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Trading Lessons

Stock Market Last Hour Rally Puts Indices Ahead

Stock-Markets / Stock Markets 2016 Jan 12, 2016 - 12:05 PM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices started the week off on a very negative note with a pop at the opening, an immediate 5-wave decline, and by mid-afternoon they reached their lows at 4220 Nasdaq 100 and 1901 S&P 500. A bounced ensued, followed by a pullback retest that was successful, and then an explosive market rally late in the session, taking the Nasdaq 100 from 4230 to 4300, 70 points straight up in less than 25 minutes, and the S&P 500 went from 1905 to 1930. They pulled back a little into the close, but finished positive on the session.


Net on the day, the Dow was up 52.12 at 16,398.57, 65 points off the low. The S&P 500 was up 1.64 to 1923.67. The Nasdaq 100 was up 12.77 to 4283.55, 22 points off the low.

Advance-declines were negative by 2 to 1 on New York Stock Exchange and 5 to 3 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York on 4 1/2 billion shares traded, and the most volume all year at 2 billion shares. The Nasdaq traded 3.3 billion shares and had a 3 to 2 negative volume ratio, a big comeback off the lows.

TheTechTrader.com board was mixed. Leading the way to the upside, Google Inc. (GOOG) was up 1.56 to 716.03, Apple Inc. (AAPL) up 1.57 to 98.53, Amazon.com Inc. (AMZN) up 10.69 to 617.74, and Netflix, Inc. (NFLX) 3.58 to 114.97.

The ProShares UltraShort Bloomberg Crude Oil (SCO) ran 18.26 to 183.30s, reaching as high as 184.41.

On the downside, Priceline Inc. (PCLN) was down just 68 cents to 1136.28, Tesla Motors, Inc. (TSLA) down 3.15 to 207.85, and Baidu, Inc. (BIDU) down 97 cents to 170.37.

In addition, Globant (GLOB) lost 2.16 to 33.35, Canadian Solar Inc. (CSIQ) had a tough session in the solar sector, 1.14 to 22.36.

Bbiotech's had a bad day. Pacific Biosciences of California, Inc. (PACB) was down 1.19 to 11.42, NewLink Genetics Corporation (NLNK) dropped 3.01 to 27.56, Intra-Cellular Therapies, Inc. (ITCI) 2.51 to 42.84.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 2.24 to 11.08.

Checking the TheTechTrader.com percent-gain leaderboard, leading the way Acorn International, Inc. (ATV) gained 3.32 to 7.33, or 83%, on 8.4 million shares, and reaching as high as 10.35 at one point. Day trade Sientra, Inc. (SIEN) advanced 1.36 to 7.94, or 21%, on 2.3 million shares.
FXCM Inc. (FXCM) ran 2.96 to 16.55, or 22%, on 1.2 million shares.

The Direxion Daily S&P Biotech Bear 3X ETF (LABD) jumped as high as 58.78 to close up 7.90 to 55.01, or 17%, on 1 million shares.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ) bounced 1.24 to 11.36, or 12%, on 4.4 million shares. The Direxion Daily Gold Miners Bear 3X ETF (DUST) climbed 1.62 to 15.17, or 12%, on 10.5 million shares, and the Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) popped 2.78 to 28.43, or 11%.

Stepping back and reviewing the hourly chart patterns, after a pop at the opening that failed at resistance, the indices came down in a nice 5-wave decline, and by mid-afternoon reached their session lows, started a 3-wave rally, the last leg being the strongest.

Let's see if that means a turnaround, and if there is any follow-through tomorrow.

Good Trading!

Harry

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Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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