Harry Boxer
The Technical Trader
The stock market indices, certainly in earnest, stepped lower with big gaps to the downside this morning. They rallied sharply right to resistance, rolled over even harder, and spiked down to 3945 Nasdaq 100, and 1974 S&P 500. Then they rallied midday, backed and filled in the afternoon, but couldn't make any headway, although the last 20 minutes, or so, it did have a nice little spike into the close to pare back losses.
Net on the day, the Dow was down 123.23 at 16,960.57. The S&P 500 was down 9.64 at 1978.34. The Nasdaq 100 was down 18.02 at 3965.16, 20 points off the low and 5 points off the high.
Advance-declines were 2 to 1 negative on the New York Stock Exchange, and 2 to 1 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of 850 million shares. Nasdaq traded 1.6 billion shares, and had a 2 to 1 negative volume ratio.
TheTechTrader.com board was mixed today. Priceline.com Incorporated (PCLN) was down 8.95 to 1227.78, Google Inc. (GOOG) down 4.33 to 589.02, Amazon.com Inc. (AMZN) down a whopping 34.71 to 323.90, Netflix, Inc. (NFLX) 3.52 to 421.86. Apple Inc. (AAPL) managed to keep its head above water by 64 cents to 97.67.
Pharmacyclics Inc. (PCYC) and Tesla Motors, Inc. (TSLA) hang in there by pennies, and was down only 3 cents to 213.49.
Twitter, Inc. was down 55 cents to 38.16, and Facebook, Inc. (FB) was up 22 cents to 75.20.
On the upside, Royal Gold, Inc. (RGLD), in a very strong gold sector today, and one of our swing trades, was up 1.57 to 78.07.
Most of the other stocks on our board were fractional gainers today. First Solar, Inc. (FSLR) advanced 75 cents to 64.05, and SolarCity Corporation (SCTY) managed to gain 41 cents to 72.57.
Checking the TheTechTrader.com percent-gain leaderboard, by far the new issue EL POLLO LOCO HOLDINGS, INC. (LOCO) was the big story of the day. It opened at 18.48, spiked up to 24.40, and then pulled back to 24.03, up 9.03, or 60.2%, on 23.5 million shares. Datalink Corporation (DTLK), on good earnings, ran 2.01 to 11.97, or 20%, on nearly a million shares. Hydrogenics Corporation (HYGS), which we traded today, gained 3.19 to 21.33, or 17 1/2%.
Mellanox Technologies, Ltd. (MLNX), which we traded today, up 6.83 to 44.49, or 18%, on 4.5 million shares. Acacia Research Corporation (ACTG) thrust 2.51 to 17.49, or 17%, on 1.4 million shares. Qlik Technologies, Inc. (QLIK) jumped 3.44 to 26.83, or 15%, on 9.1 million shares. SolarWinds, Inc. (SWI) moved up 4.72 to 44.28, or 12%, on 1.4 million shares.
Among other gainers, VeriSign, Inc. (VRSN) was up 5.76 to 55.59, Galectin Therapeutics, Inc. (GALT) up 1.60 to 15.32, Baidu, Inc. (BIDU), which we traded today, up 22.23, or 226.50, HomeAway, Inc. (AWAY) 2.92 to 35.57, Abaxis, Inc. (ABAX) 3.80 to 45.88.
In addition, Tenet Healthcare Corp. (THC) 4.39 to 53.61, Ctrip.com International Ltd. (CTRP) 4.78 to 67.00, YY Inc. (YY) 5.10 to 79.25, and Universal Health Services Inc. (UHS) 6.69 to 104.23.
Zillow, Inc. (Z) popped 13.10 to 158.86, on rumors of a takeover by Trulia, Inc. (TRLA) up 2.61 to 56.35.
The Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) thrust 2.92 to 26.74, and the ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) climbed 3.51 to 47.16.
Stepping back and reviewing the hourly chart patterns, the indices gapped down sharply at the opening, bounced around, took back about a third of their losses, and then rolled over to even steeper losses, before bouncing midday, and backing and filling in the afternoon.
Keep pointing at the indices as this market can come down much more substantially after it breaks today's low
We'll be watching them on Monday.
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
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.