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Stock Market Springs Back on Wednesday

The stock market indices sprung right back in the afternoon after a morning dip.

 

By Harry Boxer

The marked closed near the session highs going away on the Nasdaq 100, and made new rally highs. The S&P 500 (NYSEARCA:SPY) was over 1896, and at the highs for the day.

Net on the day, the Dow (NYSEARCA:DIA) was up 38.48 at 16,898.56, 34 points off the low. The S&P 500 was up 8.04 to 1986.46, at the high for the day. The Nasdaq 100 was up .77 to 4334.39, 33 points off the low.

Advance-declines were 2 to 1 positive on New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was 5 1/2-6 to 1 positive on New York, total volume of 4.6 billion shares traded. The Nasdaq (NYSEARCA:QQQ) traded 1.9 billion shares and had a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board was mixed. Priceline.com (PCLN) was up 5.45 to 1301.37, Google Inc. (GOOG) up just 40 cents to 718.85, Apple Inc. (AAPL) up 22 cents to 100.75, Amazon.com Inc. (AMZN) 1.17 to 580.21, but Netflix, Inc. (NFLX) was down 69 cents to 97.61.

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Tesla Motors, Inc. (TSLA) jumped 1.99 to 188.34, but Baidu, Inc. (BIDU) dropped 3.26 to 176.94. Facebook, Inc. (FB) gained 13 cents to 109.95, and First Solar, Inc. (FSLR) advanced 12 cents to 109.95 12 cents to 69.14.

Mobileye N.V. (MBLY) gained 1.23 to 34.40.

The Direxion Daily Energy Bull 3X ETF (ERX) bounced 1.48 to 20.75 as oil was firm today.

So you can see how mixed the picture is here, and some of the gains were fractions for the most part.

The leaders today were the biotech stocks. Juno Therapeutics Inc. (JUNO) was up 2.82 to 42.74, Intrexon Corporation (XON) up 3.29 to 37.02, Editas Medicine Inc. (EDIT) up 2.94 to 31.90, and Intra-Cellular Therapies, Inc. (ITCI) 1.40 to 31.22.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 83 cents to 7.50.

On the downside, Rovi Corporation (ROVI) got hit hard today, down 2.06 to 21.38, and Swift Transportation Company (SWFT) lost 1.27 to 16.00.

Checking the TheTechTrader.com percent-gain leaderboard, LSB Industries Inc. (LXU) ran 2.12 to 9.20, or 30%, on 3.4 million shares traded. Advaxis, Inc. (ADXS), a biotech, popped 1.57 to 7.47, or 27%, on 2.7 million shares traded. Amicus Therapeutics, Inc. (FOLD) thrust 1.14 to 7.98, or 17%, on 5.7 million shares traded.

Darling Ingredients Inc. (DAR) climbed 2.37 to 11.51, or 26%, on 9.8 million shares traded. United States Steel Corp. (X) had a big day today, up 2.16 to 11.35, or 24%, on 36 million shares traded. Esperion Therapeutics, Inc. (ESPR) stair-stepped its way up 2.27 to 18.25, or 17%, on nearly a million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices went down in a falling wedge in the morning, rallied midday, and then retested in the afternoon before the support held. Nasdaq 100 closed at 4333.90 and 4300 is key support right now. S&P 500 held near 1970, and closed at 1986.

Let’s see what happens tomorrow.