Closing Analysis

Precarious Day, but Held Support

Closing Technical Market Analysis for Thu February 16th 2017

The stock market indices had an interesting session with a steep decline in the morning, moved sideways in a basing-type consolidation, which could have been bearish, but it turned out at the end of the day, and the last hour they moved up toward resistance, although it was a mixed session, and narrowly mixed session at the close.

Net on the day, the Dow was up 7.91 at 20,619.77, 20 points off its high. The S&P 500 was down 2.03 at 2347.22, with a high of 2351.00, matching its all-time high. The Nasdaq 100 was down 1.75 at 5300.64, with a new all-time high at 5316.17.

Advance-declines were negative by 420 issues on the New York Stock Exchange, and about 425 issues negative on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 3.5 billion shares traded. The Nasdaq traded just under 1.9 billion shares and had a 5 to 4 negative volume ratio.

TheTechTrader.com board was quite mixed. Priceline.com (PCLN) closed nearly flat, down 8 cents to 1648.88, Apple Inc. (AAPL) down 17 cents to 135.34, and Netflix, Inc. (NFLX) down 26 cents to 142.01, but Alphabet Inc. (GOOG) was up 5.18 to 824.16, and Amazon.com, Inc. (AMZN) up 1.44 to 844.14.

Baidu, Inc. (BIDU) gained 1.36 to 184.94, Facebook, Inc. (FB) popped 40 cents to 133.84, and First Solar, Inc. (FSLR) dropped 62 cents to 34.11.

Tesla Motors, Inc. (TSLA) lost 10.81 to 268.95.

Other point-plus gainers included Kate Spade & Company (KATE), a swing trade of ours, which had a very good day, up 2.89 to 22.56 on 17.7 million shares traded, Argan, Inc. (AGX) up 2.30 to 71.25, and Esperion Therapeutics, Inc. (ESPR) up 2.31 to 23.19.

On the downside, Aerie Pharmaceuticals, Inc. (AERI) was down 1.95 to 45.00, NVIDIA Corporation (NVDA) down 1.75 to 107.25, and U.S. Concrete, Inc. (USCR) 2.25 to 62.70.

Checking TheTechTrader.com percent-gain leaderboard, Neuralstem, Inc. (CUR) advanced 59 cents, or 19%, to 3.77, on 3.6 million shares traded. Castlight Health, Inc. (CSLT) popped 70 cents, or 22%, to 3.85, on 1.9 million shares traded.

Coal stocks did well as Trump took out Obama’s regulation today. Southcross Energy Partners, L.P. (SXE) climbed 48 cents, or 21%, to 2.74, on over a million shares traded. Cloud Peak Energy Inc. (CLD) snapped back 59 cents, or 10%, to 6.25, on 4 million shares traded.

Power Solutions International, Inc. (PSIX) bounced 2.44, or 64%, to 6.24, on 4.1 million shares traded, but substantially off the high.

NetEase, Inc. (NTES), a Chinese video game publisher, on earnings, exploded 36.88, or 14%, to 298.73, on 3.7 million shares traded.

Among other gainers, CVR Energy, Inc. (CVI) was up 2.04 to 23.57, TiVo Corporation (TIVO) up 1.90 to 21.00, and PTC Therapeutics, Inc. (PTCT) 1.02 to 13.78

Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, came down in a 5-wave decline, stabilized midday, and then rallied at the end of the day.

It was still a precarious day, but held support.

Let’s see what happens tomorrow.

Good Trading!

Harry

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- Harry Boxer




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