Harry Boxer
The Technical Trader
It was a volatile day on Wall Street today as the markets finished their third quarter. There was a lot of swinging back and forth. The indices opened up at the get-go, immediately sold off to support, held, and then rallied very strongly. When the rally rolled over midday, they rolled over hard, took back all of the gains, and then some on the S&P 500, but did not quite confirm on the NDX, which caused a late afternoon bounce, although they did pull back into the close again, and ended mixed on the day.
Net on the day, the Dow was down 28.32 at 17,042.90, 25 points off the low, and not far off the high. The S&P 500 was down 5.51 at 1972.29, 4 points off the low and 13 points off the high. The Nasdaq 100 was up 2.27 at 4049.44, 18 points off the low and 21 points off the high.
Advance-declines were better than 3 to 2 negative, with 1950 down and only 1143 up on the New York Stock Exchange, and 1863 to 815 on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, with total volume of 3.9 billion shares. Nasdaq traded 2.2 billion shares, and had a 13 to 8 1/2 negative volume ratio.
TheTechTrader.com board was very mixed. Priceline.com Incorporated (PCLN) was down 2.47 to 1158.58, but Google Inc. (GOOG) was up 1.00 to 577.36, and even though they were nearly flat, Apple Inc. (AAPL) was up 64 cents to 100.75, Amazon.com Inc. (AMZN) up 62 cents to 322.44, and Netflix, Inc. (NFLX) up 1.62 to 451.18.
Pharmacyclics Inc. (PCYC) dropped 3.11 to 117.43, Tesla Motors, Inc. (TSLA), also down, 2.58 to 242.68, and Vipshop Holdings Limited (VIPS) had a major drop of 6.95 to 189.01.
ReWalk Robotics Ltd. (RWLK) jumped 1.05 to 34.15, up another 2.76 to 93.70, reaching as high as 96.46.
Other stocks on the downside, Arista Networks, Inc. (ANET), which got up to 94.84, lost 4.98 to 88.33, and MOBILEYE N.V. (MBLY) gave back 1.16 to 53.59.
Canadian Solar Inc. (CSIQ), in a weak solar sector, gave back 1.44 to 35.77, First Solar, Inc. (FSLR) down 1.71 to 65.81, JinkoSolar Holding Co. 1.68 to 27.49, SunPower Corporation (SPWR) 1.75 to 33.88, and Trina Solar Limited (TSL) 1.13 to 12.07. So a bad day for the solar sector.
Checking the TheTechTrader.com percent-gain leaderboard, leading the way was Spherix Incorporated (SPEX), up 62 cents to 1.56, or 66%, on 13.4 million shares.
Cyber-Ark Software Ltd. (CYBR) ran 4.62 to 32.01, or 17%, on 6.4 million shares.
Among other gainers, Straight Path Communications Inc. (STRP) was up 1.51 to 15.75, Century Aluminum Co. (CENX) up 2.11 to 25.97, ProQR Therapeutics N.V. (PRQR) 1.31 to 17.19, eBay Inc. (EBAY), on talks of a split of the company, spinning of paypal, 3.97 to 57.63, AMAG Pharmaceuticals, Inc. (AMAG) 2.19 to 31.91, Mellanox Technologies, Ltd. (MLNX) 2.29 to 44.87, and Daqo New Energy Corp. (DQ) 2.91 to 42.81.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) gained 1.49 to 17.63.
Stepping back and reviewing the hourly chart patterns, the indices were down early, up late morning, back down again sharply in the afternoon, only to bounce in the last couple hours, and then pulled back again into the close.
Let's 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
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.