Stock Market Has Good Start on Monday
December 12, 2017
The stock market had a good start to the week.
The technicals weren’t terrific, but the price patterns were steady, and the stocks we traded did very well, particularly several Bitcoin related issues. The day started out with a pop to the upside, they consolidated in the morning, and then ripped into midday before pulling back in an orderly fashion. At the end of the day they came on again and closed at the highs for the day on the S&P 500(NYSEARCA:SPY), and not far from the highs on the Nasdaq 100.
Net on the day, the Dow(NYSEARCA:DIA) was up 56.87 at 24,386.05. The S&P 500 was down 8.49 at 2659.99, less than a point off the high. The Nasdaq 100 was up 49.32 to 6393.89, about 5 points off its high.
Advance-declines were less than impressive, rather narrow at 15 to 13 positive on the New York Stock Exchange, and 15 to 13 negative on the Nasdaq. Up/down volume was better than 3 to 2 positive on New York, total volume of 3 billion shares traded. The Nasdaq(NYSEARCA:QQQ) traded over 1 3/4 billion shares, and had a 11 to 6 positive volume ratio.
TheTechTrader.com board was mixed today. The Priceline Group Inc. (PCLN) dropped 4.32 to 1715.52, and Netflix, Inc. (NFLX) was down 32 to 186.22. However, Alphabet Inc. (GOOG) was up 4.05 to 1041.10, Apple Inc. (AAPL) up 3.30 to 172.67, and Amazon.com, Inc. (AMZN) up 6.92 to 1168.92.
Baidu, Inc. (BIDU) Baidu, Inc. (BIDU) fell 1.05 to 233.54, Facebook, Inc. (FB) was up just 4 cents to 179.04, and First Solar, Inc. (FSLR) gained just 3 cents to 70.05. Microsoft Corporation (MSFT) ran 1.07 to 85.23, and Intel Corporation (INTC) popped 31 cents to 43.66. Tesla Motors, Inc. (TSLA) exploded 13.78 to 328.91.
Stocks to the upside included Overstock.com, Inc. (OSTK), up 9.93 to 55.00, Nektar Therapeutics (NKTR) up 1.24 to 55.21, and NVIDIA Corporation (NVDA) 3.17 to 194.66. bluebird bio, Inc. (BLUE) was outstanding today, up 30.65 to 201.80. argenx SE (ARGX) also had a big day, up 24.02 to 54.47, or 79%.
On the downside, Universal Display Corp. (OLED) was down 1.10 to 171.60, Juno Therapeutics Inc. (JUNO) down 8.41 to 50.24, Exact Sciences Corporation (EXAS) down 1.87 to 51.96, Polarity (COOL) down 2.06 to 26.25, and Adamas Pharmaceuticals, Inc. (ADMS) 1.08 to 35.47. All of these were in the biotech sector. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 2.28 to 73.42.
Checking TheTechTrader.com percent-gain leaderboard, Seven Stars Cloud Group, Inc. (SSC) gained 1.16, or 47%, to 3.61, on 3.6 million shares traded. Marathon Patent Group, Inc. (MARA) climbed 1.89, or 43%, to 6.30, on 17 million shares traded. Net Element, Inc. (NETE) thrust 1.41, or 35%, to 5.44, on 4.6 million shares traded. U.S. Global Investors, Inc. (GROW) bounced 1.38, or 35%, to 5.33, on 3.3 million shares traded. Riot Blockchain, Inc. (RIOT) jumped 7.22, or 45 1/2%, to 23.08, on over 20 million shares traded. Xun lei Limited (XNET) pushed 3.52, or 29%, to 15.50, on 17.5 million shares traded.
Stepping back and reviewing the hourly chart patterns, the indices were up early, then consolidated, and really ran midday, consolidated in the afternoon, and then popped at the end of the day, making it a positive session, with somewhat weak technicals.
Let’s see what happens tomorrow.