Harry Boxer
The Technical Trader
The stock market indices had a wild and choppy day to start off the week. However, it did look different at the opening when the indices gapped up and ran to new highs, with the S&P 500 tagging nearly 1565 at 1564.19, the Nasdaq 100 getting up to 2816, and the Dow to nearly 14,564. However, they reversed to close down on the session. They did get a late little pop, perhaps on short-covering, but only to bring back the indices from the session lows.
Net on the day, the Dow closed at 14,447.75, down 64.28, 117 points off the high for the day and 70 points off the low. The S&P 500 was down 5.20 at 1551.69, 13 points off the high.
The Nasdaq 100 closed down 11.36 at 2789.45, 27 points off the high.
So it was a definitive reversal today. We're have to see what happens the rest of the week, but it's not a good sign at all, and the only saving grace is that they did hold some major, immediate trend-line support for now.
Advance-declines were 3 to negative on the New York Stock Exchange, and 12 to 11 negative on Nasdaq. Up/down volume was better than 2 to 1 negative on New York, with total volume of 640 million shares. Nasdaq traded nearly 1.6 billion and had a 3 to 2 negative volume ratio.
TheTechTrader.com board was kind of flat and narrowly so. Apple Inc. (AAPL) was up 1.67 to 463.58, but Amazon Inc. (AMZN) was down 1.73 to 256.02. Priceline Inc. (PCLN) was down 2.27 to 695.64, Google Inc. (GOOG) was down just 67 cents to 809.65, and International Business Machines Corporation (IBM) down 1.34 to 210.74.
On the upside there were some point plus gainers on our board today. Onyx Pharmaceuticals, Inc. (ONXX) was up 2.74 to 86.17, Pharmacyclics Inc. (PCYC) gained 1.34 to 79.44, and Sarepta Therapeutics, Inc. (SRPT) ran 1.89 to 34.66, a new closing high.
The TheTechTrader.com leader board had several winners today. Low-priced Stereotaxis Inc. (STXS), which exploded to as high as 3.28 earlier in the day, closed at 2.39, up 60 cents, or 34%, on 4.1 million shares, and although that was the leading gainer for today, it was way off the high today, and a very poor close.
Junior biotech stocks did well. ACADIA Pharmaceuticals Inc. (ACAD) jumped 74 cents to 8.30, or 10%, on 8 million shares. Horizon Pharma, Inc. (HZNP) popped 36 cents to 2.88, or 15%, on 2.3 million shares. Repros Therapeutics Inc. (RPRX) gained 77 cents to 9.59, or 9%, and Array BioPharma, Inc. (ARRY) advanced 35 cents to 4.64, or 8%. Endocyte, Inc. (ECYT) closed up 57 cents to 10.60.
In addition, Veeco Instruments Inc. (VECO) was up 2.97 cents to 37.93, Ambarella, Inc. (AMBA) up 1.23 to 14.13, Apollo Group Inc. (APOL) 1.21 to 18.25, BroadSoft, Inc. (BSFT) 1.75 to 26.89, Sinclair Broadcast Group Inc. (SBGI) 1.01 to 19.18, and Capital Senior Living Corp. (CSU) 1.20 to 26.44.
Manitex International, Inc. (MNTX) jumped 68 cents to 12.45, and Lions Gate Entertainment Corp. (LGF) gained 87 cents to 23.19, and reached as high as 23.20 today.
On the downside, VirnetX Holding Corp (VHC) lost 2.18 to 19.71, and reaching over 20 at 21.90 for the first time in several weeks.
Stepping back and reviewing the hourly chart patterns, the indices gapped up and ran sharply early on, turned around and fell very sharply and then bounced late in the morning, only to rollover right about lunch hour to the session lows. They did bounce early in the afternoon, did about a 50% retrace and fell at resistance, rolled over to retest support, and bounced a little late in the session.
It was a sloppy day and a down day.
We'll see how it goes on tomorrow.
Good Trading!
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