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Stock Market Consolidates on Wednesday

The stock market indices had an interesting consolidation day today, but closed firmly to finish in the green.

 

By Harry Boxer

The day started out with a move up, they pulled back, and backed and filled. By midday they had a double top, morning peak, pulled back early afternoon, and then tried to break out again. Anomaly so on the Nasdaq 100, but couldn’t do it. It was basically a consolidation day, but by the end of the day they moved up into the close to close positive, and right at resistance on the Nasdaq 100 at 4292 and the S&P 500 slightly below that at 1988-9.

Net on the day, the Dow (NYSEARCA:DIA) was up 36.26 at 17,000.36. The S&P 500 (NYSEARCA:SPY) was up 10.00 to 1989.26. The Nasdaq 100 was up 20.69 to 4286.36.

Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 16 to 11 positive on Nasdaq(NYSEARCA:QQQ). Up/down volume was 3 to 2 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 2.4 billion shares and had a 3 to 2 positive volume ratio.

TheTechTrader.com board was almost all green today. Priceline Inc. (PCLN) was up 9.12 to 1291.89, Google Inc. (GOOG) up 11.27 to 705.24, Apple Inc. (AAPL) nearly flat, up only 9 cents to 101.12, Netflix, Inc. (NFLX) up 1.77 to 98.00, but Amazon.com Inc. (AMZN) gave back 79 cents to 559.47.

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Tesla Motors, Inc. (TSLA) ran 6.12 to 208.72, and Baidu, Inc. (BIDU) had a good day, up 3.69 to 176.50. Facebook, Inc. (FB) jumped 1.58 to 107.51, and First Solar, Inc. (FSLR) jumped 1.62 to 68.49.

Intrexon Corporation (XON) was 1.08 higher to 37.55 in a solid biotech group, MaxLinear, Inc. (MXL) up 1.05 to 17.58, Targa Resources Corp. (TRGP) 1.31 to 28.36, and Microsoft Corporation (MSFT) up 1.19 to 52.84.

On the downside, Editas Medicine Inc. (EDIT), one of our favorite stocks this year, dropped 26% on Tuesday, and another 26% today on patent disputes. They were down 10.89 to 31.10, after running all the way up to 43.25 earlier in the day.

Checking the TheTechTrader.com percent-gain leaderboard, low-priced Astrotech Corp. (ASTC) ran to 3.15 in the morning, and closed up 92 cents to 2.38, or 63%, on 10.7 million shares.

Bridgepoint Education, Inc. (BPI) climbed 2.33 to 9.10, or 34%, and Peabody Energy Corporation (BTU) ran up to 6.24 before pulling back to 5.89, up 1.35 or 30%, on 16 million shares.

Blue Buffalo Pet Products, Inc. (BUFF) jumped 4.19 to 22.75, or 22 1/2%, on 10.6 million shares, Air Transport Services Group, Inc. (ATSG), on a deal with Amazon, bounced 1.96 to 13.73, or 17%, on 4.2 million shares. Tile Shop Holdings, Inc. (TTS), after the morning run up, gradually made its way up 1.82 to 14.49, or 14%. Amedisys Inc. (AMED) shot up 5.47 to 42.72, or 15%. Radius Health, Inc. (RDUS) stair-stepped its way up 4.98 to 37.07, or 15%, on 1 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were volatile in the morning, both gapping up and pulling back, they ran sharply higher and then pulled back sharply, bounced again and retested the highs on several occasions, but couldn’t get through, and by the end of the day they finished near the highs and near resistance. So a key session lies ahead of us.