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Stock Market has Topsy-Turvy Day on Thursday

The stock market indices had a very volatile, topsy-turvy day as the former FBI Director James Comey testimony affected prices.

 

By Harry Boxer

 

The day started out with a pop to the upside, they came down hard, and when nothing was revealed of any major consequence in the testimony, they then rallied the market by midday to the session highs on the Nasdaq 100. Both the Nasdaq 100 and the S&P 500(NYSEARCA:SPY) pulled back in a 3-wave pullback retest, held the morning lows, and rallied sharply into the close, particularly with the Nasdaq generals leading the way. The S&P 500 wasn’t strong, but managed to eke into the positive column, although underlying technicals were quite impressive today, not even during the down part of the session.

Net on the day, the Dow (NYSEARCA:DIA) was up 8.84 at 21,182.53, 44 points off the low. The S&P 500 was up .65 at 2433.79, 6 points off the high and 6 points off the low, so mid-range. The Nasdaq 100 was up 7.71 at 5885.30, 10 points of the high and 33 points off the low.

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

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TheTechTrader.com board was mostly positive and very green today. Priceline.com (PCLN) was up 2.01 to 1892.38, Alphabet Inc. (GOOG) up 2.33 to 983.41, Amazon.com, Inc. (AMZN) just 20 cents to 1010.27, Netflix, Inc. (NFLX) 27 cents to 165.88, and Apple Inc. (AAPL) gave back just 38 cents to 154.99.

Baidu, Inc. (BIDU) gave back 1.77 to 185.76, while Facebook, Inc. (FB) gained 1.59 to 154.71 and First Solar, Inc. (FSLR) bounced 86 cents to 37.80.

Tesla Motors, Inc. (TSLA) was up for the third day in a row, jumping a whopping 10.35 to 370.00.

Biotech’s had a great day today. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) closed up 1.47 to 51.07.

In addition, NVIDIA Corporation (NVDA) exploded 10.82 to 159.94, Kite Pharma, Inc. (KITE) was up 4.57 to 86.68, and bluebird bio, Inc. (BLUE) up 1.85 to 111.00.

The VanEck Vectors Semiconductor ETF (SMH) climbed 1.16 to 89.06. That’s a new all-time high.

Checking TheTechTrader.com percent-gain leaderboard, Inovio Pharmaceuticals, Inc. (INO) popped 80 cents, or 11%, to 8.19, on 4.8 million shares traded.

Hydrogenics Corporation (HYGS) advanced 1.92, or 27%, to 8.95, on 11 times the normal volume.

Comtech Telecommunications Corp. (CMTL) climbed 2.79, or 19%, to 17.79, on 1.5 million shares traded. Endo International plc (ENDP) bounced 1.38, or 11%, to 13.78, Century Aluminum Co. (CENX) gained 2.11, or 14%, to 16.90, on 4.8 million shares traded. Nordstrom, Inc. (JWN), on takeover rumors, was up 4.15, or 10%, to 44.63, on 23 million shares traded.

Alibaba Group Holding Limited (BABA) had a very good day, jumping 16.70, or 13%, to 142.34.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up midday, back down in the afternoon, rallied strongly, particularly the Nasdaq 100, and closed green on the day.

Let’s see what happens tomorrow.

Good Trading!