Harry Boxer
The Technical Trader
The stock market indices suffered a strong, downside hit, and retest in the first half hour today, plunging sharply, but holding secondary support and key support near the 4280-2 zone on the Nasdaq 100 and near 2048-50 S&P 500. The then snapped back to the Fibonacci retracement, and went into a consolidation for the rest of the day, repeatedly testing support and holding. At the end of the day they snapped back to close off the lows.
Net on the day, the Dow was down 77.94 at 17,698.18, 113 points off the low. The S&P 500 was down 8.20 at 2059.69, 11 points off the low. The Nasdaq 100 was down 22.43 at 4311.26, 25 points off its low.
Advance-declines managed to go positive by 16 to 14 negative on the New York Stock Exchange, and was still negative dramatically on Nasdaq with only 160 issues lower. Up/down volume was a little less than 18 to 16 positive on New York, with total volume of nearly 3 1/2 billion shares. Nasdaq traded 2 billion shares, and had a 3 to 2 negative volume ratio.
TheTechTrader.com board was led to the downside by Priceline.com Incorporated (PCLN), down 14.55 to 1149.60, Google Inc. (GOOG) down 5.44 to 542.56, Apple Inc. (AAPL) down just 18 cents to 124.25, Amazon.com Inc. (AMZN) 1.85 to 370.26, and Netflix, Inc. (NFLX) 3.57 to 413.12.
Tesla Motors, Inc. (TSLA) lost 1.18 to 187.59.
GoPro, Inc. (GPRO) gave back 2.52 to 40.89, FireEye, Inc. (FEYE) dropped 1.11 to 38.14, and Ambarella, Inc. (AMBA) fell 1.74 to 73.97.
To the upside, Advaxis, Inc. (ADXS) had a spectacular day, up 1.05 to 15.49, reaching a new multi-year high.
In a strong solar group, First Solar, Inc. (FSLR) gained 1.04 to 60.83, and JinkoSolar Holding Co. ran 1.07 to 26.71, SunEdison, Inc. (SUNE), one of our swing trades, ran 1.10 to 25.10.
Checking the TheTechTrader.com percent-gain leaderboard, Great Basin Scientific, Inc. (GBSN) thrust 50 cents to 4.40, or 13%, on 8.8 million shares.
It was a big day for Voltari Corporation (VLTC) as Icahn took a 52% stake in the company, exploded as high as 3.09, up 1.49 to 2.50, or 147 1/2%, on 10 million shares.
Dyax Corp. (DYAX), on strong FDA positive news, gained 9.00 to 25.75, or 54%, on 21 million shares. Thinly traded Immune Design Corp. (IMDZ) spiked 6.11 to 27.22, or 29%. Trillium Therapeutics Inc. (TRIL) climbed 4.12 to 24.35, or 20%, on 1.2 million shares.
Gold ETF's did great. The Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) advanced 2.91 to 19.987, or 17%, on 5.5 million shares. The Direxion Daily Gold Miners Bull 3X Shrs (NUGT) closed up 1.48 to 10.90, or 16%, on 25 million shares.
Esperion Therapeutics, Inc. (ESPR), one of our day trades today, closed not far off the high at 105.24, up 12.64, or 14%, on 2.5 million shares.
Gold stocks, in general, did well today. Barrick Gold Corporation (ABX) ran 1.05 to 12.01, Agnico Eagle Mines (AEM) popped 2.25 to 30.19, and Royal Gold, Inc. (RGLD) bounced 3.43 to 66.54.
BioCryst Pharmaceuticals, Inc. (BCRX) closed up 96 cents to 9.99 and Capnia, Inc. (CAPN) 59 cents to 6.99.
Stepping back and reviewing the hourly chart patterns, the indices came down hard at the opening, bounced, and consolidated the rest of the day. I'm not sure if it's a basing attempt, or consolidation before the next down leg. It's a critical time in the markets.
Let's see what happens tomorrow.
Good Trading!
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