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Closing Technical Market Analysis for Thu April 17th 2014
The stock market indices had another decent day for most of the session. They did selloff in the last couple hours and drove the Dow back into negative territory, but the S&P 500 and Nasdaq 100 managed to gain on the session. So the indices closed mixed, but the technicals were positive.
Net on the day, the Dow closed down 16.31 at 16,408.54. The S&P 500 was up 2.54 at 1864.85. The Nasdaq 100 was up 1.45 at 3435.53.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was 5 to 3 positive on New York, with total volume of 810 million shares. Nasdaq traded 2 billion shares and had a 11 to 7 positive volume ratio.
TheTechTrader.com board was mixed, but when Google Inc. (GOOG) earnings came out, the stock dropped 20.44 to 536.10, 13 points off the high. Priceline.com Incorporated (PCLN) was down 3.89 to 1208.36, and International Business Machines Corporation (IBM) lost 6.39to 190.01, on earnings as well.
However, Apple Inc. (AAPL) was up 5.93 to 524.94, Amazon.com Inc. (AMZN) up 1.23 to 324.91, and Netflix, Inc. (NFLX) exploded 14.33 to 345.74.
The biotechs had a good comeback day today. Vipshop Holdings Limited (VIPS) was up 6.20 to 148.73, Retrophin, Inc. (RTRX) up 2.20 to 14.50, and Galectin Therapeutics, Inc. (GALT) 1.33 to 11.61.
LiveDeal, Inc. (LIVE) ran 1.03 to 5.40, and Gogo Inc. (GOGO) gained 98 cents to 17.97.
Checking the TheTechTrader.com percent-gain leaderboard, FX Energy Inc. (FXEN), a new swing trade of ours, popped 58 cents to 4.75, or 14%, on 2.6 million shares, 650% more volume than average. Triangle Petroleum Corporation (TPLM) bounced 90 cents to 9.83, or 10%, on 3.9 million shares.
BioFuel Energy Corp. (BIOF) ran up to 8.50 before pulling back to 7.72, up 1.66, or 27%, on 7 million shares.
Weibo Corporation (WB), a new issue, jumped 3.24 to 20.24, or 19%, on 32.7 million shares, reaching as high 24.48 from a 16.26 opening. Sears Holdings Corporation (SHLD) ran 4.73 to 38.33, or 14%, on 3.6 million shares.
The VelocityShares 3x Long Natural Gas ETN (UGAZ), which we traded, advanced 3.21 to 29.14, or 12%, on 1 million shares.
Other stocks of note included Castlight Health, Inc. (CSLT) up 1.30 to 19.85, SanDisk Corp. (SNDK) up 7.14 to 82.99, and Plexus Corp. (PLXS) up 3.24 to 43.52.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, snapped back, and then retested. When that was successful, they held the moving averages and support lines, and then rallied back in a 3-wave advance until midafternoon when they backed off to finish mixed on the session. That was not a bad way to end the week for a three-day holiday.
Have a nice weekend!
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