Closing Analysis

Solid Up Day

Closing Technical Market Analysis for Thu May 10th 2018

The markets had a strong session on Thursday, opening with big breakaway gaps, running up all morning into early afternoon, and then in a corrective 3-wave move they came down and retested. When that failed to make lower-lows or follow-through to the downside, they went right back up to the highs.

Net on the day, the Dow was up 196.99 at 24,739.53. The S&P 500 was up 25.28 at 2723.07. The Nasdaq 100 was up 70.33 at 6963.55.

Advance-declines were 21 to 8 positive on the New York Stock Exchange, and 18 to 11 positive on the Nasdaq. Up/down volume was a little more than 3 to 1 positive on New York, total volume of 3 1/4 billion shares traded. The Nasdaq traded just under 2.2 billion shares and had a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher. Alphabet Inc. (GOOG) was up 14.81 to 1097.57, Apple Inc. (AAPL) up 2.68 to 190.04, and Amazon.com, Inc. (AMZN) 1.08 to 1609.08.

NVIDIA Corporation (NVDA) popped 4.35 to 260.13, and then exploded to 264.00 after hours on earnings before backing off $15!!, Intuitive Surgical, Inc. (ISRG) up 6.13 to 468.40, Baidu, Inc. (BIDU) up 7.39 to 268.68, Facebook, Inc. (FB) 2.87 to 185.53, and First Solar, Inc. (FSLR) 3.58 to 73.01. California Resources Corporation (CRC) snapped back 1.65 to 33.06.

Some of the biotech’s had a good day. bluebird bio, Inc. (BLUE) was up 2.50 to 178.20, Clovis Oncology, Inc. (CLVS) up 1.54 to 47.93, uniQure N.V. (QURE) 2.50 to 32.24, Supernus Pharmaceuticals, Inc. (SUPN) 1.95 to 49.90, and Collegium Pharmaceutical, Inc. (COLL) 1.85 to 25.79, were a few among others.

On the downside, Booking Holdings Inc. (BKNG) was down 103.57 to 2080.02, and. Netflix, Inc. (NFLX) dropped 70 cents to 329.60 Tesla Motors, Inc. (TSLA) lost 1.83 to 305.02,

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was off 2.11 to 79.67, after reaching 85.00 earlier in the day. It had a pretty negative reversal, and while the market did snap back, the LABU did not. Esperion Therapeutics, Inc. (ESPR) was down 1.14 to 40.60, and Retrophin, Inc. (RTRX) down 1.27 to 25.25.

Checking TheTechTrader.com percent-gain leaderboard, Westport Fuel Systems Inc. (WPRT) eked out 31 cents, or 12%, to 2.91, on 2.8 million shares. Invitae Corporation (NVTA) bounced 65 cents, or 11%, to 6.57, on 2.15 million shares. Aptevo Therapeutics Inc. (APVO) thrust 62 cents, or 14%, to 4.98.

Depomed, Inc. (DEPO) popped 1.38, or 23%, to 7.34, on nearly 6 million shares. Everspin Technologies, Inc. (MRAM) advanced 1.52, or 20 1/2%, to 8.94. CECO Environmental Corp. (CECE) jumped 1.19 or 26%, to 5.71.

Turtle Beach Corporation (HEAR) ran 4.48, or 64 1/2%, to 11.42, on 17.4 million shares, reaching as high as 13.88 earlier in the day. Wright Medical Group N.V. (WMGI) bounced 2.59, or 12%, to 23.57, on 3.9 million shares. The Chefs' Warehouse, Inc. (CHEF) moved up 3.05, or 12%, to 28.15. Diplomat Pharmacy, Inc. (DPLO) advanced l3.20, or 16%, to 23.22, on 3.8 million shares. Green Dot Corporation (GDOT) exploded 9.27, or 15%, to 72.57, on 1.6 million shares.

Pan American Silver Corp. (PAAS) stair-stepped its way up 1.73, or 11%, to 18.11, on 3.65 million shares. SolarEdge Technologies, Inc. (SEDG), on a new mandate to build new homes with solar panels, climbed 9.20, or 16 1/2%, to 64.85, on 3.8 million shares. Asure Software, Inc. (ASUR), a new swing for the tech traders on Thursday, up 2.28, or 13 1/2%, to 19.06. Dynavax Technologies Corporation (DVAX) snapped back 2.70, or 17%, to 18.75, on 5.7 million shares. 

Among other gainers, AMC Networks Inc. (AMCX) was up 4.38 to 57.51, Carvana Co. (CVNA) up 1.99 to 26.75, Magna International Inc. (MGA) up 2.31 to 63.16, CenturyLink, Inc. (CTL) 1.36 to 19.40, RingCentral, Inc. (RNG) 4.00 to 77.20, The Trade Desk, Inc. (TTD) 1.21 to 52.73, Talend S.A. (TLND) 2.67 to 59.57, and XPO Logistics, Inc. (XPO) is doing well, up 2.17 to 108.50.

Stepping back and reviewing the hourly chart patterns, the indices gapped, then ran all morning into early afternoon, before a 3-wave corrective pullback tested support successfully, and then they ran back near the highs and closed very well for the day on a solid session for the markets.

Let’s see what happens tomorrow.

Good Trading! 

Harry   


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