Harry Boxer
The Technical Trader
The stock market indices had a very, very nasty day today and sold off quite heavily. The day started out with a gap down, they snapped back, and immediately went lower, stair-stepping their way down all day. After a midday consolidation failed, they plunged into the last hour, only to bounce a little bit in the last 30-40 minutes, but in bear-flag fashion. It doesn't look good. This does complete a 5-wave decline, but we plunged below some trendlines and support levels, which could lead to further damage.
They got to minus 11.25 takeout, which, at one point, the market did try to bounce late in the session, but it was not impressive.
Net on the day, the Dow was down 195.01 at 17,840.52, 70 points off the low. The S&P 500 was down 21.34 at 2085.51, 8 points off the low, but quite negative. The Nasdaq 100 was down 73.90 at 4414.25, 19 points off its low.
Advance-declines were 3 1/2 to 1 negative on New York Stock Exchange and 3 1/2 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of a whopping 4 1/3 billion shares, with 3.1 billion to the downside. Nasdaq traded 2 1/4 billion shares, and had a 3 1/2 to 1 negative volume ratio, with a half a billion up, and one and three quarter billion down.
TheTechTrader.com board was very negative today. The only stocks on the board that were up today were TASER International Inc. (TASR), up 2.12 to 30.19, on 8.8 million shares and ran as high as 31.15, a new multi-year high. It was a spectacular day for TASR.
Glu Mobile, Inc. (GLUU) ran 1.36 to 6.76, or 25%, on 40 million shares. Voltari Corporation (VLTC) climbed 2.36 to 10.67, 29%, on 12.4 million shares, and reaching as high as 11.65. Atlas Air Worldwide Holdings, Inc. (AAWW) advanced 5.06 to 48.74, or 12%, on 1.8 million shares.
in afterhours, LinkedIn Corporation (LNKD) earnings were out and they were very negative. It dropped all the way down to 188.00 from 252.00, losing more than 63 points.
Other losers of note included Priceline.com Incorporated (PCLN), down 10.70 to 1237.81, Google Inc. (GOOG) down 11.74 to 537.34, Apple Inc. (AAPL) 3.49 to 125.15, Amazon.com Inc. (AMZN) 7.59 to 421.78, and Netflix, Inc. (NFLX) 6.35 to 556.60.
Tesla Motors, Inc. (TSLA) gave back 6.40 to 226.05.
Advaxis, Inc. (ADXS) got crushed after breaking support, dropping 3.08 to 16.81. That was 24.00 less than a week ago. FireEye, Inc. (FEYE) 1.66 to 41.30, but a point higher in afterhours on good earnings report.
BroadSoft, Inc. (BSFT) was down 1.52 to 31.64, Canadian Solar Inc. (Canadian Solar Inc. (CSIQ) down 1.72 to 35.40, Cyber-Ark Software Ltd. (CYBR) 3.55 to 62.95, Facebook, Inc. (FB) 1.69 to 78.77, NewLink Genetics Corporation (NLNK) 4.22 to 44.60, and GoPro, Inc. (GPRO) 2.88 to 50.08.
First Solar, Inc. (FSLR) 2.27 to 59.67, but earnings are yet to come out. They did announce a strategic alliance with Caterpillar (CAT) to develop an integrated photovoltaic solar solution. SunPower Corporation (SPWR), who got beat out by 5 cents, was down 1.08 to 32.19.
These were among others, too many to mention.
Stepping back and reviewing the hourly chart patterns, the indices moved sharply lower in the morning, rallied to resistance, and then stair-stepped their way down in an intraday, 5-wave decline to complete a multiple session, 5-wave decline. The late rally, though, was unimpressive.
Let's see if there's any rally tomorrow.
Good Trading!
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