Harry Boxer
The Technical Trader
The stock market indices had a mixed, lower session. They started out with a hit to the downside, recovered sharply, backed off again, and then coiled the rest of the day. Seemingly undecided, they closed near the apex of their wedge pattern. If they gap down tomorrow we'll just have to see how it goes.
Net on the day, the Dow was down 4.76 at 16,264.23. The S&P 500 was down 3.52 at 1849.04. The Nasdaq 100 was down 19.75 at 3563.13.
Advance-declines were a couple hundred issues higher on the New York Stock Exchange, and 500 issues lower on Nasdaq. Up/down volume was 4 to 3 positive on New York, with total volume of more than 375 million shares. Nasdaq traded 2.2 1/4 billion shares and had a 14 to 8 negative volume ratio.
TheTechTrader.com board was mixed, but the large-cap stocks didn't fare well at all today. Priceline.com Incorporated (PCLN) was down 6.52 to 1182.25, Google Inc. (GOOG) down 17.69 to 1114.28, Apple Inc. (AAP) down 2.32 to 537.46,Amazon.com Inc. (AMZN) 4.94 to 338.46, Netflix, Inc. (NFLX) 8.10 to 364.18, and International Business Machines Corporation (IBM) 2.79 to 189.83.
Tesla Motors, Inc. (TSLA) gave back 5.64 to 207.32, Pharmacyclics Inc. (PCYC) lost 3.77 to 105.18, and Vipshop Holdings Limited (VIPS) dropped 3.27 to 134.30.
The only point-plus gainer on the board today was Twitter, Inc. (TWTR), which after teaming up with Billboard, jumped 1.89 to 46.32.
The solar stocks did okay today. First Solar, Inc. (FSLR) was up 1.26 to 69.75, PowerSecure International, Inc. (POWR) up 25 cents to 23.45, SunEdison, Inc. (SUNE) up 30 cents to 8.45, SolarCity Corporation (SCTY) 62 cents to 60.74, and SunPower Corporation (SPWR) 24 cents to 31.92. Small gains, but gains nonetheless.
Checking the TheTechTrader.com percent-gain leaderboard, Unwired Planet, Inc. (UPIP) popped 36 cents to 2.12, or 20%, on 7.8 million shares. Inovio Pharmaceuticals, Inc. (INO) advanced 41 cents to 3.64, or 13%, on 17 million shares. Cytokinetics, Incorporated (CYTK) climbed 86 cents to 9.37, or 10%, on 1.5 million shares.
Northwest Biotherapeutics, Inc. (NWBO) thrust 1.02 to 7.78, or 15%, on 3.1 million shares. Petr (PBR) thrust 92 cents to 12.92, or 8%, on 58 million shares.
Other stocks of note include Heska Corporation (HSKA), up 2.46 to 11.21, IPO Applied Genetic Technologies Corporation (AGTC) up 2.76 to 14.76, Orthofix International (OFIX) 3.84 to 30.38, Flamel Technologies (FLML) 1.08 to 13.08, and Momenta Pharmaceuticals Inc. (MNTA) 1.17 to 14.36.
The VelocityShares 3x Long Natural Gas ETN ran 1.96 to 25.67.
Stepping back and reviewing the hourly chart patterns, the indices plunged at the opening, snapped back very sharply, could not get through resistance, and backed off to retest. The rest of the day was spent meandering in coiling-type fashion.
We'll have to see what tomorrow brings.
Good Trading!
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