The stock market indices started the week and month off with a bang. The day started out with a big, strong rally to new highs on the Nasdaq 100, and new all-time highs on the S&P 500, tagging 2178. But that didn’t last long. They then plunged midday, got to pullback lows and session lows on the S&P 500, tried to rally mid-afternoon in a kind of choppy, bear-flag formation, and then pulled back in the last hour, only to bounce in the last thirty minutes, finishing mixed on the day.

Net on the day, the Dow was down 27.73 at 18,404.51. The S&P 500 was down 2.76 at 2170.84. The Nasdaq 100 had a strong day, up 25.81 at 4756.04.

Advance-declines were negative by 540 issues on the New York Stock Exchange, and negative by just a few issues on the Nasdaq. Up/down volume was 2.3 to 1 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 95 to 87 positive volume ratio.

TheTechTrader.com board was mixed. Priceline Inc. (PCLN) was up 5.27 to 1356.08, Google Inc. (GOOG) up 4.09 to 772.88, Apple Inc. (AAPL) up 1.84 to 106.05, Amazon.com Inc. (AMZN) 8.93 to 767.74, and Netflix, Inc. (NFLX) 3.12 to 94.37.

Baidu, Inc. (BIDU) gained 3.63 to 163.23, Facebook, Inc. (FB) advanced just 37 cents to 124.31, and First Solar, Inc. (FSLR) also with a small gain of 70 cents to 47.38.

Tesla Motors, Inc. (TSLA), however, dropped to 230.01 on the merger with SolarCity Corporation (SCTY).

The biotech’s were very strong in the morning as the Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 3.21 to 45.19.

Other stocks to the upside included Universal Display Corp. (OLED), up 2.98 to 73.82, and Intrexon Corporation (XON) up 2.05 to 27.38.

On the downside, Gigamon Inc. (GIMO) was down 1.23 to 45.49, Acacia Communications, Inc. (ACIA) down 1.06 to 63.97, Mobileye N.V. (MBLY) 1.87 to 46.04, and Twilio, Inc. (TWLO) 1.30 to 39.33.

Checking TheTechTrader.com percent-gain leaderboard, Top Ships Inc. (TOPS), on a fantastic earnings report, jumped 4.02 to 6.61, or 155%, on 21.6 million shares. T2 Biosystems, Inc. (TTOO) advanced 1.38 to 7.04, or 24%. MeetMe Inc. (MEET) bounced 1.00 to 7.43, or 16%, on 6.3 million shares.

Ionis Pharmaceuticals, Inc. (IONS), on positive drug news, ran 8.82 to 38.01, or 30%, on 21 million shares. Etsy, Inc. (ETSY) popped 1.80 to 11.86, or 18%, on 9.3 million shares. Momo Inc. (MOMO) was up 1.21 to 14.44, or 10%.

Oil ETF’s were strong as oil dropped down near 40 today. The Direxion Daily Energy Bear 3X ETF (ERY) ran 1.52 to 16.81, the VelocityShares 3x Inverse Crude Oil ETN (DWTI) climbed 11.81 to 125.54, and the ProShares UltraShort Bloomberg Crude Oil (SCO) closed up 7.61 to 117.82.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, down sharply midday, choppy in the afternoon, pulled back in the late afternoon, but then bounced into the close to end mixed on the day.

It was a good day.

Good Trading!

Harry

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