Harry Boxer
The Technical Trader
The stock market indices had a really interesting session, although they were down at the close. They had a positive consolidation following yesterday's run up in the afternoon. There was a pullback early morning, they held support, and worked their way higher all day. At the end of the day they actually broke out on the S&P 500, getting up to 2092.50, and then backing off to close down slightly on the day.
Net on the day, the Dow was down 23.72 at 17,755.80, 30 points off the high. The S&P 500 was down .94 to 2089.41, 3 points off the high. The Nasdaq 100 was down 7.81 to 4670.77, 8 points of the high and substantially of the low.
Advance-declines were 3 to 2 negative on New York Stock Exchange and 2 to 1 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of 3.9 billion shares. Nasdaq traded 1.8 billion shares, and had a 2 1/2 to 1 negative volume ratio.
TheTechTrader.com board was mostly red, with the exception of the large-cap stocks that we follow and a few others. Priceline.com (PCLN) was up a whopping 21.13 to 1425.65 on earnings, Google Inc. (GOOG) up 3.97 to 716.92, Apple Inc. (AAPL) up 1.26 to 120.53, Amazon.com Inc. (AMZN) 9.45 to 626.55, but Netflix, Inc. (NFLX) was down 68 cents to 105.12.
Those blue chips led the way to the upside, causing Nasdaq 100 not to have too big of a loss.
Tesla Motors, Inc. (TSLA) was also down, giving back 1.33 to 211.63.
On the upside, Facebook, Inc. (FB) reached an all-time high today at 105.12, closing up 68 cents to 104.88.
The list of the losses continues, with a lot of biotech's. Juno Therapeutics Inc. (JUNO) was down 2.17 to 51.39, NewLink Genetics Corporation (NLNK) down 2.18 to 37.38, Prothena Corporation plc (PRTA) 1.86 to 52.45, Intra-Cellular Therapies, Inc. (ITCI) 1.34 to 51.44, along with many others.
In addition, GoPro, Inc. (GPRO) was down 4.59 to 25.62, CyberArk Software, Ltd. (CYBR) down 1.45 to 48.28, Fitbit Inc. (FIT) 1.52 to 37.57, Mobileye N.V. (MBLY) 1.40 to 44.62, and Twitter, Inc. (TWTR) 1.81 to 29.06.
It sounded like a very nasty day, and although the technicals were weak, the indices weren't that bad, considering.
Checking the TheTechTrader.com percent-gain leaderboard, Nymox Pharmaceutical Corporation (NYMX) popped 60 cents to 3.51, or 21%, on 2.5 million shares.
Iridium Communications Inc. (IRDM) closed up 1.45 to 7.97, or 22%, on 3.7 million shares traded. Biotech Cytokinetics, Incorporated (CYTK) climbed 1.26 to 8.86, or 17%, on 2.1 million shares traded.
LifeLock, Inc. (LOCK) ran 4.25 to 13.94, or 44%, on 15 million shares, and traded over 14.00, on earnings and a settlement. Revance Therapeutics, Inc. (RVNC) gained 10.86 to 37.59, or 41%, on 4.4 million shares. Echo Global Logistics, Inc. (ECHO) bounced 5.91 to 21.13, or 34%, on 2.8 million shares. Rayonier Advanced Materials Inc. (RYAM) jumped 2.02 to 10.00, or 25%, on 3.5 million shares. Quidel Corp. (QDEL) thrust 3.06 to 20.40, or 18%, on 1.5 million shares traded. SunPower Corporation (SPWR) closed at 27.36, up 2.74, or 11%, on 3.4 million shares traded on earnings.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) popped 3.67 to 28.59, or 15%, on 1.3 million shares.
Stepping back and reviewing the hourly chart patterns, the indices came down in the morning, on a retrace held support, worked their way higher most of the session, until the last thirty minutes when they pulled back slightly.
For the most part, it was a mixed day, but not too bad. Let's see how it goes tomorrow.
Good Trading!
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