO Change Healthcare Inc. (CHNG) snapped back 2.99, or 15%, to 15.00, on 18 million shares. Adaptive Biotechnologies Corporation (ADPT) ran up 20.30, or 101.5%, to 40.30, on 11 million shares.

Checking TheTechTrader.com percent-gain leaderboard, Novavax, Inc. (NVAX) popped 62 cents, or 11%, to 6.16, on 2.4 million shares, which is high volume for this stock.

Cemtrex, Inc. (CETX) exploded 1.97, or 108%, to 3.80, on a whopping 25.5 million shares. Rite Aid Corporation (RAD) thrust 1.46, or 21%, to 8.57, on 16 million shares.

Herman Miller, Inc. (MLHR) stair-stepped 6.25, or 16 1/2%, to 44.09, on 3 million shares. Applied Optoelectronics, Inc. (AAOI) bounced 1.07, or 11%, to 10.56, on 2.25 million shares. Zogenix, Inc. (ZGNX) advanced 8.24, or 21%, to 47.65, on 4.7 million shares. Dova Pharmaceuticals, Inc. (DOVA) closed up 2.87, or 27%, to 13.46, on 5.6 million shares. Companhia Brasileira de Distribuição (CBD) jumped 2.36, or 11%, to 24.35, on 2.45 million shares. The Howard Hughes Corporation (HHC) made its way up 38.66, or 42%, to 131.25, on 6.3 million shares. iQIYI, Inc. (IQ) climbed 1.85, or 10%, to 20.03, on 22.6 million shares.

Among other gainers, Sarepta Therapeutics, Inc. (SRPT) was up 1.42 to 129.76 and FedEx Corporation (FDX) up 3.39 to 163.31.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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