Harry Boxer
The Technical Trader
The stock market indices had a difficult session. They started out with gap down sharply, but then they rallied to the upside twice as sharply, with big gains after the first couple hours, but technicals were not confirming those highs. After reaching the top of the channel over the last few sessions, as a result they came down in 5-waves the rest of the day, going from 4400 to 4348 NDX, and from 2022 to 2002 on the S&P 500, closing near the day going away.
Net on the day, the Dow was down 49.97 at 17,081.89. The S&P 500 was down 13.77 to 2003.69. The Nasdaq 100 was down 29.63 to 4352.94.
Advance-declines were nearly 3 to 1 negative on New York Stock Exchange and 3 to 1 negative on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of over 4 billion shares. Nasdaq traded 1.5 billion shares, and had a 11 to 4 negative volume ratio.
TheTechTrader.com board was mostly red. Priceline.com (PCLN) dropped 2.19 to 1345.00, Amazon.com Inc. (AMZN) gave back 1.29 to 548.90, and Netflix, Inc. (NFLX) lost 3.72 to 109.73.
A lot of biotech stocks were down today. Radius Health, Inc. (RDUS) was down 5.47 to 49.80, Heron Therapeutics, Inc. (HRTX) down 4.37 to 23.93, Juno Therapeutics Inc. (JUNO) down 2.11 to 48.57, and Intra-Cellular Therapies, Inc. (ITCI) gave back 2.96 to 41.69.
In addition, Prothena Corporation (PRTA) lost 1.91 to 43.31, and SolarCity Corporation (SCTY) fell 1.02 to 47.03.
To the upside, Google Inc. (GOOG) was up 5.63 to 652.30, and Apple Inc. (AAPL) up just 19 cents to 111.79.
Tesla Motors, Inc. (TSLA) jumped 3.67 to 219.25.
Checking the TheTechTrader.com percent-gain leaderboard, Genocea Biosciences, Inc. (GNCA) popped 96 cents to 7.76, or 14%, on 1.4 million shares. Vital Therapies, Inc. (VTL) bounced 56 cents to 5.15, or 12%, on 1.7 million shares traded. EDAP TMS SA (EDAP) closed up 50 cents to 4.89, or 11%.
Tantech Holdings Ltd (TANH) rallied back today, up 2.47 to 9.83, or 34%, on 1.6 million shares.
Edge Therapeutics, Inc. (EDGE) thrust 3.49 to 22.14, or 19%, on just 44,012 shares traded. Aimmune Therapeutics, Inc. (AIMT) ran 2.34 to 19.44, or 14%. Molson Coors Brewing Company (TAP) gained 7.83 to 86.58, or 10%, on 14 million shares.
Among other gainers, The Direxion Daily S&P Biotech Bear 3X ETF (LABD) stair-stepped its way up 6.44 to 56.94. The ProShares Ultra VIX Short-Term Futures (UVXY) advanced 3.17 to 36.69.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, and then a big rallied ensued, but the rest of the day they sold off, finishing negative on the session.
Let's see how it goes tomorrow.
Good Trading!
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