Harry Boxer
The Technical Trader
The stock market indices had a bit of turn-around Tuesday, especially on Nasdaq 100. The day started out with a pop to the upside, they came down hard, the S&P 500 making new lows at 3750. The Nasdaq refused to fold, and got nowhere near Monday's low, and they both had a very sharp rally, the Nasdaq 100 jumping from 3499 to 3544, about a 45-point run, and the S&P 500 jumped from under 1838 to over 1852. They then backed and filled, consolidated, and at the end of the day, firmed up near the close near the highs, but couldn't get through.
Net on the day, the Dow was up 10.40 at 16,256.14, 75 points off the low. The S&P 500 was up 6.92 at 1851.96, 14 points off the low. 39 The Nasdaq 100 was up 30.47 at 3538.23, 39 points off the low.
Advance-declines were 7 to 3 1/2 positive on the New York Stock Exchange, and a little over 2 to 1 positive on Nasdaq. Up/down volume was a little better than 2 to 1 positive on New York, with total volume of 735 million shares. Nasdaq traded 2.15 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mixed with a lot of winners today. priceline.com Incorporated (PCLN) was up 17.81 to 1187.54, Google Inc. (GOOG) up 16.75 to 554.90, Amazon.com Inc. (AMZN) up 9.31 to 327.07, and Netflix, Inc. (NFLX) 10.89 to 348.89.
Tesla Motors, Inc. (TSLA) jumped 7.94 to 215.46, Vipshop Holdings Limited (VIPS) exploded 14.27 to 142.64 and Baidu, Inc. (BIDU) ran 7.45 to 150.96.
Facebook, Inc. (FB) was up 1.24 to 58.19. Retrophin, Inc. (RTRX), one of our swing trades, gained 1.34 to 19.33. Kandi Technolgies Group, Inc. (KNDI) advanced 1.15 to 14.34, SolarCity Corporation (SCTY) 1.60 to 55.90, and First Solar, Inc. (FSLR), a swing trade of ours, up 4.77 to 72.77, with a high of 74.
Checking the TheTechTrader.com percent-gain leader board, VisionChina Media Inc. (VISN), which we traded today, ran 4.28 to 28.38, or 17%. 58.comInc. (WUBA) gained 5.62 to 43.45, or 15%, on 2.1 million shares. La Jolla Pharmaceutical Co. (LJPC) bounced 1.25 to 11.52, or 12%.
Ctrip.comInternational Ltd. (CTRP) thrust 5.23 to 55.48, or 10.4%, on 6.5 million shares.
Other stocks of note included Bitauto Holdings Limited (BITA) up 2.79 to 35.39, YY Inc. up 4.63 to 69.15, JinkoSolar Holding Co. 1.70 to 29.00, FireEye, Inc. (FEYE) 2.00 to 52.35, and Sohu.com Inc. (SOHU) 3.02 to 62.13.
The ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT), which we traded today, gained 2.71 to 40.28. Randgold Resource (GOLD) was firm today, up 3.05 to 80.19.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, but when Nasdaq 100 held support as the S&P 500 made new lows, they snapped back, consolidated, and closed firm.
Let's see how it goes tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades 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. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
AUD/USD shift its attention to 0.6600 and beyond
AUD/USD left behind Friday’s decline and rose past the 0.6500 barrier, meeting resistance once again around the 0.6550 zone on the back of the pronounced sell-off in the US Dollar.
EUR/USD: Initial contention aligns near 1.0330
The sharp decline in the Greenback allowed EUR/USD to regain some composure and reclaim the 1.0500 hurdle at the beginning of the week ahead of key releases on both sides of the ocean.
Gold turns bearish and could test $2,600
After recovering toward $2,700 during the European trading hours, Gold reversed its direction and dropped below $2,650. Despite falling US Treasury bond yields, easing geopolitical tensions don't allow XAU/USD to find a foothold.
MicroStrategy set to push Bitcoin to new highs after 55,500 BTC acquisition, should investors be concerned?
MicroStrategy revealed on Monday that it made another heavy Bitcoin purchase, acquiring 55,500 BTC for $5.4 billion at an average rate of $97,862 per coin.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.