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Stock Market Has a Positive Day on Wednesday

The stock market had a positive session for the most part on Wednesday, although it pulled back late in the day, the indices still had a positive close.

 

By Harry Boxer

 

The day started with strong early run to lunch hour.Then they  pulled back and retested the highs but resistance near NDX 6943 and SPX 2727 thwarted the advance and a late selloff ensued.  A last 10 min sharp bounce firmed the indicies back up to the close

Net on the day, the Dow(NYSEARCA:DIA) was up 62.52 at 24,768.93. The S&P 500(NYSEARCA:SPY) was up 11.01 at 2722.46, 5 points off the high. The Nasdaq 100 was up 41.43 at 6929.97, about 15 points off its high.

Advance-declines were 2 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 2.2 to 1 positive on New York, total volume of just over 3 billion shares traded. The Nasdaq traded 2 billion shares and had a 2 to 1 positive volume ratio.

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TheTechTrader.com board was mostly positive on Wednesday. Booking Holdings Inc. (BKNG) was up 6.84 to 2074.59, Alphabet Inc. (GOOG) up 2.54 to 1081.77, Apple Inc. (AAPL) up 1.74 to 188.18, Amazon.com, Inc. (AMZN) 11.16 to 1587.28, and Netflix, Inc. (NFLX) 2.06 to 328.19. Tesla Motors, Inc. (TSLA) popped 2.38 to 286.48, NVIDIA Corporation (NVDA) just 45 cents to 346.01, and Intuitive Surgical, Inc. (ISRG) gained 4.21 to 461.04. Baidu, Inc. (BIDU) exploded 12.15 to 284.07.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 3.46 to 91.82, bluebird bio, Inc. (BLUE) up 3.80 to 178.40, Clovis Oncology, Inc. (CLVS) 1.11 to 51.83, Nektar Therapeutics (NKTR) 2.40 to 85.80, and Xencor, Inc. (XNCR) 1.01 to 34.12 in a very firm biotech sector on Wednesday.

On the downside, Facebook, Inc. (FB) dropped 183.20, First Solar, Inc. (FSLR) down 67 cents to 72.77, and Overstock.com, Inc. (OSTK) down 1.90 to 37.90.

Checking TheTechTrader.com percent-gain leaderboard, Vertex Pharmaceuticals Incorporated (VRTX) popped 55 cents, or 12%, to 5.13, on 1.9 million shares. Gemphire Therapeutics Inc. (GEMP) opened with a spike-up to 7.70, before pulling back and closing up 82 cents, or 15%, to 6.33, on 1.4 million shares. Eleven Biotherapeutics, Inc. (EBIO) bounced 64 cents, or 24%, to 3.29, on 15.5 million shares, one of the biggest volumes we’ve ever seen on this stock. Check-Cap Ltd. (CHEK) climbed 82 cents, or 20%, to 4.87, on 2.2 million shares, reaching over 5.20 in after hours. Legacy Reserves LP (LGCY) continues to be a gainer, up another 96 cents, or 9.65, on 1.4 million shares.

Blink Charging Co. (BLNK) ran 1.73, or 32%, to 7.19, on 26.6 million shares. 21Vianet Group, Inc. (VNET) thrust 1.32, or 24%, to 6.82, on 2.6 million shares.

Boot Barn Holdings, Inc. (BOOT) ran 2.56, or 12%, to 24.52, on 7.4 million shares. Macy’s, Inc. (M), on good earnings report, thrust 3.24, or 11%, to 33.17, on 52.6 million shares. Sea Limited (SE) moved forward 1.34, or 13%, to 11.98, on 4.6 million shares. Bilibili Inc. (BILI) stair-stepped 1.95, or 16%, to 14.11, on 3 million shares. Daqo New Energy Corp. (DQ) surged 8.20, or 14%, to 67.27.

Among other gainers, TechnipFMC plc (FTI) was up 1.21 to 33.18, Micron Technology, Inc. (MU) up 2.49 to 56.50, Rio Tinto plc (RIO) 1.41 to 58.93, Square, Inc. (SQ) up 1.94 to 56.59, and Abercrombie & Fitch Co. (ANF) 1.28 to 27.15.

Stepping back and reviewing the hourly chart patterns, the indices opened sharply, backed and filled, consolidated, and then ripped late morning, reaching session highs around the lunch hour. An early afternoon pullback developed in a retest of the highs. When they were unable to get through, they sold them off late, only to snap back in the last ten minutes. It was a good follow-through to earlier week activities.

Let’s see what happens tomorrow.