Harry Boxer
The Technical Trader
The stock market indices had a very, very negative session starting the day out with huge gaps down, and then bounced and formed bear wedges all morning. They started to break in the afternoon, paused midday to consolidate, and went lower, sharply so. Only a last fifteen-minute rally prevented the markets from closing at the lows for the day.
Net on the day, the Dow was under 15,000 at 16058.35, down 469.68. The S&P 500 was down 58.33 to 1913.85. The Nasdaq 100 dropped 131.95 to 4142.63, a 3% drop today.
Advance-declines were more than 6 to 1 negative on New York. Up/down volume was 22, almost 23 to 1 negative on New York, with total volume 180 million up, and 4.15 billion down, 4 1/4 billion shares traded. Nasdaq traded about 2.2 billion shares, and had about an 11 to 1 negative volume ratio.
Very substantial, climatic-type numbers. The tick got to a minus 1270 at the end of the day before bouncing, so perhaps, it's important. It was a late bounce that could extend into tomorrow, but at the end of the day it was an ugly finish.
TheTechTrader.com board was red, to say the least. To the downside, Priceline was down 33.28 to 1215.36, Google Inc. (GOOG) down 20.46 to 597.79, Apple Inc. (AAPL) down 5.04 to 107.72, Amazon.com Inc. (AMZN) 16.35 to 496.54, and Netflix, Inc. (NFLX) 9.24 to 105.79.
Tesla Motors, Inc. (TSLA) got whacked for 10.43 to 238.63.
Other substantial losses. Teladoc, Inc. (TDOC) down 2.89 to 22.85, SolarCity Corporation (SCTY) down 2.12 to 46.16, Mobileye N.V. (MBLY) 2.25 to 54.31, Juno Therapeutics Inc. (JUNO) 2.04 to 34.27, GoPro, Inc. (GPRO) 2.90 to 43.69, Esperion Therapeutics, Inc. (ESPR) 1.01 to 46.94, Facebook, Inc. (FB) 2.20 to 87.23, in addition to many other multiple-point losses. There were only fractional gains for couple stocks on our board today.
Checking the TheTechTrader.com percent-gain leaderboard, there were a few substantial gainers, Trevena, Inc. (TRVN), on positive drug news, ran 3.09 to 9.09, or 51 1/2%, on 32 million shares, reaching as high as 10.64, 10,000% more volume than average. Lucas Energy, Inc. (LEI), exploded today on some financing news, up 1.27 to 4.24, or 43%, on 1.8 million shares.
The ProShares Ultra VIX Short-Term Futures (UVXY) was the star of the day, up 19.96 to 87.51, or 30%, on 22 million shares.
Among other gainers, NantKwest, Inc. (NK), with relative strength, closed near the session highs, up 1.43 to 18.55.
Manitex International, Inc. (MNTX) bounced 26.cents to 6.14. Lipocine Inc. (LPCN) climbed 87 cents to 15.59.
The Direxion Daily Russia Bear 3X ETF (RUSS) ran 7.44 to 43.40, or 21%, on over 1 million shares. The Direxion Daily FTSE China Bear 3X ETF (YANG) gained 16.70 to 135.39, or 14%. The ProShares UltraShort Bloomberg Crude Oil (SCO) climbed 10.45 to 88.75, or 13%, on 3.2 million shares, reaching as high as 90.04.
Stepping back and reviewing the hourly chart patterns, after gapping down and bouncing, the indices formed big bear wedges, and then stair-stepped their way lower until spiking down, with 15 minutes, to the lows for the day, before a late snapback prevented them from finishing at the lows. It was a nasty day.
Let's see how it goes tomorrow.
Good Trading!
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