Harry Boxer
The Technical Trader
The stock market indices suffered big losses today, and gave back all, and then some, of yesterday's gains, supposedly, post FOMC. The day started out with a move to the upside, and that was it. The Nasdaq 100 dropped from 4680 to 4614, and the S&P 500 went from 2076 to 2047. Midday they tried to rally, formed bear wedges, and rolled over. They bounced in the last hour, and with 20 minutes to go, they dropped right down to the triple bottom, and closed at the session lows.
Net on the day, the Dow was down 253.25 at 17,495.84. The S&P 500 was down 31.18 to 2041.89. The Nasdaq 100 was down 66.43 to 4598.14.
Advance-declines were 2 to 1 negative on New York Stock Exchange and 2 to 1 negative on Nasdaq. Up/down volume was 6 to 1 negative on New York with total volume of 4.2 billion shares, and Nasdaq traded just under 1.850 billion and had a 2 to 1 negative volume ratio.
TheTechTrader.com board was almost all red, with just a few outstanding exceptions. Leading the way to the downside, Priceline Inc. (PCLN) was down 18.57 to 1313.74, Google Inc. (GOOG) down 7.97 to 750.12, Apple Inc. (AAPL) down 2.36 to 108.98, Amazon.com Inc. (AMZN) 5.12 to 670.65, and Netflix, Inc. (NFLX) off just 13 cents to 122.51.
Tesla Motors, Inc. (TSLA) lost 1.12 to 233.39, Baidu, Inc. (BIDU) dropped 2.40 to 196.94.
In addition, in the biotech sector, Bristol-Myers Squibb Company (BMY) was down 1.45 to 69.28, Cellectis S.A. (CLLS) down 1.24 to 27.93, Intra-Cellular Therapies, Inc. (ITCI) down 1.47 to 54.60, Juno Therapeutics Inc. (JUNO) 1.64 to 44.91, Prothena Corporation plc (PRTA) 4.40 to 67.43,
Solar's were weak today. First Solar, Inc. (FSLR) lost 1.14 to 64.48, and JinkoSolar Holding Co., Ltd. (JKS) gave back 1.84 to 26.46.
Weight Watchers International, Inc. (WTW) dropped 1.49 to 22.45.
On the upside, Pacific Biosciences of California, Inc. (PACB) ran 65 cents to 10.77, swing trade, Globant (GLOB) gained 1.78 to 37.80, Advaxis, Inc. (ADXS) popped 1.40 to 12.32 following through on yesterday's new.
Checking the TheTechTrader.com percent-gain leaderboard, MYOS Corporation (MYOS) opened the gate at 4.40 before pulling back and closing up 97 cents to 2.68, or 57%, on 1.5 million shares. Alimera Sciences, Inc. (ALIM) had an interesting day, up 60 cents to 2.96, or 25%, on 2.1 million shares. Fusion Telecommunications International, Inc. (FSNN) popped 64 cents to 3.44, or 23%, on 1 million shares on investment news.
Digital Ally Inc. (DGLY) gained 1.31 to 6.78, or 24%. American Superconductor Corporation (AMSC) bounced 1.67 to 5.88, or 40%. Voltari Corporation (VLTC) bounced all over the place, up 1.03 to 5.62, or 22%, on 3 million shares.
Other gainers included Pandora Media, Inc. (P) was up 1.85 to 15.29, SolarCity Corporation (SCTY) up 3.57 to 57.26, and ReWalk Robotics Ltd. (RWLK), which got government approval for their robotics, jumped 5.00 to 11.00, or 83%, on 7 million shares, exploding at one point to 13.59, 15,000% more volume than average.
The Direxion Daily Gold Miners Bear 3X ETF (DUST) went up and stayed up all day, gaining 2.80 to 18.80, or 17 1/2% on 9.1 million shares. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 4.50 to 33.18, or 16%.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, and dropped for the rest of the day, with a failed, midday rally, closing with a late, 3-wave corrective pullback, having dropped 80 points from the high on the Nasdaq 100, and 35 points on the S&P 500.
It was a very nasty session.
Let's see how it goes tomorrow.
Good Trading!
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