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Mixed Session Starts the Week

The stock market indices had an interesting ,but mixed session to start the week.

 

By Harry Boxer

 

The day started out with a move sharply higher at the opening, pulled back and consolidated until midday, and then an afternoon rollover took them down sharply. The Nasdaq 100 dropped from 6005.00 to 5964.00, about 41 points, and the S&P 500 (NYSEARCA:SPY) dropped about 7 points. They rallied back in the last hour and  took back about fifty percent of the losses. Still, it was a mixed session.

Net on the day, the Dow (NYSEARCA:DIA) was up 63.01 at 22,331.35, a new all-time closing high. The S&P 500 was up 3.64 at 2503.87, reaching an all-time high over 2508.00, and change. The Nasdaq 100 was down 6.88 at 5981.12. That was, however, 18 points off the low on the late rally, reaching 6012.95, a new intraday, all-time high.

Advance-declines were 4 to 3 positive on the New York Stock Exchange, and 17 to 11 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 5 to 3 positive on New York, total volume of 3 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 11 to 7 positive volume ratio.

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TheTechTrader.com board mixed and generally higher. Priceline.com (PCLN) was up 10.98 to 1854.74, reaching 13 points higher earlier in the day. Netflix, Inc. (NFLX) gained 2.27 to 184.62. However, Alphabet Inc. (GOOG) was down 5.29 to 915.00, Apple Inc. (AAPL) lost 1.21 to 158.67, and Amazon.com, Inc. (AMZN) gave back 12.60 to 974.19. Netflix, Inc. (NFLX) closed 6 points off the low, up 2.27 to 184.62.

Baidu, Inc. (BIDU) snapped back 3.86 to 239.07, Facebook, Inc. (FB) fell 1.63 to 170.01, and First Solar, Inc. (FSLR) down 1.91 to 48.54.  Tesla Motors, Inc. (TSLA) jumped 5.19 to 385.00, closing 5 points off the high.

Other stocks to the upside included NVIDIA Corporation (NVDA) up 7.44 to 187.55, reaching about 4 points higher earlier in the day over 191. Swing trade Universal Display Corp. (OLED) gained another 4.65 to 136.70. Clovis Oncology Inc (CLVS), on takeover rumor by Eli Lilly. (LLY), jumped 7.28 to 76.74. Polarfity TE (COOL), a swing trade of ours, bounced 1.09 to 29.38. bluebird bio, Inc. (BLUE) advanced 1.45 to 133.05. Aerojet Rocketdyne Holdings, Inc. (AJRD), also one of our swing trades, surged 1.91 to 30.24, reaching 31.39 earlier in the day.

Checking TheTechTrader.com percent-gain leaderboard, Nabriva Therapeutics (NBRV) exploded 2.01, or 29% to 8.87, reaching as high as 15, on 17.4 million shares traded.

GlycoMimetics, Inc. (GLYC) jumped 2.15, or 18%, to 13.97, on 1.6 million shares traded. Cadiz Inc. (CDZI) gained 1.60, or 15%, to 12.50. Quidel Corporation (QDEL) advanced 5.10, or 14%, to 40.91, on 1.8 million shares traded. Applied Optoelectronics, Inc. (AAOI) snapped back 7.99, or 14%, to 66.27, on 6.2 million shares traded. Veritone, Inc. (VERI) climbed 4.16, or 14%, to 34.23, on half million shares traded. Scientific Games Corporation (SGMS) closed up 3.65, or 10%, to 42.05, on 2.2 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices spiked at the opening, then pulled back and consolidated all morning. In the afternoon, they bounced off support, but couldn’t extend, and rolled over hard. Although they did come back in the last hour to close mixed on the session.

It was a pretty good start to the week for our day trades and swings.

Let’s see what happens tomorrow.