Harry Boxer
The Technical Trader
It looked like turn-around Tuesday when the indices opened lower and then reversed having a big rally, taking the Nasdaq 100 from 4110 all the way up to 4198, an 80-point run in less than an hour and a half. The S&P 500 ran from 1976 to 2017. They then rolled over, bounced midafternoon, and then rolled over hard into the close at the session lows going away, cracking support and setting new pullback lows.
Net on the day, the Dow, holding onto 17,000, was down 111.97 at 17,068.87, 360 points off the high. The S&P 500 was down 16.89 at 1972.74, 44 points off its high. The Nasdaq 100 was down 67.81 at 4089.60, 100 points off its high.
Advance-declines were 18 to 13 negative on the New York Stock Exchange, and 15 to 12 negative on Nasdaq. Up/down volume was 26 to 22 negative on New York, with total volume of 4.85 billion shares, possibly a record volume. Nasdaq traded 2.15 billion shares, and had a 2 to 1 negative volume ratio.
TheTechTrader.com board had another blood bath as the large-cap stocks got whacked. Priceline.com Incorporated (PCLN) was down 32.80 to 1045.84, Google Inc. (GOOG) down 18.41 to 495.39, Apple Inc. (AAPL) 1.48 to 106.75, Amazon.com Inc. (AMZN) 11.01 to 295.06, and Netflix, Inc. (NFLX) 10.60 to 316.44.
Tesla Motors, Inc. (TSLA) dropped another 6.23 to 197.81, under 200 for the first time in a long time.
Agios Pharmaceuticals, Inc. (AGIO) was down 3.76 to 107.47, Facebook, Inc. (FB) down 2.30 to 74.69, Royal Gold, Inc. (RGLD) under 60.00 at 59.89, down 2.54, Twitter, Inc. 1.72 to 35.13.
On the upside, the ProShares Ultra VIX Short-Term Fut ETF (UVXY) exploded from a low of 25.42 to close at 31.35, up 2.56, a 6-point reversal.
Checking the TheTechTrader.com percent-gain leaderboard, Willbros Group Inc. (WG) gained 98 cents to 4.99, or 25%, on 2 million shares.
Triangle Petroleum Corporation (TPLM) popped 59 cents to 4.57, or 15%, on 4.3 million shares. Rex Energy Corporation (REXX) climbed 60 cents to 5.19, or 13%, on 3.7 million shares. Sorreto Therapeutics, Inc. (SRNE) thrust 95 cents to 8.25, or 13%, on 1.3 million shares, 1.000% more volume than average.
Novogen Limited (NVGN), which we traded, was by far the winner today, 3.67 to 5.38, or 215%, or 19 million shares, 14,000% more volume than average, on a new medical breakthrough.
Among other gainers, Paycom Software, Inc. (PAYC) advanced 2.35 to 26.59, and Otonomy, Inc. (OTIC) gained 3.23 to 40.00.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 1.96 to 25.88.
Stepping back and reviewing the hourly chart patterns, the indices went down sharply early on, retested the lows, and when they made nominal new lows on the Nasdaq but not the S&P 500, they rallied all the way back into the plus column, but then rolled over sharply late afternoon to close sharply lower on the day. The McClellan Oscillator is now minus 233. We're oversold, and the next day or two should be very important, and potentially an important swing low in here.
Let's see what happens tomorrow.
Good Trading!
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