Harry Boxer
The Technical Trader
The stock market indices started the day and week off with a very negative down thrust. With futures lower premarket, they took that direction as well. A minor bounce ensued, and that was it. They then came down very hard before noon, tempted to rally, retested in the afternoon, making nominal new lows, but couldn't follow through to the downside, so they tried to rally again. The Nasdaq 100 bounced 20 points, but the S&P 500 only bounced 5 points, and then they pared back a little into the close.
Net on the day, the Dow was down 107.06 at 17,172.68, 13 points off the low. The S&P 500 was down 16.11 at 1994.29, 3 points off its low. The Nasdaq 100 was down 38.86 at 4061.23, 17 points off its low.
Advance-declines were more than 5 to 1 negative on the New York Stock Exchange, and more than 4 to 1 negative on Nasdaq. Up/down volume was more than 5 to 1 negative on New York, with total volume of 3 1/4 billion shares. Nasdaq traded 1.85 billion shares, and had a 5 to 1 negative volume ratio.
TheTechTrader.com board had a very negative day. Priceline.com Incorporated (PCLN) was down 20.33 to 1165.79, Google Inc. (GOOG) down 8.71 to 587.37,Amazon.com Inc. (AMZN) 6.81 to 324.51, and Netflix, Inc. (NFLX) down a whopping 14.74 to 442.78. However, Apple Inc. (AAPL) managed to gain 11 cents to 101.06.
Pharmacyclics Inc. (PCYC) lows 3.58 to 119.94, Tesla Motors, Inc. (TSLA) lost 9.29 to 250.03, and Vipshop Holdings Limited (VIPS) dropped 8.32 to 200.68.
Twitter, Inc. lost 1.06 to 51.94, and Facebook, Inc. (FB) gave back 1.11 to 76.80.
The solar stocks were weak today. First Solar, Inc. (FSLR) was down 3.70 to 67.17, SolarCity Corporation (SCTY) down 3.77 to 60.84, SunPower Corporation (SPWR) 1.76 to 34.92, and Canadian Solar Inc. (CSIQ) 1.59 to 37.60.
Royal Gold, Inc. (RGLD) gave back another 2.13 to 64.06.
On the upside, there were two standouts today. GoPro, Inc. (GPRO) ran 1.07 to 68.27, MOBILEYE N.V. (MBLY) gained 1.71 to 49.56.
Checking the TheTechTrader.com percent-gain leaderboard, ChinaNet Online Holdings, Inc. (CNET) was the standout today, up 1.24 to 3.20, or 63%, on 37.5 million shares.
ReWalk Robotics Ltd. (RWLK), after announcing the closing their IPO offering, thrust 3.94 to 31.72, or 14%, on 1.6 million shares, Tekmira Pharmaceuticals Corp. (TKMR) jumped 3.45 to 23.61, or 17%, on 13.5 million shares, after an FDA drug approval.
Among other gainers, Alcobra Ltd. (ADHD) advanced 2.81 to 20.26, and The Clorox Company (CLX) on takeover rumors, gained 6.66 to 97.23.
Ultra-shorts were strong today, with the ProShares Ultra VIX Short-Term Fut ETF (UVXY) up 1.60 to 24.56, the ProShares UltraPro Short Russell2000 (SRTY) up 1.63 to 4040, Direxion Daily Small Cap Bear 3X Shares (TZA) 63 cents to 15.78.
Stepping back and reviewing the hourly chart patterns, the indices gapped down at the opening, came down hard until just before the lunch hour, and tried to base out midday. They did rally in the afternoon, but pared back into the close, and finish weak at the start of the week.
Let's see what happens tomorrow.
Good Trading!
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