Harry Boxer
The Technical Trader
The stock market indices suffered another down day, opening with big gaps to the downside, and then rallying back and taking back the entire loss, but unfortunately unable to do much with that. Resistance became futile, and the markets then rolled down in a steady decline all session. Only in the last half hour did they bounce, and even in the last 10 minutes they pulled back again.
Net on the day, the Dow barely held onto 16,000, down 143.47 at 16,026.75. The S&P 500 was down 17.39 at 1815.69, only a point off its low. The Nasdaq 100 was down 49.92 at 3446.85, 6 points off its low.
Advance-declines were 3 to 1 negative on the New York Stock Exchange, and 4 to 1 negative on Nasdaq. Up/down volume was 4 to 1 negative on New York, with total volume of just under 800 million shares. Nasdaq traded 2.2 billion shares and had a 5 to 1 negative volume ratio.
TheTechTrader.com board was bleeding red for the second day. priceline.com Incorporated (PCLN) was down 21.09 to 1156.21, Google Inc. (GOOG) down 10.35 to 530.60, Apple Inc. (AAPL) down 3.87 to 519.61, Amazon.com Inc. (AMZN) 5.38 to 311.73, Netflix, Inc. (NFLX) 8.02 to 326.71, and Goldman Sachs Group, Inc. (GS) 3.26 to 152.72.
Pharmacyclics Inc. (PCYC) lost 7.15 to 86.11, Vipshop Holdings Limited (VIPS) dropped 3.21 to 134.90, and Tesla Motors, Inc. (TSLA) gave back just 41 cents to 203.78.
The biotech sector had another very bad day. Horizon Pharma, Inc. (HZNP) was down 1.03 to 12.02, Arrowhead Research Corp. (ARWR) down 2.74 to 13.13, NewLink Genetics Corporation (NLNK) 2.5 to 19.97, OncoMed Pharmaceuticals, Inc. (OMED) 2.72 to 24.12, and Retrophin, Inc. (RTRX) 2.89 to 15.36 included a small smattering of the biotech stocks on our board today.
Twitter, Inc. was down 1.29 to 40.05, and Facebook, Inc. (FB) was down just a fraction today, down 63 cents to 58.53.
On the upside, the only stocks on our board that were up, were up under a dollar. Kodiak Oil & Gas Corp. (KOG) was up 7 cents to 13.01, Oramed Pharmaceuticals Inc. up 83 cents to 13.84, and Plug Power Inc. (PLUG) up 25 cents to 7.29.
Checking the TheTechTrader.com percent-gain leaderboard, JAKKS Pacific, Inc. (JAKK), on earnings, popped 75 cents to 8.28, or 10%, on 1 million shares.
Titan Machinery, Inc. (TITN), which we traded both yesterday and today, jumped 1.80 to 19.94, and reaching as high 20.02.
Other stocks of note include GrubHub Inc. (GRUB), a new issue, up 2.73 to 33.65, BofI Holding, Inc. (BOFI), on earnings, up 6.02 to 80.46, and Diamondback Energy, Inc. (FANG) 1.97 to 67.69.
The ultra-shorts were spectacular today. The ProShares Ultra VIX Short-Term Fut ETF (UVXY) jumped 3.95 to 67.00. The VelocityShares Daily 2x VIX ST ETN (TVIX) bounced 39 cents to 7.37. The Direxion Daily Small Cap Bear 3X Shares (TZA) came in at 18.00, up 70 cents. The Direxion Daily Financial Bear 3X Shares (FAZ) climbed 73 cents to 22.21. The ProShares UltraShort Nasdaq Biotech (BIS) thrust 1.02 to 20.84.
Stepping back and reviewing the hourly chart patterns, the indices came down hard, bounced, retested, and then had a nice rally in the morning, but couldn't get through resistance, rolled down hard in a steady channel all afternoon, only bouncing near the close.
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