Harry Boxer
The Technical Trader
The stock market indices opened strong and from there they went down all day, and down sharply. News out of Crimea and Russian-troop building made a lot of investors nervous today.
Net on the day, the Dow was down 231.19 at 16,108.89, 26 points off the low. The S&P 500 was down 21.86 at 1846.34, 5 points off the low. The Nasdaq 100 was down 55.57 at 3651.49, 15 points off the low.
Advance-declines were 2 to 1 negative on the New York Stock Exchange, and more than 3 1/2 to 1 negative on Nasdaq. Up/down volume was about 5 to 1 negative on New York, with total volume of 682 million shares. Nasdaq traded a little over 2 1/3 billion shares and had a 3 1/2 to 1 negative volume ratio.
TheTechTrader.com board was red across the board. Priceline.com Incorporated (PCLN) was down 32.85, Google Inc. (GOOG) down 18.24 to 1189.06, Apple Inc. (AAPL) down 5.96 to 530.65, Netflix, Inc. (NFLX) 6.52 to 430.06, International Business Machines Corporation (IBM) 2.32 to 183.90, and Goldman Sachs Group, Inc. (GS) 3.02 to 166.70.
Tesla Motors, Inc. (TSLA) gave back 3.70 to 347.79, Pharmacyclics Inc. (PCYC) lost 2.78 to 129.06, and Vipshop Holdings Limited (VIPS) dropped 6.01 to 149.18.
Facebook, Inc. (FB) lost 2.05 to 68.83.
Solars were weak with SolarCity Corporation (SCTY) down 4.42 to 74.08, Canadian Solar Inc. (CSIQ) down 1.11 to 33.07, and SunPower Corporation (SPWR) 1.14 to 31.79.
Checking the TheTechTrader.com percent-gain leaderboard, Venaxis, Inc. (APPY) popped 58 cents to 3.29, or 21%, on 9.6 million shares. Unilife Corporation (UNIS), on financing news, bounced 66 cents to 4.99, or 15%, on 4.4 million shares. Chelsea Therapeutics International Ltd. (CHTP) thrust 73 cents to 5.95, or 14%, on 11 million shares.
Dex Media, Inc. (DXM) gained a whopping 1.76 to 8.23, or 27%, on 1.6 million shares. Global Sources Ltd. (GSOL) advanced 1.31 to 8.07, or 19%. Plug Power Inc. (PLUG) was a standout, up 1.20 to 8.00, or 18%, in 131 million shares.
Tesaro, Inc. (TSRO) ran 8.38 to 38.86, or 28%, on 3.4 million shares. magicJack VocalTec Ltd. (CALL), on earnings, thrust 3.51 to 21.04, or 20%, on 5.3 million shares.
Other stocks of note includes ChinaCache International Holdings Ltd. (CCIH), up 3.05 to 27.36, DepoMed Inc. (DEPO) up 1.44 to 14.94, Williams-Sonoma Inc. (WSM), which we traded today, 5.77 to 64.74.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, retested resistance, and then rolled over hard the rest of the day. Only a midafternoon bounce prevented them from going straight down as well as a late bounce in the last 30 minutes that took the indices off the session lows. That bounce came off of key support at 3640 Nasdaq and near 1840 S&P 500.
Those levels need to be watched very closely tomorrow, because if they crack they could have a very steep slide here.
Good Trading!
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