Harry Boxer
The Technical Trader
The stock market indices had a very, very bad day and closed at the session lows, down very big numbers. They started out with a move down, and stair-stepped their way lower all day, forming bear flags and wedges. At the end of the day in the last five minutes they plunged even further into the lows.
Net on the day, the Dow was down 367.39 at 17,128.45, one point off the low. The S&P 500 was down 36.37 to 2005.52, just pennies off its low. The Nasdaq 100 was down 83.31 to 4514.83, a point off its low.
Advance-declines were 2 to 1 negative on New York Stock Exchange and 9 to 5 negative on Nasdaq. Up/down volume was nearly 3 to 1 negative on New York, and the most volume all year at 5.86 billion shares. That's the biggest day I've ever seen. Ever! So we'll see if that's an indication. I'm just not sure. The Nasdaq traded just 3 1/3 billion shares and had a 2 to 1 negative volume ratio.
TheTechTrader.com board was quite red today. The big boys led the way down. Priceline.com (PCLN) was down 28.07 to 1285.67, Google Inc. (GOOG) down 10.12 to 739.31, Apple Inc. (AAPL) down 2.95 to 106.03, Amazon.com Inc. (AMZN) 6.51 to 664.14, and Netflix, Inc. (NFLX) 4.49 to 118.02.
Tesla Motors, Inc. (TSLA) lost 2.93 to 230.46. Baidu, Inc. (BIDU) dropped 5.02 to 191.92.
Facebook, Inc. (FB) was down 2.18 to 104.04, First Solar, Inc. (FSLR) down 1.07 to 63.41, Weight Watchers International, Inc. (WTW) down 1.46 to 20.99, Intel Corporation (INTC) 1.04 to 33.87, Globant (GLOB) 2.14 to 35.66, Microsoft Corporation (MSFT) 1.57 to 54.13, and Bristol-Myers Squibb Company (BMY) 1.64 to 67.64.
Pretty much a blood bath today.
There were some stocks up today. One of our swing trades did wonderfully. Pacific Biosciences of California, Inc. (PACB) was up 1.43 to 12.20, Prothena Corporation (PRTA) was up 3.60 to 71.03, and CyberArk Software, Ltd. (CYBR) 1.22 to 45.45.
Checking the TheTechTrader.com percent-gain leaderboard, EPIRUS Biopharmaceuticals, Inc. (EPRS) advanced 91 cents to 3.69, or 33%, 7700% more volume than average.
Teekay Offshore Partners LP (TOO) gained 1.37 to 5.13, or 36%, on 1.2 million shares.
FXCM Inc. (FXCM) led the way today, up 3.66 to 12.43, or 42%, on 2 million shares. ReWalk Robotics Ltd. (RWLK) ran another 2.50 to 13.50, or 22%, on 9 million shares. BlackBerry Limited (BBRY), on good earnings report, bounced 81 cents to 8.61, or 10%, on 45 million shares. Darden Restaurants, Inc. (DRI) jumped 4.11 to 62.50 on a strong earnings report.
The ultra-shorts did great today with the market down. The ProShares Ultra VIX Short-Term Futures (UVXY) jumped 4.74 to 33.95, or 16%, on 46.7 million shares. The VelocityShares Daily 2x VIX ST ETN (TVIX) bounced 1.03 to 7.45, or 16%, on 50 million shares.
The Direxion Daily Gold Miners Bull 3X ETF (NUGT) bounced around today, up 1.36 to 23.48. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) climbed 2.13 to 31.19.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, bounced a few times on the way down, but in parallel channels all day, closing at the lows for the day going away. Ugly way to finish the week, especially on Quadruple Options Expiration Day.
Good Trading!
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