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Volatile Day for Stock Market on Wednesday

The stock market indices had an interesting but volatile day today, first they were down, then back and forth, reaching support and holding twice in the morning, and then they had a really strong rally from mid morning to midday.

 

By Harry Boxer

 

The Nasdaq 100 spiked up to 6010, a couple points short of its all-time high before pulling back sharply to 5982, 28 points. It bounced back to 6000 and then pulled back slightly. The S&P 500 rallied from 2532 to 2540.50, before pulling back to 2536. They bounced near the end of the day to close in the positive column.

Net on the day, the Dow(NYSEARCA:DIA) was up 19.97 at 22,661.64, 24 points off the high. The S&P 500 (NYSEARCA:SPY) was up 3.16 at 2537.74, with an intraday high at 2540.53 less than 3 points off the high. The Nasdaq 100 was up 3.78 at 5998.84.

Advance-declines were 67 issues negative on the New York Stock Exchange, and dead-even flat on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 15 to 13 negative on New York, total volume of just under 3 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 5 to 4 positive volume ratio.

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TheTechTrader.com board was mixed. Among thre NAsdaq 100 generals .Priceline.com (PCLN) was up 21.63 to 1888.70, Amazon.com, Inc. (AMZN) up 8.35 to 965.45, up 5.26 to 184.45, but Alphabet Inc. (GOOG) was down 6.11 to 951.68, Apple Inc. (AAPL) dropped 1.00 to 153.48.  Baidu, Inc. (BIDU) lost 3.03 to 243.97, Facebook, Inc. (FB) gave back 1.54 to 168.42, and First Solar, Inc. (FSLR) popped 42 cents to 47.65.Tesla Motors, Inc. (TSLA) jumped 6.87 to 355.01.

Other stocks to the upside included NVIDIA Corporation (NVDA) up 1.50 to 180.87, and bluebird bio, Inc. (BLUE) up 1.84 to 129.40.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) advanced 1.30 to 90.35.

Checking TheTechTrader.com percent-gain leaderboard, MannKind Corporation (MNKD) bounced 72 cents, or 26%, to 3.54, on 19 million shares traded.

Real Goods Solar, Inc. (RGSE), on a major deal with Dow Solar Panels jumped 1.55, or 189%, to 2.37, on 52 million shares traded, or 31,000% volume than average, running all the way up to 3.25. Streamline Health Solutions, Inc. (STRM) gained 1.16, or 76%, to 2.69, on 4 million shares traded on a new contract. VirnetX Holding Corp (VHC) ran 1.40, or 25%, to 7.05, on 2.15 million shares traded. Kandi Technologies Group, Inc. (KNDI) thrust 1.25, or 19%, to 7.95, on 6.25 million shares traded. CytomX Therapeutics, Inc. (CTMX) exploded 4.09, or 22%, to 23.09, on 3.3 million shares traded. Mylan N.V. (MYL) had a good day, climbing 5.27, or 16%, to 37.80, on 37 million shares traded.

Among other gainers, FibroGen, Inc. (FGEN) was up 4.05 to 60.10, Puma Biotechnology, Inc. (PBYI) up 6.00 to 123.00, BeiGene, Ltd. (BGNE) 5.55 to 110.58, and GW Pharmaceuticals (GWPH) 7.15 to 110.88.

Stepping back and reviewing the hourly chart patterns, the indices started the day off with a down movement, hit support a couple times, with success, and then rocketed to the session highs by midday, only to pull back sharply, and then bounced to close narrowly up on the day.