Harry Boxer
The Technical Trader
The stock market indices had a disastrous day today. It was the worst day of the year as the markets opened lower and just kept going down all day. There were two intermittent rallies intraday that failed to extend. Even the late rally rolled over in the last 10 minutes to finish near the lows for the day.
Net on the day, the Dow was down 266.96 at 16,170.22, just 17 points off its low. The S&P 500 was down 39.10 at 1833.08, 2 points off its low. The Nasdaq 100 was down 112.67 at 3486.76, 9 points off the low. That was a 3% decline for the Nasdaq 100.
Advance-declines were 4 to 1 negative on the New York Stock Exchange, and 7 to 1 negative on Nasdaq. Up/down volume was 8 to 1 negative on New York, with total volume of 750 million shares. Nasdaq traded just under 2.4 billion shares and had a 15 to 1 negative volume ratio.
TheTechTrader.com board was almost blood red the whole way across. Priceline.com Incorporated (PCLN) was down 57.33 to 1177.30, Google Inc. (GOOG) down 23.19 to 540.95, Apple Inc. (AAPL) down 6.84 to 523.48, Amazon.com Inc. (AMZN) 14.70 to 317.11, Netflix, Inc. (NFLX) 18.30 to 334.73, and Goldman Sachs Group, Inc. (GS) 2.18 to 166.98.
Pharmacyclics Inc. (PCYC) lost 9.89 to 93.26, Tesla Motors, Inc. (TSLA) gave back a whopping 12.74 to 204.19, and Vipshop Holdings Limited (VIPS) dropped 12.21 to 138.11.
The biotech sector got hammered hard. InterMune Inc. (ITMN) lost 2.24 to 28.84, Horizon Pharma, Inc. (HZNP) gave back 1.26 to 13.05, NewLink Corporation (NLNK) dropped 2.98 to 22.51, OncoMed Pharmaceuticals, Inc. (OMED) fell 1.94 to 26.84, and, Retrophin, Inc. (RTRX) was down 2.12 to 18.25.
Facebook, Inc. (FB) lost 2.35 to 59.16, and Twitter, Inc. gave back 1.15 to 41.34.
In a weak solar sector, First Solar, Inc. (FSLR) was down 3.72 to 69.63, Canadian Solar Inc. (CSIQ) down 3.17 to 26.68, SunPower Corporation (SPWR) 2.30 to 28.04, SolarCity Corporation (SCTY) 2.38 to 55.13, and SunEdison, Inc. (SUNE) 1.13 to 17.33.
Checking the TheTechTrader.com percent-gain leaderboard, Rentech, Inc. (RTK) popped 24 cents to 2.05, or 13%, on 16.4 million shares. SuperCom Ltd. (SPCB) bounced 81 cents to 7.29, or 12 1/2%, on 1.6 million shares.
iGATE Corporation (IGTE), which we traded today, jumped 5.45 to 38.65, or 16%, on 1 million shares. Titan Machinery, Inc. (TITN) gained 2.34 to 18.14, or 15%, on 1.2 million shares. UBIC, Inc. (UBIC) climbed 1.00 to 10.50, or 10 1/2%. Celladon Corporation (CLDN) ran 1.22 to 11.87, or 11 1/2%.
Other stocks of note included The ProShares UltraShort Nasdaq Biotech (BIS), up 2.02 to 19.82, and the ProShares Ultra VIX Short-Term Fut ETF (UVXY), up for 6.83 to 63.05. VelocityShares Daily 2x VIX ST ETN (TVIX) gained 64 cents to 6.98.
Stepping back and reviewing the hourly chart patterns, the indices opened lower and went lower all day, and it was a disaster at the close. They were holding support on the Nasdaq, but breaking it on the S&P 500.
Let's see how it goes tomorrow.
Good Trading!
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