Harry Boxer
The Technical Trader
The stock market indices had a tough session to start the week, down across the board. The day started out with a pop to the upside, and then they immediately sold off in a 3-wave decline to mid-session. They bounced around, and held the lows on the Nasdaq 100, while the S&P 500 made a slightly higher low, and then they rallied to early afternoon, snapping back about two-thirds of the losses, but they couldn't maintain that. When resistance thwarted the advance, they then rolled over again, the S&P 500 closing right on its low, but the Nasdaq 100 closed about 10 points off its low.
Net on the day, the Dow was down 78.57 at 17,719.32. The S&P 500 was down 9.70 to 2080.41, the exact print low. The Nasdaq 100 was down 15.96 to 4664.51.
Advance-declines were 417 issues negative on New York Stock Exchange and less than 180, or so, issues negative on Nasdaq. Up/down volume was decidedly negative by 3 to 2 on New York, with total volume of 4 billion shares. Nasdaq traded 1.2 billion shares, and had a 4 to 3 positive volume ratio.
TheTechTrader.com board was very mixed. Priceline.com (PCLN) was the lone standout in the Nasdaq 100 stocks, up 3.86 to 1248.85, and Apple Inc. (AAPL) managed to gain 54 cents to 118.30 on Black Friday sales, but Google Inc. (GOOG) was down 7.66 to 742.60, Amazon.com Inc. (AMZN) down 8.46 to 664.80, and Netflix, Inc. (NFLX) down 2.11 to 123.33.
Tesla Motors, Inc. (TSLA) lost 1.35 to 230.26, but Baidu, Inc. (BIDU) had a big day today, closing up 12.39 to 217.97, or 6%, on 20 million shares traded. Many of the Chinese stocks were up today. However, BIDU was trading three points lower in after hours.
Stocks on the downside proved biotech's did not have a good day. Cellectis S.A. (CLLS) was down 1.03 to 33.09, NewLink Genetics Corporation (NLNK) down 1.82 to 36.60, Prothena Corporation (PRTA) down 4.77 to 70.54 in the biotech sector.
Checking the TheTechTrader.com percent-gain leaderboard, Anavex Life Sciences Corp. (AVXL) advanced 99 cents to 6.99, or 16 1/2%, on 20 million shares, and traded as high as 8.14 at one point in the day. Geron Corporation (GERN) climbed 61 cents to 5.10, or 14%, on 9.4 million shares. Novavax, Inc. (NVAX) thrust 76 cents to 8.56, or 10%, on 8.1 million shares.
Harvard Apparatus Regenerative Technology, Inc. (HART) gained 1.05 to 3.25, or 48%, on 18 million shares, 2800% increase in volume. Hi-Crush Partners LP (HCLP) nearly ran straight up to 8.40, pulled back, but still closed up 1.47 to 7.75, or 23%. Oramed Pharmaceuticals Inc. (ORMP) nearly opened at the 10.74 high before stair-stepping its way down to 9.10, up 1.35, or 17%, on 3 million shares.
Other gainers of note included Axovant Sciences Ltd. (AXON), up 1.70 to 18.98, ITC Holdings Corp. (ITC) up 3.13 to 36.88, Nevro Corp. (NVRO) 5.52 to 60.38, Ambarella, Inc. (AMBA) 4.34 to 62.81, Dynavax Technologies Corporation (DVAX) 1.66 to 27.89, and Cirrus Logic Inc. (CRUS) 2.72 to 33.06.
Stepping back and reviewing the hourly chart patterns, the indices were up right at the opening, they sold off to midday, rallied in early afternoon, but sold back off into the close to finish with the blue chips near the session lows.
Let's see how it goes tomorrow.
Good Trading!
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