Harry Boxer
The Technical Trader
The stock market indices ended the week and the month on a very soar note, despite the opening. They opened firm, came down, and tried to bounce, but the Nasdaq 100 was stronger today because of Amazon and Google being up sharply. Their efforts were to no avail as the afternoon rally finally petered out right at the morning highs. They came down sharply, dropping in the afternoon as the Nasdaq 100 went from near 4210 all the way down to 4144. The S&P 500 dropped back from 2023 to 1993. After the hourly charts failed to take out the the moving averages and trendlines, the selling began and in earnest.
Net on the day, the Dow was down 251.90 at 17,164.95. The S&P 500 was down 26.26 at 1994.99. The Nasdaq 100 was down 32.92 at 4148.43.
Advance-declines were 21 to 10 negative on the New York Stock Exchange, and 20 to 7 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of 4 billion shares. Nasdaq traded 1.85 billion shares, and had a 3 to 1 negative volume ratio.
TheTechTrader.com board, despite all of the decline, Google Inc. (GOOG) ran up 23.86 to 534.52, and Amazon.com Inc. (AMZN) advanced 42.75 to 354.53. Both of those were on earnings reports. If it hadn't been for those two, there's no telling had bad things would have gotten.
Leading the way to the downside today, Priceline.com Incorporated (PCLN) was down 5.26 to 1009.48, Apple Inc. (AAPL) down 1.74 to 117.16, and Netflix, Inc. (NFLX) 2.00 even to 441.80.
Tesla Motors, Inc. (TSLA) gave back 1.60, but Pharmacyclics Inc. (PCYC) thrust 1.28 to 168.75, and Vipshop Holdings Limited (VIPS) bounced 42 cents to 22.39.
Agios Pharmaceuticals, Inc. (AGIO) was down 4.81 to 115.92, Facebook, Inc. (FB) down 2.09 to 75.91, Splunk, Inc. (SPLK) 2.04 to 51.65, NewLink Genetics Corporation (NLNK) 1.20 to 36.59, GW Pharmaceuticals (GWPH) 1.89 to 72.97, GoPro, Inc. (GPRO) 1.09 to 49.75.
Other stocks to the upside include Royal Gold, Inc. (RGLD), up 1.74 to 72.46, Silver Wheaton Corp. (SLW) up 72 cents to 22.97 as special metals were strong today.
Twitter, Inc. (TWTR) managed to pop 85 cents to 37.53, bucking the trend.
Checking the TheTechTrader.com percent-gain leaderboard, Gulf Resources, Inc. (GURE), which exploded in the morning, getting all the up to a high of 2.84, closed at 1.76, but still up 58 cents, or 49%, on 32 million shares, but it was up over 100% earlier in the day.
ImmunoGen, Inc. (IMGN), the biotech favorite, got as high as 8.45, and closed at 7.63, up 1.43, or 23% on 11.6 million shares.
Oil ETF's and ultra-shorts were stronger today. The ProShares Ultra VIX Short-Term Fut ETF (UVXY) exploded for 5.23 to 32.36, or 19%, on 35 million shares. The ProShares Ultra Bloomberg Crude Oil (UCO) ran 95 cents to 7.77, or 14%, on 19 million shares. The Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) climbed 3.68 to 34.10, or 12%, on 3.6 million shares.
Coherent Inc. (COHR) made its way up 7.58 to 61.88, or 14%. Gigamon Inc. (GIMO) jumped 2.34 to 18.41, or 15%, on 1.6 million shares. Intercept Pharmaceuticals, Inc. (ICPT) exploded 30.34 to 201.03, or 18%, on 2.3 million shares on positive drug news. Synaptics Inc. (SYNA) gained 8.50 to 76.81, or 12%, on 3.8 million shares on earnings.
Stepping back and reviewing the hourly chart patterns, the indices had a strong opening, they then came down, bounced to retest the highs, made lower-lows on the S&P 500, but after a pullback held, they made a higher-high intraday, but did not take out yesterday's high. Lateral resistance at 4210 Nasdaq 100 and 2025 S&P 500, both failures, led to a sharp selloff to close with a negative close for the day, for the week, and for the month.
Have a Nice Weekend!
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
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.