Harry Boxer
The Technical Trader
The stock market indices had a tough session today. They opened sharply lower on Greek concerns, tried to rally, rallied right to resistance after a gap, failed, and went sharply lower. They bounced around, formed wedges, and then broke down, but couldn't get down under the lows, and bounced a little in the last hour, but still ended as a very negative session.
Net on the day, the Dow was down 140.53 at 17,898.84. The S&P 500 was down 14.75 at 2094.11, 3 points off its low. The Nasdaq 100 was down 34.68 at 4453.79, 4 points off its low.
Advance-declines were almost 2 to 1 negative on New York Stock Exchange and 3 to 2 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of a light 2.5 billion shares. Nasdaq traded just under 1.4 billion shares, and had an 8 to 5 negative volume ratio.
TheTechTrader.com board was mixed with both gainers and losers. Priceline.com Incorporated (PCLN) was down 7.76 to 1174.17, Google Inc. (GOOG) down 2.28 to 542.33, Apple Inc. (AAPL) down 1.42 to 127.17, Amazon.com Inc. (AMZN) 3.05 to 429.92, and Netflix, Inc. (NFLX) 4.73 to 660.93.
Esperion Therapeutics, Inc. (ESPR) dropped 5.05 to 74.24, and TASER International Inc. (TASR), after reaching new, all-time highs yesterday, lost 1.04 to 34.00.
On the upside, Cyber-Ark Software Ltd. (CYBR) was up 3.79 to 66.45, FireEye, Inc. (FEYE) up 64 cents to 51.80, The KEYW Holding Corporation (KEYW) up 76 cents to 10.89, and GoPro, Inc. (GPRO) 1.46 to 57.45.
Cheetah Mobile Inc. (CMCM), one of our swing trades, jumped 1.86 to 34.10.
Checking the TheTechTrader.com percent-gain leaderboard, SouFun Holdings Ltd. (SFUN), a Chinese stock, climbed 80 cents to 9.95, or 9%, on nearly 20 million shares. Leju Holdings Limited (LEJU) closed up 88 cents to 10.08, or 10%, on 1.5 million shares.
Sky-mobi Limited (MOBI) ran 1.01 to 6.37, or 19%, on 3.4 million shares.
Xunlei Limited (XNET) gained 1.73 to 13.70, or 14%, on 3 million shares. Benefitfocus, Inc. (BNFT) popped 5.20 to 44.11, or 13%.
Biotech stocks did well today. Adaptimmune Therapeutics (ADAP) bounced 1.88 to 19.29, or 11%. Supernus Pharmaceuticals, Inc. (SUPN) climbed 1.87 to 18.10, or 11%. Heron Therapeutics, Inc. (HRTX) stair-stepped its way higher, up 247 to 30.57, and has almost doubled in the last two weeks. Tonix Pharmaceuticals Holding Corp (TNXP) gained 67 cents to 8.82.
Among other gainers, YY Inc. (YY) exploded 5.73 to 80.66.
Kandi Technolgies Group, Inc. (KNDI) ran up to 10.40, before pulling back and closing up 64 cents to 10.49. NeoPhotonics Corporation (NPTN) thrust 96 cents to 10.87.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, bounced on two gaps after going lower, and then proceeded to make lower-lows, broke down, but couldn't get through, and then backed and filled the rest of the day. Still, it was a negative end to the week.
Let's see how it goes next week.
Have a good weekend!
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