Harry Boxer
The Technical Trader
The stock market indices started off with a smack to the downside. Futures were lower, although they had recovered premarket, as some economic news came out that wasn't bad. The indices, however, came down sharply as some of the large-cap stocks on the Nasdaq 100 got hurt. Netflix (NFLX) was down nearly 19, Priceline (PCLN) more than 10, Amazon (AMZN) 7, and Tesla Motors, Inc. (TSLA) shaved by a whopping 25 points, or 9 percent. They then stair-stepped their way lower on the Nasdaq 100, but did not make lower lows on the S&P 500. Again in the afternoon when they made even lower lows the market refused to give way on the S&P 500. That led to a late pop in the afternoon, but then faded into the close.
Net on the day, the Dow up 43.63 at 17,031.14. The S&P 500 was down 1.41 at 1984.13, 6 points off its low. The Nasdaq 100 was down 39.35 at 4029.89, 11 points off the low.
Advance-declines were 2 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of 2.7 billion shares. Nasdaq traded 1.9 billion shares, and had a 5 to 1 negative volume ratio.
TheTechTrader.com board was sharply lower. In addition to the issues already mentioned, Google Inc. (GOOG) lost 2.51 to 573.11, Apple Inc. (AAPL) just 3 cents to 101.63, Pharmacyclics Inc. (PCYC) 2.91 to 121.04, and Vipshop Holdings Limited (VIPS) 10.67 to 196.57.
SolarCity Corporation (SCTY) was down 6.65 to 67.36, MOBILEYE N.V. (MBLY) down 3.27 to 47.60, GoPro, Inc. (GPRO) 1.98 to 67.20, First Solar, Inc. (FSLR) 2.68 to 69.92, FireEye, Inc. (FEYE) 2.06 to 33.01, Facebook, Inc. (FB) 2.90 to 74.58, Twitter, Inc. 2.73 to 49.38, Canadian Solar Inc. (CSIQ) 2.00 to 37.74, BioDelivery Sciences International, Inc. (BDSI) 1.32 to 16.83, and Achillion Pharmaceuticals, Inc. (ACHN) 1.12 to 11.06.
Biotech stocks, in particular, had a tough day today.
Checking the TheTechTrader.com percent-gain leaderboard, some of the stocks we follow did very well. Avanir Pharmaceuticals, Inc. (AVNR), on a new drug approval, had a really good day, exploding 5.75 to 12.49, or 85.3%, on 88.5 million shares, and reaching over 13 at one point. ReWalk Robotics Ltd. (RWLK) jumped 11.55 to 37.15, or 45%, on 11.2 million shares. PTC Therapeutics, Inc. (PTCT) ran 3.76 to 36.48, or 11 1/2%.
Among other gainers, 21Vianet Group, Inc. (VNET) was up 1.59 to 21.46, Molson Coors Brewing Company (TAP) up 4.20 to 76.00, PTC Therapeutics, Inc. (PTCT) 3.76 to 36.48, or 11 1/2%, and Receptos, Inc. (RCPT) 2.88 to 62.55.
The ultra-shorts were strong today. The ProShares Ultra VIX Short-Term Fut ETF (UVXY) jumped 1.24 to 26.66, athe Direxion Daily Small Cap Bear 3X Shares (TZA) 48 cents to 15.13, and the ProShares UltraPro Short Russell2000 (SRTY) 1.23 to 38.71.
Stepping back and reviewing the hourly chart patterns, the indices were down at the get-go, they bounced midday, more so on the S&P 500 than the NDX. In the afternoon they did have a bigger bounce that took out declining topslines, but only got to the mid-channel line on the Nasdaq 100 and gave it back. The Nasdaq is definitely dragging the market down, but today was a key day on assets. They broke key support around the 40-50 zone on the Nasdaq 100 and three week lows on the S&P 500.
It will be interesting to 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 stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD mired near 1.0730 after choppy Thursday market session
EUR/USD whipsawed somewhat on Thursday, and the pair is heading into Friday's early session near 1.0730 after a back-and-forth session and complicated US data that vexed rate cut hopes.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.