Harry Boxer
The Technical Trader
The stock market indices started the week on a very weak note, but not surprisingly so after last week's big rally. They came down hard at the opening, but bounced in a 3-wave corrective move up to resistance. When they failed to break out above the key-resistance level, around 4325.30 Nasdaq 100, and above the 1986.90 S&P 500, they pulled back in a steady, 5-wave decline late in the day. Although, they did bounce in the last hour, the last five minutes they pulled them back once again to close negative on the session.
Net on the day, the Dow was down 114.98 at 16,528.03. The S&P 500 was down 16.69 to 1872.18. The Nasdaq 100 was down 54.54 to 4274.58.
Advance-declines were negative by less than 400 issues, or 17 to 13 on New York Stock Exchange, and negative by only 50 issues, or 14 to 13 on Nasdaq. Up/down volume was 21 to 17 negative on New York, with total volume of 3.8 billion shares. Nasdaq traded a little over 1 3/4 billion shares, and had a 11 to 6 negative volume ratio.
TheTechTrader.com board was very mixed today. Leading the way to the downside were the large-cap stocks. Priceline down 10.75 to 1248.64, Google Inc. (GOOG), actually the leader of the pack, down 12.13, Apple Inc. (AAPL) down just 53 cents to 112.76, Amazon.com Inc. (AMZN) 5.12 to 512.89, and Netflix, Inc. (NFLX) 2.60 to 115.03.
Tesla Motors, Inc. (TSLA) managed to eke out a little gain here, up 58 cents to 249.06.
Point-plus losers included Bristol-Myers Squibb Company (BMY), down 1.14 to 59.47, CyberArk Software, Ltd. (CYBR) down 1.33 to 51.05, Esperion Therapeutics, Inc. (ESPR) down 4.56 to 47.95, and Facebook, Inc. (FB) 1.58 to 89.43.
In addition, FireEye, Inc. (FEYE), in a weak cyber group, was down 1.41 to 37.78, GoPro, Inc. (GPRO) lost 1.59 to 46.59, Juno Therapeutics Inc. (JUNO), in a soft biotech group, 1.67 to 36.31, NewLink Genetics Corporation (NLNK) 2.84 to 44.91, along with Radius Health, Inc. (RDUS) 3.18 to 60.86 and Teladoc, Inc. (TDOC) 1.98 to 25.74.
There were some fractional gainers, by nothing to speak of.
Checking the TheTechTrader.com percent-gain leaderboard, BioLife Solutions, Inc. (BLFS) ran up to 4.18 in the morning, but pulled back and closed up 72 cents to 2.75, or 35 1/2%, on 12.8 million shares. American Superconductor Corporation (AMSC), on a contract with Inox, ran 78 cents to 5.45, or 17%.
Axion Power International Inc. (AXPW) was unbelievable today, exploding 1.49 to 2.55, or 141%, on 9.6 million shares, and traded as high as 3.85 at one point in the day. Arch Coal Inc. (ACI) was another 1.10 higher to 9.31, or 14%, on 9.7 million shares.
The Medicines Company (MDCO), which we traded today, popped 7.36 to 41.00, or 22%, on 16.7 million shares.
Oil was up about another 9% today. The ProShares Ultra Bloomberg Crude Oil (UCO) thrust 3.15 to 27.20, or 13%. Oasis Petroleum Inc. (OAS) ran 1.17 to 11.16, or 12%, Basic Energy Services, Inc. (BAS) gained 51 cents to 5.21, or 11%, on 7 million shares.
Among other gainers, Heron Therapeutics, Inc. (HRTX) was up 3.00 to 38.46, Global Blood Therapeutics, Inc. (GBT) up 4.05 to 49.49, and Whiting Petroleum Corp. (WLL) 1.73 to 19.33 rounded out the gainers today.
Stepping back and reviewing the hourly chart patterns, the indices were down early, up by midday, back down in the afternoon, made lower lows on the NDX, but not so on the S&P 500. The S&P 500 managed to hold key support now at 1965-66.
We'll see if that holds tomorrow as well.
Good Trading!
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