Harry Boxer
The Technical Trader
The stock market indices were down today, but all the losses were achieved in the first 20 minutes, when they gapped down. They then started a 5-wave rally back, nearly taking back all of the losses on the Nasdaq 100, but not so on the S&P 500. The afternoon was spent in a 3-wave corrective pullback, and late in the session in the last half hour they came on again.
Net on the day, the Dow was down 42.44 at 17,079.57, about 80 points off the low. The S&P 500 was down 3.38 at 1996.74, about 6 1/2 points off its low. The Nasdaq 100 was down 6.90 at 4066.27, a good 12 points off its low.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and almost 2 to 1 negative on Nasdaq. Up/down volume was less than 3 to 2 negative on New York, with total volume of 469 million shares. Nasdaq traded 1 1/4 billion shares, and had a pretty much flat, declining slightly over advancing volume.
TheTechTrader.com board was mostly red today. Priceline.com Incorporated (PCLN) was down 10.06 to 1250.71, Google Inc. (GOOG) down 1.80 to 569.20, and Amazon.com Inc. (AMZN) 3.16 to 340.02. Apple Inc. (AAPL) missed the downside by 12 cents, and Netflix, Inc. (NFLX) managed to be in the green by cents.
Pharmacyclics Inc. (PCYC) gained 89 cents to 123.95, and Tesla Motors, Inc. (TSLA) climbed 61 cents to 263.86, but Vipshop Holdings Limited (VIPS) was down a whopping 5.15 to 208.96.
Royal Gold, Inc. (RGLD) was up 1.39 to 76.45, Twitter (TWTR) up 1.37 to 49.43, and GoPro, Inc. (GPRO) had an exceptional day, up 3.40 to 48.90, with a 49.86 high today.
On the downside, SolarCity Corporation (SCTY) lost 1.25 to 68.63, and JD.com, Inc. (JD) dropped 1.20 to 31.44.
Checking the TheTechTrader.com percent-gain leaderboard, a lot of stocks we traded did well today. On Track Innovations Ltd. (OTIV) popped 54 cents to 2.85, or 24%, on 3.3 million shares. TrovaGene, Inc. (TROV), a developer of cell-free molecular diagnostics, gained 77 cents, or 6.01, or 15%.
SGOCO Group, Ltd. (SGOC), after they announced it launched a new online sales platform, advanced 1.23 to 2.84, or 76%, on 8.6 million shares, and traded as high as 3.22 today.
Digital Ally Inc. (DGLY) which makes video surveillance technology for police departments, surged 4.19 to 15.68, or 37%, on 13 million shares. It had a high of 15.82 earlier in the day. Repros Therapeutics Inc. (RPRX), on drug news, closed up 3.37 to 21.58, or 19%.
Among other gainers, EZchip Semiconductor Ltd. (EZCH) was up 2.65 to 27.96, OncoMed Pharmaceuticals, Inc. (OMED) up 1.95 to 21.58, BioFuel Energy Corp. (BIOF), one of our favorites, 1.09 to 12.31, Constellium N.V (CSTM) 1.71 to 29.41, Tekmira Pharmaceuticals Corp. (TKMR) 1.01 to 20.76, U.S. Silica Holdings, Inc. (SLCA) 2.72 to 70.72.
Spansion Inc. (CODE) climbed 99 cents to 21.60.
ServiceSource International, Inc. (SREV) bounced 26 cents to 3.84, Amicus Therapeutics, Inc. (FOLD) advanced 43 cents to 7.27, and IGI, Laboratories, Inc. (IG), one of our swing trades, thrust 37 cents to 6.79.
ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT) jumped 1.74 to 44.70.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, had a 5-wave advance, a 3-wave pullback, and then rallied to the close, before the last 5-minute pullback.
It was a losing day, but not as bad as it could have been based on the early action.
Let's see what happens tomorrow.
Good Trading!
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