Harry Boxer
The Technical Trader
The stock market indices had a tough session to start the week. It was a down day, for sure. The day opened down, they pulled back, popped, couldn’t get through the highs, and sold off to the morning lows and session lows by about 11-11:15 this morning. They then rallied midday, and could not get through the highs, rolled over, retested twice, but couldn’t break down as well. Enough damage had been done to create losses for the day.
Net on the day, the Dow was down 55.75 at 17,737.00. The S&P 500 was down 6.65 to 2066.13. The Nasdaq 100 was down 20.38 to 4511.70.
Advance-declines were nearly 3 to 1 negative on the New York Stock Exchange, and 3 to 2 negative on the Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 5 to 3 negative volume ratio.
TheTechTrader.com board was a mixed picture today. Priceline Inc. (PCLN) was down 17.94 to 1281.76, Google Inc. (GOOG) down 4.62 to 745.29, Amazon.com Inc. (AMZN) down 5.31 to 593.19, and Netflix, Inc. (NFLX) down 1.35 to 104.35. However, Apple gained 1.13 to 111.12.
Baidu, Inc. (BIDU) lost 1.36 to 188.97, Facebook, Inc. (FB) gave back 3.51 to 112.55, and First Solar, Inc. (FSLR) was down just 24 cents to 67.24.
Tesla Motors, Inc. (TSLA) jumped 9.40 to 246.90, after figures were released for the new model sales.
Other stocks of note to the upside included Stratasys Ltd. (SSYS), a new swing trade for us, up 2.25 to 27.65, Editas Medicine Inc. (EDIT) up 2.68 to 39.58, Bristol-Myers Squibb Company (BMY) 1.06 to 65.97, and ACADIA Pharmaceuticals Inc. (ACAD) 1.40 to 30.06, after reaching as high as 31.79.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 1.00 to 30.97.
Checking the TheTechTrader.com percent-gain leaderboard, Sky440, Inc. (SKYF) was up 1.64 to 5.90, or 38 1/2%, on 18 million shares. Sorrento Therapeutics, Inc. (SRNE) climbed 85 cents to 6.30, or 16%, on over a half million shares. Genocea Biosciences, Inc. (GNCA) bounced 88 cents to 6.83, or 15%, on 4.8 million shares. Celldex Therapeutics, Inc. (CLDX) popped 42 cents to 4.37, or 11%, on 5.1 million shares.
OncoCyte Corporation (OCX) led the way today, up 1.85 to 6.07, or 44%, on low volume. MediciNova Inc. (MNOV) advanced 1.10 to 9.00, or 14%. NantKwest, Inc. (NK) climbed 1.09 to 9.72, or 13%.
Flexion Therapeutics, Inc. (FLXN) ran 1.53 to 10.95, or 16%, on over a half million shares. Momo Inc. (MOMO) had an interesting day, up 1.26 to 12.19, or 11 1/2%, on 4 million shares. Esperion Therapeutics, Inc. (ESPR) thrust 1.86 to 19.36, or 11%.
Edwards Lifesciences Corp. (EW) was big on big earnings, up 15.16 to 105.08, or 17%, on 9 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up midday, back down in the afternoon, couldn’t rally enough to take back the losses, and ended the day with a weak start to the week.
Let’s see what happens tomorrow.
Good Trading!
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