The stock market indices suffered some losses today. They opened lower, and then move even lower to test support, and bounced around all day, forming bear wedges and coils, which I warned would look ominous. They did get a late sell off, and in the last hour they rolled over, taking the Nasdaq 100 from 4676, down to 4651, a drop of 25 points straight down. The S&P 500 went from 2073 to 2062. It was a tough day and they closed near the lows for the day.

Net on the day, the Dow was down 117.11 at 17,603.87. The S&P 500 was down 15.00 to 2063.36. The Nasdaq 100 was down 37.07 to 4652.01. They were all very close to, if not at, the lows for the day.

Advance-declines were 22 to 9 negative on New York Stock Exchange and 20 to 8 negative on Nasdaq. Up/down volume was nearly 6 to 1 negative on New York, 2.3 billion shares. The Nasdaq traded 1.25 billion shares and had a 3 to 1 negative volume ratio.

TheTechTrader.com board was mostly negative. Priceline.com (PCLN) was down 13.24, Google Inc. (GOOG) down 5.60 to 771.00, Apple Inc. (AAPL) down 1.42 to 107.32, Amazon.com Inc. (AMZN) 4.90 to 689.07, and Netflix, Inc. (NFLX) 2.41 to 116.71.

Tesla Motors, Inc. (TSLA) was up 90 cents to 238.09, but on a day like this one, that's pretty good. Baidu, Inc. (BIDU) gave back 2.55 to 192.13. Facebook, Inc. (FB) lost 1.04 to 106.22.

It was a pretty negative session, although there were some nice day trades on our board.

On the upside, we had some outstanding winners today. Universal Display Corp. (OLED), one of our swing trades, jumped 3.66 to 56.02, or 7%, on 1.6 million shares. Weight Watchers International, Inc. (WTW) ran 3.68 to 23.05, or 19%, on 19.3 million shares.

Vuzix Corporation (VUZI) gained 1.32 to 8.51, or 18%, on 1.5 million shares, which is the heaviest volume in its history.

Checking the TheTechTrader.com percent-gain leaderboard, Chimerix, Inc. (CMRX), snapped back from its recent debacle, up 98 cents to 8.35, or 13%, on 15.7 million shares. However, in after hours, on a stake by investors, this stock jumped over 9.00 at one point, and traded up another 80 cents or so.

Cadiz Inc. (CDZI), on a deal, advanced 1.11 to 5.28, or 27%, on 1.5 million shares. Agile Therapeutics, Inc. (AGRX) climbed 1.07 to 9.98, or 12%.

Other gainers included NantKwest, Inc. (NK), one of our favorites, was up 1.29 to 18.52, SolarCity Corporation (SCTY) 1.06 to 50.80, and SolarEdge Technologies, Inc. (SEDG) up 1.10 to 28.63, as many solar's continue to act well after the investment tax credit was reestablished.

Achillion Pharmaceuticals, Inc. (ACHN) had a good day, up 34 cents to 10.76. TASER International Inc. (TASR), on a contract with the city of Chicago, spiked straight up to 18.75 at the open, pulled back, and closed up 40 cents to 17.81.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 1.91 to 29.88, and the Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 96 cents to 16.64.

The ProShares UltraShort Bloomberg Crude Oil (SCO) bounced 7.11 to 136.17.

Stepping back and reviewing the hourly chart patterns, the indices came down early, consolidated for most of the day, and then dropped the last hour to close near the session lows.

Have a great New Year's Eve and New Year's Day Everybody!

In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD extends losses on dovish remarks from ECB members, trades near 1.0780

EUR/USD extends losses on dovish remarks from ECB members, trades near 1.0780

EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates. 

EUR/USD News

GBP/USD trades sideways above 1.2600 amid quiet session

GBP/USD trades sideways above 1.2600 amid quiet session

The GBP/USD pair trades sideways around 1.2622 during the early Friday. The market is likely to be mute in light trading on Good Friday. Later in the day, the US Core Personal Consumption Expenditures Price Index will be released.

GBP/USD News

Gold ends Q1 2024 at record highs, what’s next?

Gold ends Q1 2024 at record highs, what’s next?

Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.

Gold News

Ripple's move above this key level could trigger nearly 50% rally for XRP

Ripple's move above this key level could trigger nearly 50% rally for XRP

Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. As this coiling up comes undone, investors can expect XRP to kickstart a massive rally. 

Read more

US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount

US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount

The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.

Read more

Majors

Cryptocurrencies

Signatures