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Markets Have Another Good Day on Tuesday

The markets had another good day, and a great follow-through to yesterday, rather than a turn-around Tuesday.

 

By Harry Boxer

 

The day started out with a big gap up, ran sharply all morning. By midday they were consolidating, the Nasdaq 100 making nominal new highs, but the S&P 500 was not able to do so. They then did an afternoon retest, and when that was successful they took out the highs, the Nasdaq running all the way up to 6834.31 and the S&P 500 to 2713.34. There was a late sell-off in the last 20 minutes on profit-taking.

Net on the day, the Dow (NYSEARCA:DIA)was up 213.69 at 24,786.63. The S&P 500 (NYSEARCA:SPY) was up 28.55 at 2706.39, 7 points off the high. The Nasdaq 100 was up 141.19 at 6816.37, 18 points off the high.

Advance-declines were 3 to 1 positive on the New York Stock Exchange, and a little better than 2 to 1 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 3 to 1 positive on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 3 to 1 positive volume ratio.

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TheTechTrader.com board was mixed but there were some spectacular moves for the Nasdaq Generals.

Booking Holdings Inc. (BKNG) was up 65.72 to 2162.31, Google Inc. (GOOG) 36.18 to 1074.16, Apple Inc. (AAPL) up 2.42 to 178.24, Amazon.com Inc. (AMZN) exploded 62.33 to 1503.83, and Netflix, Inc. (NFLX) 28.28 to 336.06, after a strong earnings report. Intuitive Surgical, Inc. (ISRG) jumped 17.07 to 435.45 and NVIDIA Corporation (NVDA) advanced 6.05 to 237.54.

Baidu, Inc. (BIDU) popped 5.77 to 235.67, Facebook, Inc. (FB) ran 3.83 to 168.66, First Solar, Inc. (FSLR) 2.56 to 72.68, Microsoft Corporation (MSFT) bounced 1.90 to 96.07, and Intel Corporation (INTC) closed up 1.14 to 53.54.

Biotech’s had a good session. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) snapped back 5.84 to 86.44. Nutanix, Inc. (NTNX) was up 1.92 to 55.33, Exact Sciences Corporation (EXAS) up 2.80 to 47.68, Exelixis, Inc. (EXEL) 1.27 to 21.67, NovoCure Limited (NVCR) 1.70 to 23.25, and Celanese Corporation (CE) 3.96 to 110.38.

Other stocks to the upside included Match Group, Inc. (MTCH) up 1.93 to 48.09, Roku, Inc. (ROKU) up 2.96 to 35.98, and UnitedHealth Group Incorporated (UNH) up 8.23 to 238.55.

On the downside, Tesla Motors, Inc. (TSLA) dropped another 3.52 to 287.69 today. Clovis Oncology, Inc. (CLVS) gave back 1.14 to 53.27, and REGENXBIO Inc. (RGNX) 1.15 to 39.15.

Checking TheTechTrader.com percent-gain leaderboard, ChinaNet Online Holdings, Inc. (CNET) jumped 68 cents, or 27 1/2%, to 3.15, on 13.6 million shares, reaching as high as 4.26 earlier in the day. GW Pharmaceuticals (GWPH) popped 13.55, or 11%, to 134.13, on 1.7 million shares. J.Jill, Inc. (JILL) bounced 42 cents, or 9%, to 5.32, on 1.9 million shares. ArQule, Inc. (ARQL) stair-stepped 46 cents, or 17%, to 3.16, on 2.3 million shares.

Twitter, Inc. (TWTR) climbed 3.26, or 11.4%, to 31.84, on 46.6 million shares. IntriCon Corporation (IIN) thrust 4.10, or 21%, to 23.70.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran up sharply, turned it up all day on the Nasdaq 100, but had a bit of a midday consolidation on the S&P 500, before they both rallied, and then backed off for a 20-minute profit-taking.

It was another good, follow-through day, and they broke through resistance today.

Let’s see what happens tomorrow.

Good Trading!