Spectacular Day on Wall Street

By: Harry_Boxer

The stock market definitely had a turn-round Tuesday as the indices exploded from the get-go. They ran very sharply higher until midday when they consolidated, and then stair-stepped their way higher at a shallower angle, but still continued strong until the close when they spiked right into the close to finish at the highs for the day going away.

Net on the day, the Dow was up 348.58 at 16,865.08. The S&P 500 was up 46.12 to 1978.35. The Nasdaq 100 was up 132.50 to 4333.61, up 132% and more than 3% for the day.

Advance-declines were 5 to 1 positive on New York Stock Exchange, and 3 1/2 to 1 positive on Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume of 4 3/4 billion shares traded. The Nasdaq traded 2 billion shares and had a 5 to 1 positive volume ratio.

TheTechTrader.com board had a lot of big gainers today. Priceline Inc. (PCLN) was up 30.71 to 1295.92, Google Inc. (GOOG) up 21.04 to 718.81, Apple Inc. (AAPL) up 3.84 to 100.53, Amazon.com Inc. (AMZN) 26.52 to 579.04, and Netflix, Inc. (NFLX) 4.89 to 98.30.

Tesla Motors, Inc. (TSLA), after negative tweets by Citron, was down 5.58 to 186.35 today, but Baidu, Inc. (BIDU) jumped 6.78 to 180.20. Facebook, Inc. (FB) gained 2.90 to 109.82, but First Solar, Inc. (FSLR) gave back 2.85 to 68.02 on a downgrade by JP Morgan.

Biotech’s were particularly strong today. Intrexon Corporation (XON) was up 2.78 to 33.73, Juno Therapeutics Inc. (JUNO) up 4.75 to 39.92, Bristol-Myers Squibb Company (BMY) up 2.29 to 64.22, among many others that did very well today.

Checking the TheTechTrader.com percent-gain leaderboard, ION Geophysical Corporation (IO) led the way, up 95 cents to 4.05, or 31%, on 1.9 million shares, more than 2100% volume than average on positive earnings. Career Education Corp. (CECO) gained 74 cents to 3.26, or 29%, on 2.4 million shares. Apigee Corporation (APIC) bounced 1.00 to 6.85, or 17%, on 1.1 million shares. Amicus Therapeutics, Inc. (FOLD) thrust 69 cents to 6.84, or 11%, on 3.2 million shares. Celldex Therapeutics, Inc. (CLDX) stair-stepped its way higher, up 70 cents to 7.50, or 10%, on 4.7 million shares.

InVivo Therapeutics Holdings Corp. (NVIV) advanced 1.00 to 5.69, or 21%, and American Public Education, Inc. (APEI) jumped 3.38 to 18.81, or 22%.

Among other gainers, Lexicon Pharmaceuticals, Inc. (LXRX) was up 1.51 to 10.85, Kite Pharma, Inc. (KITE) up 6.48 to 51.20, ACADIA Pharmaceuticals Inc. (ACAD) up 1.89 to 19.15, and bluebird bio, Inc. (BLUE) up 4.29 to 50.51, were among the stronger biotech’s today.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 79 cents to 6.67.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, ran, consolidated for a bit in a shallow-rising angle, but continued to rise all day into the close.

Let’s see what happens tomorrow.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2016 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

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.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.