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OPEC Announcement Triggers Late Stock Market Rally

Stock-Markets / Stock Markets 2016 Sep 29, 2016 - 06:11 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a turn-around Wednesday as the markets exploded. However, in the morning, they came down hard, held secondary support, and then rallied smartly, accelerating, in particular, when OPEC made the announcement that they may have come to an agreement on production cuts. At that point, the Nasdaq 100 rallied from 48.50 to 48.78, and the S&P 500 rallied from 21.52 to 21.72, both closing near the highs for the day.


Net on the day, the Dow was up 110.94 at 18,404.51. The S&P 500 was up 11.44 at 2171.37. The Nasdaq 100 was up 8.56 to 4875.27.

Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 17 to 11 positive on the Nasdaq. Up/down volume was 4 to 1 positive on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 2 billion shares and had a 10 to 7 positive volume ratio, but that turned sharply higher in the last 40 minutes.

TheTechTrader.com board was led by Amazon.com, Inc. (AMZN) up 12.61 to 828.72. Priceline.com (PCLN) was up 4.54 to 1458.03, Apple Inc. (AAPL) up 86 cents to 113.95, Netflix, Inc. (NFLX) up 41 cents to 97.48, but Alphabet Inc. (GOOG) was dropped 1.45 to 781.56.

Baidu, Inc. (BIDU) also dropped 3.08 to 187.75, Facebook, Inc. (FB) gained 54 cents to 129.23 and First Solar, Inc. (FSLR) closed flat.

Tesla Motors, Inc. (TSLA) popped just 46 cents to 206.27.

Other stocks to the upside included CoLucid Pharmaceuticals, Inc. (CLCD) up 2.03 to 34.91, and Mobileye N.V. (MBLY) up 1.02 to 42.34.

To the downside, Puma Biotechnology, Inc. (PBYI) dropped 3.15 to 67.26, Exelixis, Inc. (EXEL) was down 2.13 to 13.35, Clovis Oncology Inc (CLVS) down 1.10 to 36.34, Acacia Communications, Inc. (ACIA) 1.43 to 103.47, and Aerie Pharmaceuticals, Inc. (AERI) 1.57 to 39.15.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was down 2.38 to 52.26 in a weak biotech sector.

Checking TheTechTrader.com percent-gain leaderboard, Anavex Life Sciences Corp. (AVXL) advanced 99 cents, or 31 1/2%, to 4.13, 27 million shares traded., reaching as high as 4.88 in the morning. Cloud Peak Energy Inc. (CLD) climbed 65 cents, or 15%, to 4.95, on 2.1 million shares traded.

SkyPeople Fruit Juice, Inc. (SPU) gained 2.85, or 40%, to 9.89, on 3.6 million shares traded. Ekso Bionics Holdings, Inc. (EKSO) ran 1.05, or 26%, to 5.15, on 2.3 million shares traded. Harmonic Inc. (HLIT) bounced 1.17, or 25%, to 5.83, on 4.8 million shares traded.

The VelocityShares 3x Long Crude Oil ETN (UWTI) ran 2.73, or 14%, to 22.21, on 59 million shares traded.

Stepping back and reviewing the hourly chart patterns, after a little bit of an upturn, the indices came down hard, tested secondary support, held, and then rallied, particularly accelerating after the OPEC announcement, closing at the highs for the day going away.

Let’s see what happens 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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