The stock market indices suffered some losses, but they had a nice late rally that brought them back. Today was the FOMC's meeting, which created some volatility in the afternoon, but before that, they were headed in 5-wave declines, only to snap back in the afternoon, and then had a steep, midafternoon selloff.
Net on the day, the Dow, which was down under 16,900.00 today, closed at 16,974.31, down 31.44, about 80 points off its low. The S&P 500 dropped down to 1969.04, and closed at 1982.30, down 2.75. The Nasdaq 100, which set a new high today at 4104, dropped to 4062, and closed at 4090.55, down 16.07, but taking back a big chunk of the losses.
Advance-declines didn't quite make it back into the plus column, and were 17 to 13 negative on the New York Stock Exchange, and 14 to 12 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of 3.7billion shares. Nasdaq traded over 2.1 billion shares, and had a 4 to 3 negative volume ratio, declines over advances.
TheTechTrader.com board was very mixed today. Leading the way to the downside were some of the large-cap stocks.Priceline.com Incorporated (PCLN) was down 12.40 to 1144.22,Amazon.com Inc. (AMZN) down 1.47 to 294.12, and Netflix, Inc. (NFLX) down a whopping 8.12 to 378.10. Google and Apply were nearly flat, Google Inc. (GOOG) up 43 cents to 549.33 and Apple Inc. (AAPL) up just 60 cents to 107.34.
Pharmacyclics Inc. (PCYC) managed to stay above water as they say, up 1.23 to 132.08, but Tesla Motors, Inc. (TSLA) gave back a big chuck of yesterday's gains, down 4.67 to 238.10, and Vipshop Holdings Limited (VIPS) lost 1.78 to 216.24.
GoPro, Inc. (GPRO) was down 1.41 to 67.89, Facebook, after earnings down 4.91 to 75.86, and gold had negative action today, with Royal Gold, Inc. (RGLD) down 3.19 to 62.98, Splunk, Inc. (SPLK) 2.39 to 64.18, and GW Pharmaceuticals (GWPH) 3.55 to 71.92 were among many other point-plus losers.
On the up, in addition to the ones we already mentions, Regulus Therapeutics Inc. (RGLS) was up 47 cents to 18.08, VASCO Data Security International (VDSI) up 1.08 to 24.81, and Cyber-Ark Software Ltd. (CYBR) had a big day, up 2.59 to 34.91.
Checking the TheTechTrader.com percent-gain leaderboard, Radcom Ltd. (RDCM) went from a low of 6.60 to 9.00, before closing just a nickel off the high, up 2.74 to 8.95, or 45%, on 1.1 million shares, or 10,000% more volume than average, after reporting strong earnings. Amedisys Inc. (AMED) was up 3.46 to 25.22, or 16%, on 1.6 million shares. iCAD, Inc. (ICAD) advanced 1.34 to 10.62, or 14%. Fiat S.p.A. (FCAU), on an announcement of a spin-off from Ferrari, gained 1.13 to 10.85, or 12%, on 14.7 million shares. Engility Holdings, Inc. (EGL) also had a big day, up 4.54 to 42.16, or 12%.
USANA Health Sciences Inc. (USNA) ran 19.67 to 107.52, or 22%, on 1.1 million shares, and traded about 10 points higher earlier in the session.
The Direxion Daily Jr Gold Miners Bear 3X ETF (JDST) jumped 3.56 to 22.68, or 19%, on 2.5 million shares. The Direxion Daily Gold Miners Bear 3X Shrs (DUST), also in that group, up 3.64 to 32.75, or 12 1/2%, on 5 million shares.
Among other gainers, Mercury Systems, Inc. (MRCY) was up 1.55 to 13.72, SodaStream International Ltd. (SODA) up 4.67 to 47.25, TriQuint Semiconductor, Inc. (TQNT) 1.77 to 20.20, INSYS Therapeutics, Inc. (INSY) 2.68 to 41.70, Green Plains Renewable Energy, Inc. (GPRE) 2.28 to 34.49, ZELTIQ Aesthetics, Inc. (ZLTQ) 1.60 to 25.92, and United States Steel Corp. (X) 1.93 to 40.08 had a good day today.
Stepping back and reviewing the hourly chart patterns, after a 5-wave decline, the FOMC made its announcement, which caused some volatility. They retested, but made higher lows, and then rallied late in the day to pare back the losses. Still, it was a negative day for Wall Street overall.
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
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.