Harry Boxer
The Technical Trader
The stock market indices had a mixed session and a very interesting volatile day. The day started out with a gap lower on Apple Inc. (AAPL) earnings, went down very sharply on the Nasdaq 100, dropping from 4450 down to 4380, about 70 points from top to bottom, they rallied back to 4409, pulled back to retest the low, made higher lows, went back to the highs again, but couldn’t get back through the 4410 range, and back off. Post FOMC they spurted up toward a retest. A pullback did about a .618 Fibonacci retracement, and they ran right back up to the gap, only to pullback right at the close. The S&P 500 actually pulled through the 4-day resistance highs, and made a nominal new high near 2100 today before falling back to 2095.
Net on the day, the Dow was up 51.23 at 18,042.55. The S&P 500 was up 3.45 at 2095.15, 4 point off the high, but 13 off the low. The Nasdaq was down 36.33 at 4416.63, 35 points off the low.
Advance-declines were nearly 3 to 1 positive on the New York Stock and 175 issues higher on the Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 11 to 8 positive volume ratio.
TheTechTrader.com board was narrowly mixed. Priceline Inc. (PCLN) was the only one of the Nasdaq Generals that was up today, and due in part because OpenTable, which is part of the PCLN Group, created an app making it easier to find local restaurants and entertainment. They were up 19.79 to 1353.74.
Google Inc. (GOOG) was down 2.30 to 705.84, Apple Inc. (AAPL), on earnings, down 6.53 to 97.83, Amazon.com Inc. (AMZN) down 10.31 to 606.57, and Netflix, Inc. (NFLX) down 1.39 to 91.04.
Baidu, Inc. (BIDU) lost just 30 cents to 187.95, Facebook, Inc. (FB) eked out 18 cents to the upside, while First Solar Inc. (FSLR) managed to pop 79 cents to 62.03.
Tesla Motors, Inc. (TSLA) lost 2.27 to 251.47.
Some of our swing trades did great today. With oil up today CONSOL Energy Inc. (CNX) was up 1.53 to 15.69, Targa Resources Corp. (TRGP) up 2.36 to 40.46, Stratasys Ltd. (SSYS) 1.13 to 27.13, and Cynosure, Inc. (CYNO) had a swing trade put on it today and bounced 1.19 to 50.79.
Losers of note included the Direxion Daily S&P Biotech Bull 3X ETF (LABU), down 1.17 to 33.00, although the low was 31.80 today, and Universal Display Corp. (OLED) gave back 1.48 to 60.01.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Legacy Reserves (LGCY) advanced 73 cents to 3.64, or 25%, on 10 million shares. Bonanza Creek Energy, Inc. (BCEI) climbed 51 cents to 4.23, or 14%, on 9.7 million shares.
Sonus Networks, Inc. (SONS), which we traded today, gained 1.10 to 8.36, or 15%, on 1.8 million shares.
Barracuda Networks, Inc. (CUDA) bumped up 2.63 to 18.18, or 17%, on 3.5 million shares. Nanometrics Incorporated (NANO) closed up 2.11 to 17.85, or 13%. Energy Transfer Equity, L.P. (ETE) had a big day, up 1.50 to 13.29, or 13%, on 32 million shares. Cirrus Logic Inc. (CRUS) gained 4.20 to 38.11, or 12%, on 6 million shares. Boston Scientific Corporation (BSX) snapped back 2.20 to 21.89, or 11%, on 47 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply in the morning, up midday, they consolidated, ran after the FOMC meeting, and a 3-wave advance took the S&P 500 back near 2100 before backing off.
Let’s see what happens tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.