Harry Boxer
The Technical Trader
The stock market indices had a tough session today and closed down on the day. The day started out with a big gap down, they rallied and recovered about 50% of their losses, and then rolled back down and retested those lows by midday. They managed to hold on for two occasions, first midday when they rallied back, but couldn’t get through the rally-back highs, and then they pulled back down again. The last hour wasn’t pretty as the markets gave it back and ended the day down sharply.
Net on the day, the Dow was down 133.68 at 17,603.32. The S&P 500 was down 20.96 to 2045.17. The Nasdaq 100 was down 40.96 to 4470.75.
Advance-declines were almost 3 to 1 negative on the New York Stock Exchange, and 2 1/2 to 1 negative on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 4 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 2 1/2 to 1 negative volume ratio.
TheTechTrader.com board was mostly red today. There were lots of losers. Priceline.com (PCLN) was down 2.68 to 1279.08, Google Inc. (GOOG) down 7.49 to 737.80, Apple Inc. (AAPL) down 1.31 to 109.81, and Amazon.com Inc. (AMZN) 7.05 to 586.14, but Netflix, Inc. (NFLX) was positive by a small fraction of 59 cents to 104.94.
Baidu, Inc. (BIDU) lost 5.17 to 183.80, Facebook, Inc. (FB) gave back just 33 cents to 112.22, and First Solar, Inc. (FSLR) dropped 4.82 to 62.42.
Tesla Motors, Inc. (TSLA) had another fabulous day today, up 8.48 to 255.47, reaching a high of 256.56. This stock has moved up 115 points in the last couple weeks.
Juno Therapeutics Inc. (JUNO) was also an outstanding stock today, up 1.25 to 39.54 with a high of 40.18. Editas Medicine Inc. (EDIT) gained 2.46 to 42.04, snapping back from recent losses. NeoPhotonics Corporation (NPTN) was up 67 cents to 14.41, on over a million shares.
The Direxion Daily Energy Bear 3X ETF (ERY) advanced 47 cents to 23.91 as oil improved today.
Other stocks to the downside included Intrexon Corporation (XON), down 1.55 to 33.45.
Checking the TheTechTrader.com percent-gain leaderboard, DragonWave Inc. (DRWI) exploded 2.78 to 8.70, or 47%, on 1.6 million shares traded, closing not far off the high for the day. Inventergy Global, Inc. (INVT) popped 52 cents to 2.50, or 27%, on 7.4 million shares. Recro Pharma, Inc. (REPH) thrust 1.15 to 7.99, or 17%.
Armstrong Flooring, Inc. Common (AFI) climbed 2.52 to 14.52, or 21%, on 2.8 million shares traded. Marvell Technology Group Ltd. (MRVL) gradually made its way up all day to close up 1.26 to 10.88, or 13%, on 20 million shares traded. Zynerba Pharmaceuticals (ZYNE) rocketed to 11.30 before pulling back and closing up 1.43 to 10.92, or 15%. Lumber Liquidators Holdings, Inc. (LL) ran to 15.00, pulled back to 14.20, up 1.38, or 11%, on 4.6 million shares. Valeant Pharmaceuticals International, Inc. (VRX) snapped back 2.62 to 28.73, or 10%, on 48.8 million shares.
Intercept Pharmaceuticals, Inc. (ICPT) ran up and stayed up all day, closing up 17.76 to 151.31, or 13%, on 2.1 million shares.
Stepping back and reviewing the hourly chart patterns, the indices gapped down at the opening, bounced, retested the lows on two occasions, first midday, and then again at the end of the day to close a little off the lows, but a negative start to the week.
Let’s see what happens tomorrow.
Good Trading!
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