Harry Boxer
The Technical Trader
The stock market indices started the week with a negative session. They opened lower, bounced mid-morning, held support three times near 4672 Nasdaq 100 and 2266-7 S&P 500, and then in the last half hour they bounced dramatically off the lows, taking back some of the loses, but still it was a negative session.
Net on the day, the Dow was down 117.12 at 17,730.51, about 90 points off the low. The S&P 500 was down 14.62 to 2077.07, 11 points off its low. The Nasdaq 100 was down 22.50 to 4693.62, 22 points off its low.
Advance-declines were 4 to 1 negative on New York Stock Exchange and 3 to 1 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York with total volume of 4 billion shares, and the Nasdaq traded just under 2 billion and had a nearly 3 to 1 negative volume ratio.
TheTechTrader.com board was mostly red. Both large-cap stocks and biotech's had a tough session today. However, Priceline.com (PCLN) was up 1.94 to 1302.42. Google Inc. (GOOG) gave back 3.56 to 763.25, Apple Inc. (AAPL) lost 75 cents to 118.28, Amazon.com Inc. (AMZN) dropped 2.81 to 669.83, and Netflix, Inc. (NFLX) closed down 5.57 to 125.36. Tesla Motors, Inc. (TSLA) managed to eke out a 75-cent gain to 231.13.
In the biotech sector, Cellectis S.A. (CLLS) was down 5.24 to 28.36, Intra-Cellular Therapies, Inc. (ITCI) down 4.88 to 52.02, Juno Therapeutics Inc. (JUNO) down 3.79 to 49.16, NewLink Genetics Corporation (NLNK) 2.89 to 32.99, and Prothena Corporation (PRTA) 2.13 to 63.55, were among many other biotech's that did not have a good day today.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 2.45 to 19.22. The only other stock on our main board to the upside, was Universal Display Corp. (OLED) up 88 cents to 55.59.
Checking the TheTechTrader.com percent-gain leaderboard, Idera Pharmaceuticals, Inc. (IDRA) gained 52 cents to 4.32, or 14%, on nearly 7 million shares. Arrowhead Research Corp. (ARWR) advanced 70 cents to 6.24, or 13%, on 1.8 million shares.
XBiotech, Inc. (XBIT) was the winner today, up 4.42 to 13.03, or 51%, on 5.1 million shares, and reached as high as 16.67, 3200% more volume than average. e-Future Information Technology Inc. (EFUT) gained 2.42 to 11.92, or 25%, on 1.5 million shares. Straight Path Communications Inc. (STRP) bounced 2.06 to 14.20, or 17%.
The VelocityShares 3x Inverse Crude Oil ETN (DWTI) jumped 25.91 to 174.41, the ProShares UltraShort Bloomberg Crude Oil (SCO) climbed 12.61 to 120.30, and the Direxion Daily Energy Bear 3X ETF (ERY) ran 2.91 to 28.49.
The VelocityShares 3x Inv Natural Gas ETN (DGAZ) ran 2.64 to 19.61.
Stepping back and reviewing the hourly chart patterns, the indices started the session with a move down, and then they went sideways most of the session to consolidate the losses. They rallied at the end of the day, but not enough to make it a positive day.
Let's see how it goes tomorrow.
Good Trading!
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