Harry Boxer
The Technical Trader
The stock market indices had a rough session, but in the morning they certainly looked like they were going to go ballistic. They continued to rally in stair-step fashion, taking out a triple-top on Nasdaq 100, reaching 4461, and change, and then rolling over sharply in the afternoon, going from 4461 down to 4430. A bounce late in the session brought them back to a point in which the indices closed mixed on the day. Not to be fooled, that drop was a drastic one, and only secondary support managed to hold. If they gap down or crack support tomorrow it could get ugly for the next few days. We'll see what happens going forward.
Net on the day, the Dow was up 15.38 at 18,224.57. The S&P 500 was down 1.62 at 2113.86, 6 points of the high. The Nasdaq 100 was down 10.44 at 4440.59, 21 points from the high as well, completely reversing early gains.
Advance-declines were 17 to 14 positive on the New York Stock Exchange, and 7 to 6 positive on Nasdaq. Up/down volume was 17 to 15 positive on New York, with total volume of 3 1/3 billion shares. Nasdaq traded over 1.8 billion shares, and had a 5 to 4 positive volume ratio.
TheTechTrader.com board had a lot of big gainers today. Priceline.com Incorporated (PCLN) was up a whopping 31.07 to 1250.86, Google Inc. (GOOG) up 7.78 to 543.87, Amazon.com Inc. (AMZN) 6.78 to 385.37, and Netflix, Inc. (NFLX) 3.45 to 478.33.
Pharmacyclics Inc. (PCYC), on rumors of a takeover by Johnson & Johnson, spiked 31.77 to 220.22.
First Solar, Inc. (FSLR) was up 3.84 to 58.54, Facebook, Inc. (FB) up 1.11 to 79.56, FireEye, Inc. (FEYE) 1.42 to 45.40, Royal Gold, Inc. (RGLD), in a strong gold sector, 1.53 to 71.37, GoPro, Inc. (GPRO) 1.17 to 45.05, and Alibaba Group Holding Limited (BABA) 1.50 to 86.19.
Neurocrine Biosciences Inc. (NBIX), one of our swing trades, popped 97 cents to 39.59.
Apple Inc. (AAPL) was the big loser today, down 3.38 to 128.79, on 74 million shares.
Checking the TheTechTrader.com percent-gain leaderboard, Signal Genetics, Inc. (SGNL) thrust 74 cents to 3.34, or 29%, on 6.4 million shares.
CollabRx, Inc. (CLRX) climbed 1.07 to 2.26, or 90%, on 23.6 million shares, but after the close it announced secondary and got hit hard. Biocept, Inc. (BIOC) gained 1.36 to 4.75, or 40%, on 45 million shares. Helios and Matheson Analytics Inc. (HMNY) ran 1.30 to 4.80, or 37%, on top of yesterday's big gain.
Benefitfocus, Inc. (BNFT) jumped to 37.94, before pulling back to 34.00, up 11.00, or 47 1/2%, on 5.6 million shares, 2,000% more volume than average. Second Sight Medical Products, Inc. (EYES) advanced 2.70 to 13.90, or 24%, on nearly 10 million shares. Aruba Networks, Inc. (ARUN) spiked 3.86 to 22.24, or 21%, on 16 million shares.
Among other gainers, Dycom Industries Inc. (DY) was up 6.35 to 43.65, Chicago Bridge & Iron Company (CBI), on earnings, up 5.93 to 47.65, EPIRUS Biopharmaceuticals, Inc. (EPRS) 1.36 to 10.36, the Rubicon Project, Inc. (RUBI) 1.79 to 19.67, TG Therapeutics, Inc. (TGTX) 1.51 to 15.26, and BroadSoft, Inc. (BSFT) 2.69 to 29.99 rounded out some of the gainers for today.
Stepping back and reviewing the hourly chart patterns, after a gap down, the indices rallied all day, and then early afternoon they reversed sharply, coming down very hard, holding key support at the end of the session, with a late bounce in the last 20 minutes to stave off a big loss today.
Let's see what happens tomorrow.
Good Trading!
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
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.