Harry Boxer
The Technical Trader
The stock market indices had a very unusual session today, with a big gap up to new all-time highs on the S&P 500 at 2019.26. They then rolled over hard to 2006 and bounced to 2014, before pulling back sharply in the last 5 minutes and closing at down slightly. The Nasdaq 100 opened with a gap up, pulled back slightly, bounced to the highs for the day at 4118.91, rolled over, moved down in a 3 fashion-wave decline, bounced again, and eventually made its way up to 4150, before rolling over and closing at 4100, and change.
Net on the day, the Dow was up 13.75 at 17,279.74, and was hardly ahead as the rest of the market showed very negative technicals, not supporting the afternoon rally. The S&P 500 was .96 at 2010.40. The Nasdaq 100 was down 2.99 at 4100.09. The SPX held 2010 and the NDX held 4100.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 2 to 1 negative on Nasdaq. Up/down volume was almost 2 to 1 negative on New York, and Nasdaq had a more than 2 to 1 negative volume ratio. Heavy volume traded today as options tripled. New York Stock Exchange traded 4 1/2 billion shares, which may be a record, and Nasdaq traded 2.8 billion shares.
TheTechTrader.com board was very mixed today. Priceline.comIncorporated (PCLN) was down 11.08 to 1186.12, Google Inc. (GOOG) was up 6.81 to 596.08, Apple Inc. (AAPL) was nearly flat, Amazon.comInc. (AMZN) up 6.32 to 331.32, and
Netflix, Inc. (NFLX) gave back 1.49 to 457.52.
Pharmacyclics Inc. (PCYC) dropped 1.46 to 123.52, Tesla Motors, Inc. (TSLA) gave back 4.50 to 259.32, but Vipshop Holdings Limited (VIPS) ran 2.70 to 209.00.
Twitter, Inc. was up 2.12 to 53.00, Facebook, Inc. (FB) up 91 cents to 77.91, and GoPro, Inc. (GPRO) 87 cents to 67.20.
Other stocks on the downside included JD.com, Inc. (JD), down 1.20 to 28.35, SolarCity Corporation (SCTY) down 1.38 to 64.61, and Avanir Pharmaceuticals, Inc. (AVNR) down 64 cents to 11.04.
Checking the TheTechTrader.com percent-gain leaderboard, ChinaNet Online Holdings, Inc. (CNET), which exploded earlier in the session, ran all the way up to 2.70, and closed at 1.96, up 94 cents, or 92%, on 22.3 million shares. Conatus Pharmaceuticals Inc. (CNAT) popped 59 cents to 2.79, or 27%, on 5.3 million shares.
ALIBABA GROUP HOLDING LTD (BABA), a brand new IPO, definitely led the way today, up 25.89 to 93.89, or 38%, on 271.6 million shares. It came in at 68, ran up to 99.78, before it backed off to 90, but held it, and closed at 93.89.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) did well today, up 1.49 to 14.44, or 12%, on 3.8 million shares. The Direxion Daily Gold Miners Bear 3X Shrs (DUST) closed at 23.99, up 1.47, or 7%, on 5 million shares.
Among other gainers, Dresser-Rand Group Inc. (DRC), on a takeover, was up 6.88 to 79.91.
The ultra-shorts were very strong today. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 54 cents to 15.15.
Vertex Pharmaceuticals Incorporated (VRTX) ran 6.40 to 103.75, Emerge Energy Services LP (EMES) jumped 5.72 to 124.85.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening to new highs, they rolled over hard in a 5-wave decline midday, rallied in the afternoon, taking back 50% of their losses, but it lasted 5 minutes, and snapped back hard as Apple dropped sharply into the close.
Have a nice weekend!
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