The stock market started off the session with a large surge on Thursday. They gapped up at the opening, and then had a very strong pullback. Midmorning the markets stabilized and held the trendlines.
They ran up sharply, reached their morning highs, pulled back in the afternoon, and then came on again and finished near the highs for the day going away with strong gains.
Net on the day, the Dow (NYSEARCA:DIA) was up 181.92 at 24,356.74, 20 points off the high. The S&P 500 (NYSEARCA:SPY) was up 23.39 at 2733.25, a point off the high. The Nasdaq 100 was up 86.49 at 7107.05, 4 points off its high.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 3 1/2 to 1 positive on New York, total volume of 2.9 billion shares traded. The Nasdaq traded almost 1 3/4 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mostly all green on Thursday. Booking Holdings Inc. (BKNG) was 8.92 to 2069.15, Alphabet Inc. (GOOG) up 21.38 to 1124.27, Apple Inc. (AAPL) 1.48 to 185.40, Amazon.com, Inc. (AMZN) 5.77 to 1699.73, and Netflix, Inc. (NFLX) 7.97 to 398.39.
NVIDIA Corporation (NVDA) jumped 5.89 to 242.73, Intuitive Surgical, Inc. (ISRG) gained 1.81 to 487.39, Square, Inc. (SQ) up 2.40 to 64.15, and Teladoc, Inc. (TDOC) 2.95 to 62.80.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 1.54 to 101.88, and bluebird bio, Inc. (BLUE) advanced 4.75 to 162.20.
Other stocks to the upside included Qorvo, Inc. (QRVO) up 4.38 to 81.82, Cree, Inc. (CREE) up 1.61 to 45.24, Micron Technology, Inc. (MU) 1.36 to 52.84, Mirati Therapeutics, Inc. (MRTX) 1.25 to 51.30, Fiat Chrysler Automobiles N.V. (FCAU) 1.13 to 20.03, and Praxair, Inc. (PX) 4.70 to 161.88
On the downside, Tesla, Inc. (TSLA) was down 1.70 to 309.16, Baid.0u, Inc. (BIDU) down 2.36 to 244.07, Clovis Oncology, Inc. (CLVS) down 1.85 to 45.55, and Supernus Pharmaceuticals, Inc. (SUPN) 2.20 to 51.20.
Checking TheTechTrader.com percent-gain leaderboard, Arbutus Biopharma Corporation (ABUS) bounced 80 cents, or 10%, to 9.10. Ability Inc. (ABIL) popped 1.53, or 24%, to 7.98, on 2.3 million shares. Differential Brands Group Inc. (DFBG) spiked to 6.89, before pulling back and closing up 1.77, or 57%, to 4.86, on 14.5 million shares.
Endocyte, Inc. (ECYT) climbed 2.02, or 15%, to 15.62, on 2.35 million shares. PolarityTE, Inc. (COOL) snapped back 3.06, or 12%, to 28.97, on 1.2 million shares. Stitch Fix, Inc. (SFIX) thrust 2.40, or 9%, to 28.82, on 4.35 million shares.
Stepping back and reviewing the hourly chart patterns, the indices gapped at the opening on Thursday, they ran up to resistance, pulled back very sharply, took out the morning highs, and then at the end of the day, ever though they had an afternoon pullback, they had a nice 5-wave advance, closing at the highs for the day going away.
Let’s see what happens tomorrow.