Stock Market Edges Higher on Poor Technicals and Led by Nasdaq
The stock market indices had an interesting session, closing up on the day on lousy technicals. The day started out with a gap up. Google (GOOG) jumped 40 points, and several stocks like Apple (AAPL), Cree (CREE), and Netflix (NFLX) were a principal cause for the run up, especially on the Nasdaq 100. The S&P 500 backed off early on after an early run up and then backed off to test 1490, but held and ran up to 1496 before backing off into the close. In afterhours, Netflix reported excellent numbers and the stock exploded to the 137-8 range from 103, about 24 more points. We should see an interesting day tomorrow. Net on the day, the Dow was up 66.96 at 13,779.17, 15 points off the high. The S&P 500 was up 2.22 at 1494.78, just 1.5 points off the high. The Nasdaq 100 was up 15.98 at 2762.17, 7 points off its high. Advance-declines were 15 to 14 negative on the New York Stock Exchange, and 14 to 10 negative on Nasdaq. Up/down volume was 35 to 27 negative on New York, with total volume of a very light 625 million shares. Nasdaq traded nearly 1.7 billion and had a slight plurality, with a 9 to 8 negative plurality. TheTechTrader.com board was mixed, but there were some interesting stocks today. Apple was up 9.24 to 514.01, trading at 515 in the aftermarket. Google was up 38.63 to 741.50, International Business Machines Corporation (IBM) up 8.64 to 204.72, and Netflix 5.45 to 103.26, up 30 points from yesterday’s close. There were some percent gainers today, including Cree, up 7.38 to 40.85, or 22%, on 14.2 million shares. Silicom Ltd. (SILC) gained 3.86 to 23.35, or 20%. Threshold Pharmaceuticals Inc. (THLD) advanced 83 cents to 5.14, or 19%, on 3.4 million shares. Super Micro Computer, Inc. (SMCI) popped 1.96 to 12.48, or 18 1/2%, on 1.5 million shares. Daqo New Energy Corp. (DQ) gained another 1.99 to 14.79, or 15 1/2%. Advanced Micro Devices, Inc. (AMD) closed up 30 cents to 2.75, or 12% on 60 million shares. Other gainers of note included KB Home (KBH) up 1.52 to 18.63, Veeco Instruments Inc. (VECO) up 1.67 to 33.66, Stewart Information Services Corporation (STC) 1.47 to 29.69, and Vipshop Holdings Limited (VIPS) 1.02 to 20.95. These rounded out the gainers on our board today. Stepping back and reviewing the hourly chart patterns, the indices made new highs on the S&P 500, over 1495, a new 5-year high. Nasdaq 100 did spike up and break out this morning to get up to 2769, but failed to hold at that level, and closed at 2761.80. Still, it was up 16 points today, but we expect that to be so sharply higher in the aftermarket, particularly if Apple reports well. We’ll see how it goes. Good Trading! Harry
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