Trend Continues Higher
The stock market indices ended the week on a very strong note with another rally, and closed near the highs for the day, week, and going back two years.
Net on the day, the Dow was up 43.97 at 12,273.26. The S&P 500 was up 7.29 at 1329.16. The Nasdaq 100 was up 14.80 at 2379.15.
Advance-declines were 3 to 1 positive on the New York Stock Exchange, and about 2 to 1 positive on Nasdaq. Up/down volume was a little less than 3 to 1 positive on New York, with total volume of a light 930 million shares. Nasdaq traded about 2 billion shares and had a 12 to 7 positive volume ratio.
TheTechTrader.com board was vastly higher. There were many point-plus gainers. Leading the way, Chipotle Mexican Grill, Inc. (CMG) was up 12.10 to 268.73 on strong earnings. Clorox Corporation (CLX) jumped 5.01 to 71.26, Veeco Instruments Inc. (VECO) 2.98 to 52.47, Amazon.com Inc. (AMZN) 3.04 to 189.25, and Apple Inc. (AAPL) another 2.31 to 356.85.
Other point-plus gainers included Falconstor Software Inc. (FALC) up 1.07 to 4.78, or nearly 29%. Interphase Corp. (INPH), up 2.10 to 4.10, was the percentage gainer of the day, ahead by 105%. MGIC Investment Corp. (MTG) was up 88 cents to 10.05, Stratasys Inc. (SSYS) 1.53 to 44.34, and Northern Oil and Gas, Inc. (NOG) 1.35 to 28.63. Lululemon Athletica Inc. (LULU) was up another 1.54 higher to 84.31, and Goldman Sachs (GS) jumped 1.32 to 166.66.
On the downside, China MediaExpress Holdings, Inc. (CCME) got hammered for 1.47 to 11.92, and Molycorp, Inc. (MCP) lost 3.38 to 47.77 after some negative financial news.
Those were the only point-plus losers on our board today.
Stepping back and reviewing the hourly chart patterns, the indices opened lower, tested support and immediately ran sharply higher, broke out and then consolidated, but held support and then ran in the afternoon only to pull back in the last hour. In the last five minutes they firmed up to close near the day, week and two-year highs.
Undeniably, the rally rolls on. They haven’t broken yet, despite the negative divergences and all of the negative comments made about how bad the market looks. Instead, it just keeps pushing higher.
Until it cracks the trend is your friend, and the trend is higher.
Have a great weekend!