Closing Analysis

Spectacular Start to the Week

Closing Technical Market Analysis for Mon September 11th 2017

As many Americans remembered 9/11, the stock market was having a spectacular day. The pre markets   futures exploded and the indices opened with large gaps, then they pulled back, much less on the S&P 500 than the Nasdaq 100. The Nasdaq 100 pulled back near the opening gap and held it. The indices rallied midday to the session highs on the S&P 500, but couldn’t make new highs on the Nasdaq 100. They backed off, consolidated the rest of the day, but held onto a vast majority of their gains.

Net on the day, the Dow was up 259.58 at 22,057.37. The S&P 500 was up 26.68 at 2488.11. The Nasdaq 100 was up 67.16 at 5950.53.

Advance-declines were almost 4 to 1 positive on the New York Stock Exchange, and almost 3 to 1 positive on the Nasdaq. Up/down volume was 4 to 1 positive on New York, total volume of 3.2 billion shares traded. The Nasdaq traded nearly 1 3/4 billion shares and had a 13 to 4 1/2 positive volume ratio.

TheTechTrader.com board was extremely higher. Priceline.com (PCLN) was up 30.29 to 8168.86, Alphabet Inc. (GOOG) up 2.58 to 9.08, Apple Inc. (AAPL) up 2.87 to 161.50, Amazon.com, Inc. (AMZN) 12.06 to 977.96, and Netflix, Inc. (NFLX) 5.32 to 181.74.

Baidu, Inc. (BIDU) ran snapped back 4.27 to 233.50, Facebook, Inc. (FB) gained 2.56 to 173.51, and First Solar, Inc. (FSLR) r5an 25 cents to 47.26.

Tesla Motors, Inc. (TSLA) jumped 20.29 to 363.69.

Biotech’s included  bluebird bio, Inc. (BLUE) up 2.10 to 126.90, Impax Laboratories Inc. (IPXL) 1.30 to 22.40, DVAX Technologies Corporation (DVAX), one of our swing trades, +1.55 to 21.15, and Clovis Oncology Inc (CLVS) 1.59 to 68.76.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 34 cents to 77.99.

Other stocks to the upside included NVIDIA Corporation (NVDA) up 5.31 to 169.00. and Majesco Entertainment Company (COOL) was 2.49 higher to 26.70,

On the downside, the only point-plus losers on our board was Health Insurance Innovations, Inc. (HIIQ), which got slammed 6.55 to 23.35.

Checking TheTechTrader.com percent-gain leaderboard, Marinus Pharmaceuticals, Inc. (MRNS) gained 1.03, or 33%, to 4.15, on 27.4 million shares traded, trading over 5.30 earlier in the day.  Tahoe Resources Inc. (TAHO) bounced 1.57, or 33.4%, on 16.2 million shares traded.

Teva Pharmaceutical Industries Limited (TEVA) popped 3.00, or 19%, to 18.50, on nearly 100 million shares traded, and traded as high as 19.30, at one point in the day. Veritone, Inc. (VERI) bounced 4.16, or 21%, to 24.20. Universal Insurance Holdings, Inc. (UVE), due to much less damage during hurricane Irma, climbed 2.20, or 12%, to 20.05, on 2.3 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices gapped up sharply, ran up to midday, consolidated on the Nasdaq 100, but made higher highs, and then consolidated later on the S&P 500.  

Let’s see what happens tomorrow.

Good Trading! 

Harry

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- Harry Boxer




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