Harry Boxer
The Technical Trader
The stock market indices suffered another nasty decline today, although in the morning they did have a brief rally at 4640 Nasdaq 100 and in the 2116 area S&P 500. They then rolled over in a 3-wave decline, the Nasdaq 100 dropping back from 4641 to 4592. A late rally pushed it back over 4600 to 4602, down 20 points. The last 30 minutes they rallied back, closing off the lows. It was a negative day on Wall Street.
Net on the day, the Dow was down 119.09 at 17,731.95. The S&P 500 was down 12.00 at 2102.15. The Nasdaq 100 was down 20.41 at 4602.83.
Declines that the market suffered today were substantial enough to break key support, and although the rally back did not take out resistance, tomorrow is a key day in the market. They either hold here, or get whacked. The downside potential is still there, since the oscillators are extremely oversold enough. The McClennen oscillator today closed at minus 80-87, and a low at minus 86 1/2. Still, oversold is more like minus 150-200, so they're not quite enough oversold, but take a look at the technicals.
Advance-declines were 3 to 1 negative on New York Stock Exchange and 19 to 8 1/2 negative on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, with total volume of 3.6 billion shares. Nasdaq traded 1.9 billion shares, and had a 5 to 4 negative volume ratio.
TheTechTrader.com board was quite negative. The Priceline Group Inc. (PCLN) was down 5.01 to 1228.96, Google Inc. (GOOG) down a whopping 17.82 to 644.28, Apple Inc. (AAPL) nearly flat, down just 6 cents to 125.16, Amazon.com Inc. (AMZN) 6.09 to 482.18, and Netflix, Inc. (NFLX) 1.40 to 110.10.
Tesla Motors, Inc. (TSLA) was up and down all day, closing at 267.20 with just a loss of just 67 cents.
On the plus side, cyber security was strong today. FireEye, Inc. (FEYE) ran 2.11 to 48.73, and CyberArk Software, Ltd. (CYBR) jumped 4.22 to 61.72.
GoPro, Inc. (GPRO), bucking the trend, gained 2.27 to 63.95.
Checking the TheTechTrader.com percent-gain leaderboard, IDI, Inc. (IDI) continued yesterday's sharp snapback, up 1.30 to 9.09, or 17%.
Ultra Clean Holdings Inc. (UCTT) had a big day, up 1.73 to 7.15, or 32%, on 1.7 million shares.
Inotek Pharmaceuticals Corporation (ITEK), by far, was the winner today, exploding 10.14 to 15.37, or 194%, on 43 million shares, on positive drug news, and traded as high as 16.75 at one point in the day. Flotek Industries Inc. (FTK) popped 4.85 to 17.64, or 38%, on 10 million shares. Cara Therapeutics Inc. (CARA) jumped 3.15 to 18.99, or 20%, on 3.4 million shares. Altisource Portfolio Solutions (ASPS) bounced 8.60 to 39.54, or 28%, on 2 million shares. SanDisk Corp. (SNDK) closed up 9.52 to 63.70, or 18%, on 23 million shares. Cirrus Logic Inc. (CRUS) snapped back 5.01 to 35.72, or 16%, on 9.5 million shares.
Adeptus Health Inc. (ADPT) climbed 18.00 to 105.20, or 21%, on 1.3 million shares.
Stepping back and reviewing the hourly chart patterns, after an early morning rally, the indices rolled over in a 3-wave decline for the rest of the session. Only a last half-hour rally back prevented them from closing at the lows.
Let's see how it goes tomorrow.
Good Trading!
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