Market Overview

Tremendous Rally!

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Tremendous Rally! By Harry Boxer, www.TheTechTrader.com an AdviceTrade.com publication

The stock market indices had a tremendous rally today, and if it hadn’t been for the last 15 minute sell-off, it would have been a monstrous day. As it was, it was huge. They did take back some of their late profit-taking and a chunk of their gains.

Net on the day the Dow was up 423.37 at 11,141.31, and as high as 568 at one point. The S&P 500 was up 51.88 to 1172.64, about 12 points off its high, and the Nasdaq 100 up 93.98 to 2167.07, 20 points off its high.

Advance-declines were tremendous with 2868 up and 237 down on the New York Stock Exchange, and 2209 up and 423 down on Nasdaq. That’s a very strong, positive ratio. Up/down volume was 1.8 billion up and 46 million down on New York and 3.1 billion up and 92 million down on Nasdaq. That was a huge positive ratio.

TheTechTrader.com board was broadly higher with just one outstanding loser today other than the ultra-short ETFs. SodaStream International Ltd. (SODA), despite strong earnings, got hammered on some comments about competition increasing, and the stock dropped precipitously, down 23.25 to 45.56, or 34%. That was a dramatic and tremendous drop of more than a third of its value in one day.

However, on the bright side, the stocks that we traded had a big day today. The Direxion Daily Small Cap Bull 3X Shares (TNA) was up 5.57 to 44.15, and the Direxion Daily Financial Bull 3X Shares (FAS) up 1.95 to 14.43, although in the last 10 minutes they dropped back quite a bit..

Other stocks of note included Apple Inc. (AAPL) up 10.01 to 373.70, and Brigham Exploration Co. (BEXP), which we traded today, up 2.43 to 28.45. Golar LNG Ltd. (GLNG) gained 3.36 to 33.12, Goldman Sachs (GS) 7.76 to 118.10, International Business Machines Corp. (IBM) 4.19 to 166.73, Youku.com Inc (YOKU) 3.81 to 25.13, OmniVision Technologies Inc. (OVTI) 3.20 to 26.93, and Molycorp, Inc. (MCP) 2.59 to 54.14, but is trading 58 in the aftermarket on stellar earnings.

Among other gainers of note, Ebix Inc. (EBIX) was up 1.47 to 16.74, InterDigital, Inc. (IDCC) 1.63 to 71.36, Coffee Holding Co.Inc. (JVA) 1.37 to 19.05, LSB Industries Inc. (LXU) 2.16 to 35.57, MAKO Surgical Corp. (MAKO) 1.78 to 28.39, Mitek Systems Inc. (MITK) 1.25 to 9.25, Tesla Motors, Inc. (TSLA) 1.48 to 25.30, and ZAGG Incorporated (ZAGG) 1.01 to 14.16.

In addition, Cisco Systems, Inc. (CSCO), which we traded today, was up 2.19 to 15.92, a nice gain on good earnings.

On the downside, the Direxion Daily Small Cap Bear 3X Shares (TZA) lost 8.48 to 50.00 even. The Direxion Daily Financial Bear 3X Shares (FAZ) was down 12.21 to 59.89, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) lost 7.26 to 45.15.

Stepping back and reviewing the hourly chart patterns, the indices opened up, pulled back and retested, and then exploded. Late morning they went into a wedge consolidation, and broke out, flagged midday, and ran in the afternoon. They spiked up to as high as 2187 and change on the NDX, and 1186 on the S&P 500. Both of those indices pulled back sharply in the last 10 minutes, although, as you can see, they ended with big gains for the session.

Today’s action broke us out of four-day mini bases, and through declining moving averages on the hourly charts. That’s key for the indices.

We’ll see if there’s a follow-through tomorrow.

Good Trading!

Harry

For more of Harry Boxer, sign up for a Free 15-Day Trial to his Trading Diary. (https://www.thetechtrader.com/reg/bb)

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