Harry Boxer
The Technical Trader
The stock market indices was even more volatile on Tuesday than in the last few sessions. The day started out with a little pop to the upside. They followed through sharply in the first 20 minutes, and then came down hard until early afternoon when they suddenly reversed. They rallied hard, taking back the entire losses on the S&P 500, going from 1816 to 1843, and on the Nasdaq from 3412 to 3492, or 80 points.
Net on the day, the Dow closed up 89.32 at 16,262.56. The S&P 500 was up 12.37 at 1842.98. The Nasdaq 100 was up 13.22 at 3487.85, reaching as high as 35.05 earlier in the day.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, and slightly negative on Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 680 million shares. Nasdaq traded 2.3 billion shares and had a 13 to 10 positive volume ratio.
TheTechTrader.com board was red, as stocks came way off the lows but didn't quite get it into the plus column. Apple Inc. (AAPL), for example, got down to just over 511 and closed at 517.96, down 3.72. Netflix, Inc. (NFLX) was another one, opening at 312.10, closing at 326.27, down 5.31, 14 points off its low.
Tesla Motors, Inc. (TSLA) jumped from 184.33 to 199.29, but was down 4.18 to 193.91.
Adept Technology Inc. (ADEP) was down 1.39 to 14.29, and Arrowhead Research Corp. (ARWR) down 1.07 to 11.42. First Solar, Inc. (FSLR) took out our stop and went down to 63.31, closing at 66.39, down 1.91.
On the upside, priceline.com Incorporated (PCLN) was up 2.54 to 1169.75, Google Inc. (GOOG) up 3.92 to 536.44, and Amazon.com Inc. (AMZN) up 17 cents, or nearly flat, at 316.08.
Pharmacyclics Inc. (PCYC) ran 2.87 to 91.86, and Vipshop Holdings Limited (VIPS) snapped back 4.72 to 140.01.
Twitter, Inc., which was the leader today, was up all day, even at the down time during the day, closing up 4.65 to 45.52. Maxwell Technologies, Inc. (MXWL) gained 28 cents to 13.66, and Organovo Holdings, Inc. popped 39 cents to 6.64.
Checking the TheTechTrader.com percent-gain leaderboard, there were some outstanding gainers today. Wave Systems Corp. (WAVX) popped 39 cents to 1.40, or 39%, on 22 million shares, and traded as high as 1.97. 22nd Century Group, Inc. (XXII) bounced 58 cents to 2.78, or 26%, on 1.6 million shares. FX Energy Inc. (FXEN), which we put a swing on today, gained 62 cents to 3.86, or 19%, on 2.6 million shares. Highpower International, Inc. (HPJ) advanced 54 cents to 4.75, or 13%, on 2.6 million shares. BioFuel Energy Corp. (BIOF) was outstanding, up 51 cents to 5.69, or 10%.
Other stocks of note included Conns Inc. (CONN) with a big day, up 5.77 to 45.48. Castlight Health, Inc. (CSLT) was up 1.24 to 17.44, EnerNOC, Inc. (ENOC) up 1.74 to 21.92, Ubiquiti Networks, Inc. (UBNT) 2.18 to 38.46, and Golar LNG Ltd. (GLNG) 2.32 to 45.08.
Stepping back and reviewing the hourly chart patterns, the indices were up early, and down very sharply in a 5-wave decline, until midday when they rallied just as sharply, taking back the entire losses on the exchanges, closing with a positive session today.
It was an amazing rally, but key overhead resistance at the 3503.05 area on the Nasdaq needs to be tested tomorrow. We'll see if we get through there. The S&P 500 resistance is up around 1843-4 zone, very close to where it closed. If tomorrow they gap up, it could be a very strong rally, and some of the shorts will have to run for cover. Resistance is just above here, so it's an important day tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
AUD/USD bounces to 0.6450, shrugs off mixed Australian jobs data
AUD/USD is rebounding to test 0.6450 amid renewed US Dollar weakness in the Asian session on Thursday. The pair reverses mixed Australian employment data-led minor losses, as risk sentiment recovers.
USD/JPY drops to test 154.00 on Japan's intervention warnings
USD/JPY extends losses to test 154.00 in Asian trading on Thursday. The pair is undermined by the latest US Dollar pullback, Japan's FX intervention risks and a softer risk tone. Focus shifts to more Fedspeak and US data.
Gold price finds buyers again near $2,355 as USD licks its wounds
Gold price is attempting a tepid bounce in the Asian session, having found fresh demand near $2,355 once again. Gold price capitalizes on a softer risk tone and an extended weakness in the US Treasury bond yields, despite the recent hawkish Fed commentary.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.