The stock market indices had a spectacular session today. The day started out with big gaps to the upside, and they ran sharply higher all morning, until midday when they finally consolidated. They backed and filled, and at the end on the day they consolidated without much of a dip. The indices then spiked in the last 10 minutes, up to the closing, to close at the highs for the day.
Net on the day, the Dow was down 244.45 at 13,291.93, less than 3 points off its high. The S&P 500 was up 28.67 at 1432.11, right at the high for the day. The Nasdaq 100 was up 62.76 at 2829.71, also right at the high for the day.
So the S&P 500 and NDX both closed at the tick high for the day.
Advance-declines were nearly 4 to 1 positive on New York Stock Exchange, and just under 4 to 1 positive on Nasdaq. Up/down volume was about 12-13 to 1 positive on New York, with total volume of 720 million shares. Nasdaq traded over 1.85 billion, and had a 7 to 1 positive volume ratio.
A spectacular day indeed!
TheTechTrader.com board, as a result, was positive. The large-cap stocks had a very good day. Google Inc. (GOOG) closed just under 700 at 699.40, up 18.68. Apple Inc. (AAPL) joined the party late, but it did get up to 6.04 to 676.27. Amazon.com Inc. (AMZN) jumped 5.16 to 251.38 after announcing a new Kindle. Goldman Sachs (GS) gained 3.60 to 113.54, International Business Machines Corp. (IBM) advanced 4.06 to 199.10, and Onyx Pharmaceuticals, Inc. (ONXX) jumped 2.85 to 77.87. In addition, swing trade SolarWinds, Inc. (SWI) was up 1.86 to 59.75, Netflix, Inc. (NFLX) jumped 1.69 to 56.65. Pharmacyclics Inc. (PCYC) snapped back 1.02 to 65.90. Cornerstone OnDemand, Inc. (CSOD) gained 1.25 to 28.03.
There were quite a few percent gainers today. Radian Group Inc. (RDN) was up 74 cents to 4.04, or 22 1/2%, on 11.3 million shares. The Mens Wearhouse, Inc. (MW) jumped 5.95 to 37.79, or 18 1/2%, on 3.8 million shares. Navistar International Corporation (NAV) gained 3.56 to 23.97, or 17%, on 7.9 million shares.
Orexigen Therapeutics, Inc. (OREX) advanced 82 cents to 5.73, or 17%, on 9.8 million shares. BioDelivery Sciences International, Inc. (BDSI), a stock we recommended today, popped 59 cents to 5.61, or 12%, on 1.3 million shares.
Other gainers of note included Sears Holdings Corporation (SHLD), which we traded, was up 5.26 to 57.37, Five Below, Inc. (FIVE) up 2.99 to 35.88, and SanDisk Corp. (SNDK), which we also traded today, 3.41 to 44.01.
Point-plus gainers included Approach Resources, Inc. (AREX), up 2.13 to 30.67, First Solar, Inc. (FSLR) up 1.38 to 20.03, United Rentals, Inc. (URI) 2.53 to 36.90, Deutsche Bank AG (DB) 2.48 to 37.61, Cavium, Inc. (CAVM) 2.10 to 33.67 were among other point-plus gainers on our board today.
The Direxion Daily Small Cap Bull 3X Shares (TNA) jumped 3.27 to 61.57 and the Direxion Daily Financial Bull 3X Shares (FAS) snapped back 6.07 to 103.30.
Stepping back and reviewing the hourly chart patterns, the indices exploded from the get-go, ran up all morning, stabilized midafternoon, but at a high level, and then closed with a bang. Both the NDX and S&P 500 finished at the highs for the day.
It was a spectacular session indeed!
Good Trading!
Harry