Harry Boxer
The Technical Trader
The stock market indices started off the week on a very weak note, and although an afternoon comeback from midday hold of secondary support created a market rally that saw a late afternoon pullback consolidation, and then a strong surge in the last half hour to take back a big chunk of losses back. However, they were unable to get to through to the positive side, although the Nasdaq 100 closed nearly flat on the day after being down as much as 15 points.
Net on the day, the Dow was down 77.79 at 18,493.06, about 40 points off the low. The S&P 500 was down 6.55 at 2168.48, 7 points off the low. The Nasdaq 100 was down .14 at 4665.93, 5 points off its low.
Advance-declines were a little more than 3 to 2 negative on the New York Stock Exchange, and 5 to 3 negative on the Nasdaq. Up/down volume was almost 2 to 1 negative on New York, total volume of 3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 9 1/2 to 8 positive volume ratio. It was very interesting how the Nasdaq 100 had a positive volume ratio, and the reason why the indices came back nearly flat.
TheTechTrader.com board was mixed, but most of the Nasdaq Generals were down. Priceline Inc. (PCLN) was down 5.73 to 1321.67, Google Inc. (GOOG) down 2.97 to 739.77, Apple Inc. (AAPL) down 1.32 to 97.34, Amazon.com Inc. (AMZN) 5.25 to 739.61, but Netflix, Inc. (NFLX) gained 1.77 to 87.66.
Baidu, Inc. (BIDU) gave back 63 cents to 160.25, First Solar, Inc. (FSLR) fell 3 cents to 47.99, but Facebook, Inc. (FB) advanced 63 cents to 121.63.
Tesla Motors, Inc. (TSLA) jumped 7.74 to 230.01, on news that they are going to merge with SolarCity Corporation (SCTY), which gained 1.05 to 27.50.
On the upside, NVIDIA Corporation (NVDA) was up 1.01 to 55.68, Acacia Communications, Inc. (ACIA) up 4.22 to 63.38, and Ambarella, Inc. (AMBA), one of our swing trades, up 1.34 to 57.39.
Additional stocks to the downside included Targa Resources Corp. (TRGP), down 1.48 to 38.85, and BroadSoft, Inc. (BSFT) dropped 1.00 to 46.30.
Checking TheTechTrader.com percent-gain leaderboard, Advanced Micro Devices, Inc. (AMD) popped 86 cents to 6.70, or 15%, on 117.5 million shares. Vuzix Corporation (VUZI) bounced 88 cents to 8.94, or 11%, on 2.7 million shares, reaching as high as 9.30 at one point.
China Ceramics Co., Ltd (CCCL) ran up to 6.07 before pulling back to 5.30, up 2.28, or 75 1/2%, on 17.6 million shares, 50,000% more volume than average. Sophiris Bio, Inc. (SPHS) gained 1.57 to 5.95, or 36%, on 9 million shares. Sprint Corporation (S) sprinted 1.28 to 5.90, or 28%, on 125.5 million shares.
SkyPeople Fruit Juice, Inc. (SPU), a China company, ran 3.97 to 18.22, or 28%, on 3.5 million shares, reaching a high of 20.95 earlier in the day. NeoPhotonics Corporation (NPTN) popped 1.98 to 13.11, or 18%m, on 2.1 million shares.
Gold was down, but the Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) was up 82 cents to 6.95, or 13%, on 4.5 million shares. The Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 71 cents to 7.4, or 11%, on 35 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, and by midday they stabilized, ran up to retest the highs, but couldn’t get through and backed off, but in a normal type, falling-wedge-type pattern. They came on late to break through resistance, and closed at the rally highs going away.
It was a nice finish for the indices, especially the Nasdaq 100.
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 posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.