Harry Boxer
The Technical Trader
The stock market indices had a rough session starting out with a pop to the upside, and in testing key overhead resistance, they rolled over hard by midmorning, and reached an important support level and bounced. A 5-wave rally ensued. They couldn't get near the highs and rolled over in the afternoon in a 3-wave decline that finished the indices at the lows for the day going away.
Net on the day, the Dow was down 70.48 at 16,912.11. The S&P 500 was down 8.96 at 1969.95.
The Nasdaq 100 was down 8.21 at 3959.03.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and barely positive on Nasdaq. Up/down volume was more than 2 to 1 negative on New York, with total volume of 620 million shares. Nasdaq traded over 2 billion shares, and had an 11 to 9 positive volume ratio.
Heavy volume to the downside is not a good sign.
TheTechTrader.com board was mixed, but the only large-cap stock to the upside was Priceline.com Incorporated (PCLN), up 7.32 to 1246.61.
Pharmacyclics Inc. (PCYC), which we traded today, jumped 16.25 to 124.75, and Tesla Motors, Inc. (TSLA) gained just 19 cents to 225.01.
SolarCity Corporation (SCTY) was up 1.90 to 73.75, InterMune Inc. (ITMN) up 1.22 to 45.57, and Twitter, Inc., on earnings in afterhours, is up 10.00 to 48.49.
On the downside, Google Inc. (GOOG) was down 48.49 to 585.61, Apple Inc. (AAPL) down 64 cents to 98.38, Amazon.com Inc. (AMZN) down 41 cents to 320.00, and Netflix, Inc. (NFLX) 38 cents to 424.28. International Business Machines Corporation (IBM) dropped 1.21 to 194.57.
Vipshop Holdings Limited (VIPS) lost 3.56 to 211.92.
Facebook, Inc. (FB) gave back another 1.21 to 73.71, and Canadian Solar Inc. (CSIQ) closed down 1.82 to 25.94.
Checking the TheTechTrader.com percent-gain leaderboard, Synthetic Biologics Inc. (SYN) was the winner today, up 50 cents to 1.96, or 35%, on 4.8 million shares. Camtek Ltd. (CAMT) popped 51 cents to 3.94, or 15%, on 6.3 million shares. Frontier Communications Corporation (FTR) bounced 85 cents to 6.97, or 14%, on 124 million shares.
PGT, Inc. (PGTI) ran 2.02 to 9.41, or 27%, on 3.4 million shares.
Cynosure, Inc. (CYNO) moved up 3.21 to 22.15, or 17%, on 1 million shares.
Among other gainers, Synchronoss Technologies, Inc. (SNCR) was up 5.06, AMAG Pharmaceuticals, Inc. (AMAG), Cognex Corporation (CGNX) 5.31 to 43.11, Puma Biotechnology, Inc. (PBYI) 24.19 to 224.24, and IPG Photonics Corporation (IPGP) 8.21 to 71.16.
In addition, Arrowhead Research Corp. (ARWR) was up 1.23 to 11.95, Integrated Device Technology, Inc. (IDTI) 1.48 to 15.01, Masco Corporation (MAS) 1.44 to 21.71, Cliffs Natural Resources Inc. (CLF) 1.03 to 17.62, DineEquity, Inc. (DIN) 4.74 to 83.50, 3D Systems Corp. (DDD) 2.71 to 54.71, GW Pharmaceuticals (GWPH) 4.04 to 88.55.
BioFuel Energy Corp. (BIOF), a swing trade of ours, climbed 67 cents to 9.87.
Stepping back and reviewing the hourly chart patterns, the indices opened with a strong move to the upside, reaching 3984 Nasdaq 100, and then dropping sharply to 3957, snapping back to 3980, but then backing off to 3959. The S&P 500 was worse. It popped up early to 1985 resistance, then pulled back to support at 1973, rallied midday to 1982, but closed at 1970.
It was a tough day for the market. We'll see what kind of follow-through we get tomorrow.
Good Trading!
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