Stock Market Extremely Strong Pop to Start the Week

By: Harry_Boxer

The stock market indices started the week off with a very strong move up with an extremely strong pop in the first thirty minutes, reaching the highs for the day. The DOW closed just underneath 20,000 at 19,980. However, in the afternoon, they pulled back in a 3-wave decline, particularly in the last hour, and finished barely ahead on the day.

Net on the day, the Dow was up 11.23 at 19,945.04, 35 points off its high. The S&P 500 was up 5.09 at 2268.88, 5 points off its high. The Nasdaq was up 25.78 at 4965.81, but still 27 points off its high.

Advance-declines were 18 to 11 positive on the New York Stock Exchange, and 17 to 11 positive on the Nasdaq. Up/down volume was just under 3 to 1 positive on New York, total volume of 2.9 billion shares traded. The Nasdaq traded 1.18 billion shares and had an 8 to 3 positive volume ratio.

TheTechTrader.com board was mostly higher. Priceline.com (PCLN) was up 7.22 to 1493.42, Alphabet Inc. (GOOG) up 1.64 to 791.55, Apple Inc. (AAPL) up 74 cents to 117.26, Amazon.com, Inc. (AMZN) 10.81 to 771.40, and Netflix, Inc. (NFLX) 2.76 to 128.35.

Baidu, Inc. (BIDU) advanced 1.15 to 164.77, Facebook, Inc. (FB) popped 74 cents to 118.01, and First Solar, Inc. (FSLR) gained 1.37 to 33.99.

Tesla Motors, Inc. (TSLA) jumped 6.19 to 219.53.

Other stocks to the upside included NVIDIA Corporation (NVDA), closing just off newly set all-time highs, was up 7.54 to 117.32 intraday, and Achaogen, Inc. (AKAO) up 1.02 to 14.03.

On the downside, Amphastar Pharmaceuticals, Inc. (AMPH), on negative news, dropped 1.86 to 18.57.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.18 to 34.18as biotech’s did not have a good day today.

Checking TheTechTrader.com percent-gain leaderboard, Moleculin Biotech, Inc. (MBRX) gained 79 cents, or 40%, to 2.75, on 3.5 million shares traded. Northern Dynasty Minerals Ltd. (NAK) bounced 57 cents, or 30%, to 2.46, on 11 million shares traded. ENGlobal Corporation (ENG) climbed 54 cents, or 28%, to 2.46, on 1.7 million shares traded. Intrepid Potash, Inc. (IPI) jumped 43 cents, or 20%, to 2.60, on 2.3 million shares traded. One of our favorites, Cemtrex Inc. (CETX), closed near its multi-year highs, up 77 cents, or 14%, to 6.42, on 1.3 million shares traded.

Swing trade Conatus Pharmaceuticals Inc. (CNAT) ran 1.68 to 6.11, or 38%, on 23 million shares traded.

Cyclacel Pharmaceuticals, Inc. (CYCC) bounced 1.23, or 31%, to 5.18, on 2.5 million shares traded. GOL Linhas Aéreas Inteligentes S.A. (GOL) ran 1.43, or 11%, to 14.06. Luxoft Holding, Inc. (LXFT) advanced 1.35, or 2.45%, to 56.55.

Stepping back and reviewing the hourly chart patterns, the indices exploded at the get-go, with a big gap and very sharp run in the first thirty minutes, and then the rest of the day was spent pulling back and consolidating.

Good Trading!

Harry

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