Beautiful Start to the Week Finishes on an Ugly Note

The stock market indices started off the week with a surge to the upside, but by noon they were already rolling over, and that accelerated into the afternoon. There was a late bounce, and then in the last fifteen minutes they dropped sharply, doubling the loss on the S&P 500.

Net on the day, all three indices were down, the Dow just a couple points off the low, down 123.47 at 16,516.50, the S&P 500 off 15.82 to 1932.23, within pennies of its low, and the Nasdaq 100, down 34.50 to 4201.12, also within pennies of its low.

Advance-declines were 16 to 14 1/2 positive on New York Stock Exchange, and 250 issues lower on the Nasdaq. Up/down volume was 23 to 21 positive on New York, total volume of 4.5 billion shares traded. The Nasdaq traded 2.4 billion shares, and had a 4 to 3 negative volume ratio, after having a positive ratio earlier in the day.

TheTechTrader.com board as a result of the late selloff was mixed. Priceline Inc. (PCLN), 17 points off its high, jumped 10.94 to 1265.21, while Google Inc. (GOOG) was down 7.30 to 697.77, Apple Inc. (AAPL) down 22 cents to 96.69, Amazon.com Inc. (AMZN) down 2.71 to 552.52, and Netflix, Inc. (NFLX) down 1.38 to 93.41, but was four points higher in the morning.

Tesla Motors, Inc. (TSLA) shot straight up in the morining to 196.28, but the events of the day pulled it down to 191.93, up 1.59, and Baidu, Inc. (BIDU) dropped 38 cents to 173.42. Facebook, Inc. (FB) lost 1.00 to 106.92, however, First Solar, Inc. (FSLR) gained 1.62 to 71.87.

So, you can see how mixed it was today.

Targa Resources Corp. (TRGP) bounced 1.33 to 26.88, and Weight Watchers International, Inc. (WTW) gained 76 cents to 11.77.

Juno Therapeutics Inc. (JUNO) lost 1.50 to 35.17, but traded a little higher in afterhours after earnings. Intrexon Corporation (XON) also got hit, down 2.81 to 30.95, but it is also trading higher by 3-4% in afterhours.

Checking the TheTechTrader.com percent-gain leaderboard, Aldeyra Therapeutics, Inc. (ALDX) gapped up to 5.82 in the morning, pulled back, and closed at 4.90, up 1.17, or 31%. Resolute Forest Products Inc. (RFP) popped 1.10 top 5.13, or 27%.

BroadSoft, Inc. (BSFT) gained a whopping 5.42 to 36.89, or 17%, on 2.2 million shares. TASER International Inc. (TASR) closed up 1.90 to 19.38, or 11%, on 7.1 million shares on strong earnings.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ), with natural gas down, closed just a penny off the high, up 3.88 to 28.90, or 15.5%, on 3.4 million shares. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) advanced 5.46 to 58.04, or 10%, on 6.8 million shares.

Stepping back and reviewing the hourly chart patterns, after a nice opening, the indices backed and filled, consolidated, and then ran. Around eleven-thirty eastern time, they were at the highs for the day, supporting some nice gains, but from there, it was all downhill for the rest of the day, and they closed negatively to finish out Feb on an ugly note.

Let’s see what March brings.

Good Trading!

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