Disastrous, Negative Day

It was a Hillary-disaster day on Wall Street as the markets were already low in the morning and consolidating, but by midday when Hillary stated negative comments about drugs prices in this market, biotech’s, in particular, got crushed and took the market down. The Nasdaq 100 went from 4810 down to 4770, and the S&P 500 dropped from 2185 to 2171. They bounced back in the last ten minutes, but it was a very negative session on the day.

Net on the day, the Dow was down 65.82 at 18,481.48. The S&P 500 was down 11.46 at 2175.44. The Nasdaq 100 had a strong day, up 34.99 at 4783.49.

Advance-declines were nearly 3 to 1 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was almost 4 to 1 negative on New York, total volume of more than 3 billion shares traded. The Nasdaq traded 2 billion shares and had a 3 to 1 negative volume ratio, declining volume over advancing volume.

TheTechTrader.com board was red across the board. Priceline.com (PCLN) down 12.29 to 1410.18, Google Inc. (GOOG) down 2.44 to 769.64, Apple Inc. (AAPL) down 82 cents to 108.03, Amazon.com Inc. (AMZN) 5.20 to 757.25, Netflix, Inc. (NFLX) 76 cents to 95.18.

Baidu, Inc. (BIDU) dropped 2.00 to 171.49, Facebook, Inc. (FB) gave back 89 cents to 123.48, and First Solar, Inc. (FSLR) fell 13 to 37.32

Tesla Motors, Inc. (TSLA) closed down 2.22 to 222.62.

On the upside, there was nothing up as much as a point.

However, on the downside, biotech stocks were as ugly as they can get. Intrexon Corporation (XON) was down 2.98 to 26.29, Exact Sciences Corporation (EXAS) down 1.46 to 18.97, and ANI Pharmaceuticals, Inc. (ANIP) 2.50 to 64.71.

Acacia Communications, Inc. (ACIA) got whacked for 8.94 to 101.95.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) had a massive reversal day with a high of 47.13, a low of 38.95, and closing down 5.77 to 39.02.

Checking TheTechTrader.com percent-gain leaderboard, Top Ships Inc. (TOPS) bounced to 86 cents, or 23%, to 4.65, on 3.2 million shares traded.

Nymox Pharmaceutical Corporation (NYMX) exploded off of positive prostate drug news, up 2.02 or 83%, to 4.45, on 11.5 million shares traded, and shot up to 5.00 after hours.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) also had a fantastic day, up 1.21, or 25%, to 6.13, on 16 million shares traded.

Craft Brew Alliance, Inc. (BREW) jumped 3.25, or 23%, to 17.71, on 1.4 million shares traded. Lannett Company, Inc. (LCI) advanced 4.43, or 14%, to 36.75, on 7.2 million shares traded on a strong earnings report.

Stepping back and reviewing the hourly chart patterns, after opening lower and trying to bounce in a 5-wave decline, the indices went even lower and had a very sharp selloff in the afternoon. They bounced in the last ten minutes. If it hadn’t been for the last ten minutes, it would have been as negative as it can get. 

Let’s see if there’s any follow-through tomorrow.

Good Trading!