Harry Boxer
The Technical Trader
The stock market indices started the week off on a very bad note. The day started out with a gap down, they bounced, rolled over to lower lows, bounced around again, made even lower lows late afternoon, and closed at the lows going away.
Net on the day, the Dow was down 132.86 at 17,732.48, within a point of the low. The S&P 500 was down 17.01 at 2079.06, also within a point of its low. The Nasdaq 100 was down 38.29 at 4422.76, 3 points off the low.
Advance-declines were a little more than 3 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on the Nasdaq. Up/down volume was 4 to 1 negative on New York, and 2 1/2 to 1 on the Nasdaq 100.
TheTechTrader.com board was mostly red. Priceline Inc. (PCLN) was down 3.43 to 1315.47, Google Inc. (GOOG) down 1.05 to 718.36, Apple Inc. (AAPL) down 1.49 to 97.34, Amazon.com Inc. (AMZN) 2.67 to 715.24, but Netflix, Inc. (NFLX) gained a dime to 93.85.
Baidu, Inc. (BIDU) was down just 73 cents to 163.55, Facebook, Inc. (FB) lost 2.67 to 113.95, and First Solar, Inc. (FSLR) dropped 72 cents to 47.79. Microsoft Corporation (MSFT) gave back 1.34 to 50.14, but Intel Corporation (INTC) popped 13 32.17.
Tesla Motors, Inc. (TSLA) dropped 92 cents to 217.87.
On the upside, there was nothing up more than a fraction today.
Checking the TheTechTrader.com percent-gain leaderboard, Eleven Biotherapeutics, Inc. (EBIO) bounced 52 cents to 2.39, or 28%, on 19 million shares. Vuzix Corporation (VUZI) had a big day, up 84 cents to 6.64, or 14 1/2%. Turquoise Hill Resources Ltd. (TRQ) popped 38 cents to 3.26, or 13%, on 15.7 million shares.
Helios and Matheson Analytics Inc. (HMNY) bounced all around today, but ended the day up 1.06 to 10.35, or 11%, on nearly a million shares.
The ProShares Ultra VIX Short-Term Futures (UVXY) jumped 3.61 to 15.70, or 30%, on 89 million shares. The VelocityShares Daily 2x VIX ST ETN (TVIX) ran 78 cents to 3.48, or 29%, on 105 million shares.
Among other gainers, the gun industry was doing well today. Sturm, Ruger & Co. Inc. (RGR) jumped up 4.88 to 62.29, and Smith & Wesson Holding Corporation (SWHC) advanced 1.47 to 22.88.
The Direxion Daily FTSE China Bear 3X ETF (YANG) closed up 1.42 to 24.67.
Stepping back and reviewing the hourly chart patterns, the indices stair-stepped their way down early on, continuing Friday’s losses. The two-day pullback broke two layers of support, and with the close today, they have actually taken out the key 2080 level, which could lead to lower levels. The next target is 2070, 2055, and as low as 2042.
Let’s see what happens 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 favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold ascends but remains shy of testing $2,400 amid hawkish Fed remarks
Gold prices edged higher late in North American session, gaining 0.22% following a hawkish tilt by Fed Chair Jerome Powell. Economic data from the United States was mixed, though Monday’s Retail Sales report and Powell’s remarks kept US Treasury yields higher, capping the yellow metal’s advance.
Bitcoin price outlook amid increased demand and speculation pre-halving
Bitcoin price is edging lower as markets count only days to the halving. Nevertheless, the dump has not shaken the faith of large holders as they continue to cling to their holding even after a month of steady dumps.
UK CPI inflation data ahead: Sterling hovering north of key support
Following today's mixed bag of employment and wages data, today’s attention is directed to the March UK CPI inflation release. Both headline and core measures have surprised to the downside in the previous two releases and are expected to demonstrate further evidence of disinflation.