Harry Boxer
The Technical Trader
The stock market indices suffered some sharp declines in the morning. After gapping up, they come down immediately, bounced late morning, but did it with .382 Fibonacci retracement. They couldn't do more than that. The S&P 500 had a 50% retracement, and then they pulled back down in a 3-wave corrective pullback, making nominal new lows on the Nasdaq 100, but far from it on the S&P 500. The S&P 500 failed to confirm those new lows that triggered a late rally, which we indicated we thought we could get, and we got it. The Nasdaq 100 went from 4100 to 4195, a 95-point rally. The S&P 500 went from 1880 to 1918. They pulled back in the last hour, and bounced into the close to finish solidly on the upside with the blue chips, but the Nasdaq 100 still could not come back from the depths of a really big decline today.
Net on the day, the Dow was up 183.12 at 16,336.66, 375 off the low. The S&P 500 was up 36.35 to 1903.03, 40 points off the low. The Nasdaq 100 was down 21.13 to 4171.97, 72 points off the low.
Advance-declines went from 3 to 1 negative to 2 to 1 positive on New York Stock Exchange and flat even on Nasdaq. Up/down volume was almost 2 to 1 positive on New York, total volume of 5 billion shares traded. The Nasdaq traded 2 billion shares and had a flat volume ratio.
TheTechTrader.com board was mixed. Priceline.com (PCLN) was down 17.63 to 1049.16, Google Inc. (GOOG) down 37.70 to 726.95, Amazon.com Inc. (AMZN) down 21.03, and Netflix, Inc. (NFLX) down just 76 cents to 90.74. Apple Inc. (AAPL), however, was up 1.87 to 96.35.
Tesla Motors, Inc. (TSLA) gave back 9.30 to 173.48, and Baidu, Inc. (BIDU) dropped 1.74 to 153.08. Facebook, Inc. (FB) lost 1.92 to 112.69, Intel Corporation (INTC) fell 46 cents to 29.34, and Microsoft Corporation (MSFT) was down 84 cents to 52.16.
On the upside, low-priced Sientra, Inc. (SIEN) exploded 1.02 to 8.97, on 2.6 million shares. Intrexon Corporation (XON) managed to get into the positive column today, up 31 cents to 31.01.
The Direxion Daily Energy Bull 3X ETF (ERX) swing trade ran 1.87 to 19.01 on strong oil as oil gained 8% today.
Checking the TheTechTrader.com percent-gain leaderboard, Viavi Solutions Inc. (VIAV) popped 82 cents to 5.85, or 16%, on 11.5 million shares.
VirnetX Holding Corp (VHC), on a court ruling with Apple, gained 1.11 to 4.80, or 30%, on 3.8 mile, but was up over 8.00 in after hours. Boot Barn Holdings, Inc. (BOOT) ran 2.00 or 7.53, or 36%, on 5.4 million shares traded on earnings. 3D Systems Corporation (DDD) bounced 1.00 top 8.45, or 13%, on 4.2 million shares.
Central Garden & Pet Company (CENT) closed up 2.48 to 15.68, or 19%. NeoPhotonics Corporation (NPTN) jumped 1.30 to 10.00, or 15%, on 1.5 million shares. Angie's List, Inc. (ANGI) closed up 1.13 to 9.48, or 14%.
The Direxion Daily Gold Miners Bull 3X ETF (NUGT) climbed 5.64 to 31.81, or 22%, on 11.2 million shares. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) ran 4.26 to 34.02, or 14%.
The Direxion Daily Brazil Bull 3X ETF (BRZU) was up 1.44 to 9.32, or 18%, and Direxion Daily Russia Bull 3X ETF (RUSL) up 1.57 to 9.26, or 20%.
The ProShares Ultra Bloomberg Crude Oil (UCO) thrust 1.32 to 8.74, or 18%, on 23.6 million shares. The United States Oil (USO) bounced 77 cents to 9.34, or 9%, on 70 million shares.
Stepping back and reviewing the hourly chart patterns, after an opening pop, the indices came down hard, bounced late morning, and then came down to late afternoon lows, but when the S&P 500 failed to confirm the new lows on the Nasdaq 100, they exploded, backed off with about a half hour to go, and bounced into the close.
It was a solid session for the blue chips, not so much for the Nasdaq 100, but the generals did come back off the lows substantially, but gaining 72 points off the low to close down 21, after being down 92.
Let's see what happens tomorrow. Good Trading!
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