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Turn-Around Wednesday for Stock Market

It was definitely turn-around Wednesday for the stock market today.

 

By Harry Boxer

 

The indices gapped at the opening after being down the prior evening, and turned around dramatically. When the Nasdaq 100 actually made a lower-low on a pullback early on in the session, the S&P 500 (NYSEARCA:SPY) refused to get anywhere near that. That triggered a very strong, morning rally that ran into late morning and consolidated. They formed positive wedges that were breaking out just before midday, and then ran into early afternoon. In the afternoon, they consolidated in bullish flags, and then took off again, the Nasdaq 100 making higher highs, and the S&P 500 failed to do so. They had a little bit of a late pullback heading into the close, but it was a very big day for Wall Street.

Net on the day, the Dow(NYSEARCA:DIA)  was up 143.95 at 21,454.61. The S&P 500 was up 21.31 at 2440.69. The Nasdaq 100 was up 81.43 at 575.03. All three closed not far from the highs for the day.

Advance-declines were better than 3 to 1 positive on the New York Stock Exchange, and even better than that on the Nasdaq, 22 to 670 positive. Up/down volume was 4 to 1 positive on New York, total volume of 3 1/3 billion shares traded. The Nasdaq (NYSEARCA:QQQ) traded over 2 billion shares and had a 3 1/2 to 1 positive volume ratio.

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TheTechTrader.com board was nearly all green. That’s the first time we’ve seen that in a while. The Nasdaq Generals led the way. Priceline.com (PCLN) was up 32.27 to 1890.52, Alphabet Inc. (GOOG) up 13.55 to 940.88, Apple Inc. (AAPL) up 2.01 to 145.75, Amazoon.com, Inc. (AMZN) 13.55 to 990.3, and Netflix, Inc. (NFLX) 2.38 to 153.41.

Baidu, Inc. (BIDU) ran 2.40 to 178.00, Facebook, Inc. (FB) gained 2.66 to 15.24, and First Solar, Inc. (FSLR) popped 44 cents to 40.49.

Tesla Motors, Inc. (TSLA) jumped 8.87 to 71.24.

In addition, NVIDIA Corporation (NVDA) bounced 5.17 to 151.75, Teladoc, Inc. (TDOC) snapped back 1.35 to 36.15, and VanEck Vectors semiconductor ETF (SMH) advanced 1.28 to 84.18.

Biotech’s did very well today. bluebird bio, Inc. (BLUE) was up 2.20 to 1209.10, Clovis Oncology Inc (CLVS) up 3.60 to 93.56, Kite Pharma, Inc. (KITE) 4.82 to 102.87, Supernus Pharmaceuticals, Inc. (SUPN) 1.35 to 43.20, and Exact Sciences Corporation (EXAS) 2.51 to 36.60 was a big gainer as well.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 4.86 to 68.42.

On the downside, Omeros Corporation (OMER), a recent swing trade of ours, came down hard, and closed down 2.13 to 20.34, on a negative article.

Checking TheTechTrader.com percent-gain leaderboard, HTG Molecular Diagnostics, Inc. (HTGM) thrust 33 cents, or 12%, to 3.04, on 1.1 million shares traded, and was even higher after hours.

Moleculin Biotech, Inc. (MBRX) led the way up today, gaining 1.30, or 66%, to 3.28, on 35 million shares traded.

Esperion Therapeutics, Inc. (ESPR) reaching new multi-year highs, up 4.54, or 20%, to 48.28, on 2.3 million shares traded.

Among other gainers, CalAmp Corp. (CAMP) was up 1.19 to 2044, Cardiovascular Systems, Inc. (CSII) made a nice move up 2.56, or 8 1/2%, to 32.89, and ImmunoGen, Inc. (IMGN) swing trade reached our 7-dollar target, closing right at 7.00, up 46 cents.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply all day in a 5-wave advance. Only a last 5-minute pullback on profit taking prevented them from closing at the highs for the day going away.

Let’s see what happens tomorrow.

Good Trading!