Harry Boxer
The Technical Trader
The stock market indices started the week with a very steep plunge after a brief opening pop. The indices came down sharply, dropping the Nasdaq 100 from 3970 to 3937, and the S&P 500 from 1979 to 1967, and then rallied in a 3-wave sharp rally, and then pulled back into the close.
Net on the day, the Dow was up 22.02 at 16,982.59, only 5 points off the low and about 19 off the high. The S&P 500 was up .57 at 1978.91, 3 points off the low and 11 off the high. The Nasdaq 100 was up 2.08 at 3967.24, 31 points off the low and 10 off the high.
Advance-declines were 17 to 13 negative on the New York Stock Exchange, and 8 to 5 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of 570 million shares. Nasdaq traded 1.7 billion shares, and had a 10 to 7 negative volume ratio.
Despite the positive gains on the indices, the technicals were quite poor, and despite the rally, the indices are still vulnerable to more downside.
TheTechTrader.com board was very mixed. There were some positive gainers to the upside.
Priceline.com Incorporated (PCLN) was up 11.51 to 1239.29, Google Inc. (GOOG) up 1.58 to 590.60, Apple Inc. (AAPL) 1.35 to 99.02, Netflix, Inc. (NFLX) 2.80 to 424.66, and International Business Machines Corporation (IBM) 1.38 to 195.78.
Pharmacyclics Inc. (PCYC) snapped back 3.68 to 108.50, Tesla Motors, Inc. (TSLA) gained 1.25 to 224.82, and Vipshop Holdings Limited (VIPS) thrust 1.99 to 215.48.
Solars were strong on government anti-dumping rules. JinkoSolar Holding Co. was up 1.66 to 27.51, First Solar, Inc. (FSLR) up 1.48 to 65.53, and SunPower Corporation (SPWR) 96 cents to 38.56, just to mention a few.
Many of our swing trades did well today. GoPro, Inc. (GPRO) was up 1.25 to 43.23, Arris Enterprises, Inc. (ARRS) 68 cents to 34.59, Dex Media, Inc. (DXM) 29 cents to 12.94, and JD.com, Inc. (JD) 46 cents to 29.49.
On the downside, Amazon.com Inc. (AMZN) gave back 3.60 to 320.41.
Checking the TheTechTrader.com percent-gain leaderboard, Digital Power Corp. (DPW) popped 38 cents to 1.63, or 30%, on 1.7 million shares, after winning a $2 million defense export order from the Republic of Korea.
El Pollo Loco Holdings, Inc. (LOCO) was by far the winner of the day again today, up 10.45 to 34.48, or 44%, on 26 million shares. Trulia, Inc. (TRLA) gained 8.69 to 65.04, or 15%, on 15.6 million shares.
Among other gainers, GrubHub Inc. (GRUB), a new issue, was up 2.79 to 38.02, 58.com Inc. (WUBA) up 3.78 to 54.01, Move, Inc. (MOVE) 1.06 to 15.19, 21Vianet Group, Inc. (VNET) 1.74 to 28.96, Semtech Corporation (SMTC) 1.15 to 22.95, and Tuniu Corporation (TOUR) 1.24 to 19.95.
Qihoo 360 Technology Co. Ltd. (QIHU) closed up 5.11 to 104.26.
The Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) jumped 1.31 to 28.05.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply in the morning within the first hour, and then they rallied back over the next several hours in a 3-wave advance to get to secondary resistance, before rolling over into the close.
Let's see what happens tomorrow.
Good Trading!
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