Harry Boxer
The Technical Trader
The stock market indices had an interesting, but volatile session today, coming down sharply at the opening, testing support, and when that held they rallied to midday. They pulled back in the afternoon, backed and filled, and finished not far from all-time highs on the Nasdaq 100. Although the S&P 500 failed, it did make a run at it earlier in the day.
Net on the day, the Dow was up 32.60 at 20,775.60. The S&P 500 was down 2.56 at 2362.82. The Nasdaq 100 was up 1.41 at 5352.13, just a couple points off the highs.
Advance-declines were 16 to 13 negative on the New York Stock Exchange, and 17 to 11 negative the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 3.4 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 5 to 4 negative volume ratio.
TheTechTrader.com board was mixed, but there were more stocks down than up, and looked like a potential distribution day. Priceline.com (PCLN) was up 4.74 to 1651.74, Apple Inc. (AAPL) up 37 cents to 137.07, and Netflix, Inc. (NFLX) up 1.26 to 143.86, but Alphabet Inc. (GOOG) was dropped 90 cents to 830.76, and Amazon.com, Inc. (AMZN) gave back 83 cents to 855.61.
Baidu, Inc. (BIDU) gained 39 cents to 186.01, Facebook, Inc. (FB) popped 2.40 to 136.12, and First Solar, Inc. (FSLR) closed down 3.06 to 33.56.
Tesla Motors, Inc. (TSLA) lost 3.88 to 274.51.
Achaogen, Inc. (AKAO) popped 1.07 to 23.62 to new all-time highs.
On the downside, it was a very typical day for biotech’s. Esperion Therapeutics, Inc. (ESPR) was down 1.89 to 22.53, Editas Medicine Inc. (EDIT) down 3.67 to 23.60, Cemtrex Inc. (CETX), on a negative article, down 1.72 to 3.40, with a low of 2.76, but in afterhours it’s trading at 3.60.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) fell 2.45 to 45.59.
Checking TheTechTrader.com percent-gain leaderboard, Microbot Medical Inc. (MBOT) exploded 2.37, or 46%, to 7.50, reaching as high as 9.94, on nearly 20 million shares traded, or 6500% more volume than average. KBS Fashion Group Limited (KBSF) bounced 1.29, or 23%, to 6.90.
Lantheus Holdings, Inc. (LNTH) ran 2.80, or 30%, to 12.15, on 1.8 million shares traded. Gravity Co., Ltd (GRVY) thrust 6.16, or 21%, to 35.58, on less than 100K shares today. Emerge Energy Services (EMES) gained 3.02, or 15%, to 23.49, on 1.3 million shares traded.
Stepping back and reviewing the hourly chart patterns, the indices started out with a thud to the downside, held support, rallied midday, pulled back to retest in the afternoon, and firmed up near the close to close mixed.
Let’s see what happens tomorrow.
Good Trading!
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