Harry Boxer
The Technical Trader
The stock market indices had a very tough, sloppy session and a mixed close. The day started out with a little pop to the upside, especially the S&P 500, and the Nasdaq 100 as well, but then they sold off very sharply on the Nasdaq 100, dropping back from 4309 to 4275. The S&P 500 had a much slighter pullback. Then they rallied into the afternoon, but, even though steady new highs were made on the S&P 500, including a new all-time high at 2086.73, the Nasdaq 100 couldn't get through 4290 on three occasions, chiefly because the large-cap biotech stocks on the Nasdaq 100 were hammered today. The biotech group as a whole had a very, very tough session. When the afternoon rally failed to break through at 4290 NDX, and confirmed the S&P 500 high, they then rolled over into the close.
Net on the day, the Dow finished at a new all-time high at 18,024.17, up 64.73, but traded about 45 points higher earlier in the day. The S&P 500 was up 3.73 at 2082.17, 4 points off the high. The Nasdaq 100 was down 14.37 at 4297.30, 5 points off the low and 30 points off the high.
Advance-declines were 20 to 11 on positive the New York Stock Exchange, but flat on Nasdaq. Up/down volume was 2 to 1 positive on New York, and traded just under 3 billion shares. Nasdaq traded 1.5 billion shares, and had a 4 to 3 negative volume ratio.
Most of that was because of the biotech stocks. For example, Agios Pharmaceuticals, Inc. (AGIO) dropped 13.56 to 107.22, Receptos, Inc. (RCPT) fell 18.43 to 118.00, Puma Biotechnology, Inc. (PBYI) gave back 20.17 to 189.84, Pharmacyclics Inc. (PCYC) closed down 12.13 to 120.69, ProShares and Ultra Nasdaq Biotechnology (BIB) caved 12.02 to 118.68.
Achillion Pharmaceuticals, Inc. (ACHN) was down 23.56 to 11.84, GW Pharmaceudtical (GWPH) down 4.06 to 66.26, BioDelivery Sciences International, Inc. (BDSI) down 1.44 to 11.99, NewLink Genetics Corporation (NLNK) 2.18 to 4.46, OvaScience, Inc. (OVAS) 4.89 to 40.51, Isis Pharmaceuticals, Inc. (ISIS) 5.27 to 57.61, PTC Therapeutics, Inc. (PTCT) 4.35 to 5to0.90, Auspex Pharmaceuticals, Inc. (ASPX) 4.33 50.03, just to mention a few of the biotech stocks, since many of those large-cap stocks were in the Nasdaq 100 stocks. That's why there was such a bad performance by Nasdaq 100 today.
Checking the TheTechTrader.com percent-gain leaderboard, there were some very good gainers today. Cytokinetics, Incorporated (CYTK) bounced 62 cents to 5.52, or 13%, on 1.3 million shares.
NQ Mobile Inc. (NQ), on a buyback plan, exploded to 4.77 before pulling back to 4.68, up 1.22, or 35%, on 3.6 million shares.
Vanda Pharmaceuticals, Inc. (VNDA), after regaining some drug rights, ran 1.67 to 13.58, or 14%, on 5.7 million shares. Herzfeld Caribbean Basin Fund Inc. (CUBA) is coming back again, up 1.78 to 14.12, or 14%, on 6 million shares.
Among other gainers, Momo Inc. (MOMO), a new issue, was up 1.14 to 11.97, Chesapeake Energy Corporation (CHK) up 1.87 to 20.29, Avis Budget Group, Inc. (CAR) 5.83 to 64.48, and Coherus Biosciences, Inc. (CHRS) 1.24 to 14.06, and was a standout today.
Stepping back and reviewing the hourly chart patterns, after a gap up, the indices pulled back, bounced midday, the S&P 500 continued to rally until midafternoon, but the Nasdaq 100 failed to confirm, and they rolled over to close mixed on the day.
Let's see what happens tomorrow.
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