Harry Boxer
The Technical Trader
The stock market indices ended on a very negative note breaking key topping-type patterns, closing near the session lows going away. It was a very negative day with poor technicals. This may be the trigger that sets them off for more downside action here.
The day started out with a dip. When the Nasdaq 100 rallied but the S&P 500 formed a bear wedge, they then collapsed, sharply so, until midday when they tried to bounce around, but began falling in orderly down channels the rest of the day. Only a last 15-minute snapback slightly took them off the lows.
Net on the day, the Dow was down 274.94 at 17,856.78. The S&P 500 was down 29.78 at 2071.26. The Nasdaq 100 was down 52.83 at 4399.23.
Advance-declines were 27 to 4 1/2 negative on the New York Stock Exchange, and 19 to 8 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York, with total volume of 3.85 billion shares. Nasdaq traded over 2.2 billion shares, and had a more than a 2 to 1 negative volume ratio.
TheTechTrader.com board was blood red across the board. There were some stocks that were up but they were up only fractions. Priceline.com Incorporated (PCLN) was down 15.91 to 1215.99, Google Inc. (GOOG) down 7.65 to 567.68, Amazon.com Inc. (AMZN) 7.74 to 380.09, and Netflix, Inc. (NFLX) 13.53 to 454.12. Apple Inc. (AAPL) closed nearly flat, up just 19 cents to 126.60.
Pharmacyclics Inc. (PCYC) was up 34 cents to 254.56, Tesla Motors, Inc. (TSLA) lost 6.75 to 193.88, and Vipshop Holdings Limited (VIPS) was up just 25 cents to 25.39.
Cyber-Ark Software Ltd. (CYBR) dropped 3.09 to 59.78.
Gold got crushed today. Royal Gold, Inc. (RGLD) lost 3.09 to 59.78.
On the upside, fractional gainers included Advaxis, Inc. (ADXS), one of our swing trades, up 80 cents to 11.90, and Achillion Pharmaceuticals, Inc. (ACHN) snapped back 40 cents to 11.39. Cellular Dynamics International, Inc. popped 99 cents to 6.61, or 18%.
Checking the TheTechTrader.com percent-gain leaderboard, there were some outstanding gainers. Low-priced Aoxing Pharmaceutical Company, Inc. (AXN) climbed 37 cents to 1.49, or 33%, on 5.6 million shares. Anthera Pharmaceuticals, Inc. (ANTH), which we traded today, gained 59 cents to 6.12, or 11%, on 2.2 million shares.
Life Time Fitness, Inc. (LTM) jumped 8.65 to 66.32, or 15%, on 2.5 million shares. Celladon Corporation (CLDN) ran as high as 25.87 to 24.00, or 12%, on 3.6 million shares, 1450% more volume than average.
Many of the gold ETFs did well today. Direxion Daily Gold Miners Bear 3X Shrs (DUST), which we traded today, ran 3.52 to 19.03, and Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST), which we also traded today, was up 2.27 to 12.50.
Among other gainers, Diamond Foods, Inc. (DMND) was up 2.86 to 30.34, Calithera Biosciences, Inc. (CALA) up 1.36 to 14.67, Retrophin, Inc. (RTRX) 1.31 to 15.37, Finisar Corp. (FNSR) 1.90 to 22.23, Exact Sciences Corporation (EXAS), which we traded today, 2.07 to 24.50, and The Cooper Companies Inc. (COO) 15.00 to 180.26.
Stepping back and reviewing the hourly chart patterns, after a brief attempt at a bounce, following and early negative opening, they had a brief bounce, and then they rolled over, and stair-stepped their way down for a very negative session. The important thing is that they broke key, technical support today.
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