Mixed Picture to Start the Week
|The stock market indices started the week off with a pop, and then a very sharp drop. By midday, they reached their lows, and then rallied back at the end of the day and finished mixed.
Net on the day, the Dow was down 27.40 at 19,799.85, 75 points off the low. The S&P 500 was down 6.11 at 2265.20, 8 points off the low. The Nasdaq 100 was up 2.50 at 5065.70.
Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 16 to 11 1/2 negative the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume of 3 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had an 8 to 7 negative volume ratio.
TheTechTrader.com board was mixed. Priceline.com (PCLN) was up 9.88 to 1554.99, Alphabet Inc. (GOOG) up a whopping 14.29 to 819.31, Apple Inc. (AAPL) up 8 cents to 120.08, Amazon.com, Inc. (AMZN) 9.55 to 817.88, but Netflix, Inc. (NFLX) dropped 1.21 cents to 137.39.
Baidu, Inc. (BIDU) gained 2.47 to 175.91, Facebook, Inc. (FB) bounced 1.89 to 128.93, but First Solar, Inc. (FSLR) gave back 1.09 to 33.66.
Tesla Motors, Inc. (TSLA) jumped 4.19 to 248.92.
Other stocks to the upside included NVIDIA Corporation (NVDA), up 1.08 to 105.09, and Supernus Pharmaceuticals, Inc. (SUPN) up 1.25 to 24.70.
On the downside, the Direxion Daily S&P Biotech Bull 3X ETF (LABU) was down 1.35 to 35.92 in a weak biotech sector today.
Checking TheTechTrader.com percent-gain leaderboard, junior biotech Chimerix, Inc. (CMRX) popped 64 cents, or 13%, to 5.54, on 1.2 million shares traded.
Globus Maritime Limited (GLBS) gained 1.07, or 11%, to 10.776, on 5.8 million shares traded.
Gold did well today. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) advanced 84 cents, or 8%, to 10.98, on 56 million shares traded. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) ran 61 cents, or 7%, to 9.17, on 50 million shares traded.
Stepping back and reviewing the hourly chart patterns, the indices opened with a little pop, they came down hard to support, rallied back to retest support, and it was actually taken out slightly at the end of the day, but they closed mixed.
It’s hard to determine where the market is headed from here.
Let’s see what happens tomorrow.
Good Trading!
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