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Markets Have a Nice Follow-Through on Thursday

The markets had a nice follow-through session, particularly early on when they gapped up, pulled back, the S&P 500 made higher highs, but when the Nasdaq 100 failed to do so, they pulled back midday.

 

By Harry Boxer

 

The retest was successful, however, and they rallied back to retest the highs once again, but couldn’t get through, and backed and filled near the close. The held onto most of the gains and closed in the plus column.

Net on the day, the Dow (NYSEARCA:DIA) was up 240.92 at 24,505.22. The S&P 500 (NYSEARCASPY) was up 18.15 at 2662.84. The Nasdaq 100 was up 34.78 at 6594.84.

Advance-declines were almost 3 to 1 positive on the New York Stock Exchange, and 9 to 5 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was better than 4 to 1 positive on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 2.1 billion shares and had a 2 to 1 positive volume ratio.

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TheTechTrader.com board was mixed. Booking Holdings Inc. (BKNG) was up another 20.08, Google Inc. (GOOG) up 2.67 to 1027.81, Apple Inc. (AAPL) up 1.19 to 172.80, Amazon Inc. (AMZN) up a whopping 41.18 to 1451.75, and Netflix Inc. (NFLX) 5.03 to 293.97. Tesla Motors, Inc. (TSLA) jumped 18.78 to 305.72, and Intuitive Surgical, Inc. (ISRG) bounced 4.20 to 406.12.

Baidu, Inc. (BIDU) was up 1.27 to 225.57, Facebook, Inc. (FB) up 4.24 to 159.34, and First Solar Inc. (FSLR) 1.45 to 71.64.

Other stocks to the upside included biotech Nutanix, Inc. (NTNX), up 1.55 to 51.81, and California Resources Corporation (CRC), in the oil sector, up 1.64 to 19.14.

The biotech’s had an off day today, which really held the market back. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was down 4.73 to 72.48. and bluebird bio, Inc. (BLUE) down 2.95 to 170.15.

On the downside, NVIDIA Corporation (NVDA) was down 4.86 to 221.38, Xencor, Inc. (XNCR) 1.19 to 28.50, and Rocket Pharmaceuticals, Inc. (RCKT) 1.51 to 16.15.

Checking TheTechTrader.com percent-gain leaderboard, Intelsat S.A. (I) gained 84 cents, or 21%, to 4.87, on nearly 2 million shares. Net Element, Inc. (NETE) jumped 2.20, or 33%, to 8.87, on 4 million shares. Ovid Therapeutics Inc. (OVID) climbed 1.36, or 20%, to 8.21. Pulse Biosciences, Inc. (PLSE) thrust 3.63, or 23%, to 19.15. That was a big day for that stock. VeriFone Systems, Inc. (PAY) bounced 2.16, or 16%, to 15.32.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, pulled back, made higher highs on the S&P 500, failed to do so, or get a confirmation on the Nasdaq 100, and then pulled back midday, but it wasn’t too severe. They came on near the close to firm up prices.