Harry Boxer
The Technical Trader
It was a blood bath on Wall Street, and the indices thrust to the downside from the get-go. They bounced around midmorning, and rolled over again in the afternoon. They had a late rally, but that fail back in the last half hour, closing near the session lows.
Net on the day, the Dow was down 268.05 at 17,533.15, 25 points off the low, still substantially lower, to say the least. The S&P 500 was down 33.68 at 2026.14, about 2 points off the low. The Nasdaq 100 was down 69.80 at 4224.87, 6 points off its low.
Advance-declines were 5 to 1 negative on the New York Stock Exchange, and 5 to 1 negative on Nasdaq. Up/down volume was 244 million shares up and 3.8 billion down on New York, with total volume of more than 4 billion shares. Nasdaq traded 1.8 billion shares, and had a 5 to 1 negative volume ratio.
TheTechTrader.com board was sharply lower. Many stocks, including the Nasdaq 100 stocks got hammered. Priceline.com Incorporated (PCLN) was down 19.66 to 1115.52, Google Inc. (GOOG) down 7.31 to 526.06, Apple Inc. (AAPL) down 2.17 to 111.95, Amazon.com Inc. (AMZN) 6.66 to 305.84, and Netflix, Inc. (NFLX) 9.46 to 334.32.
Pharmacyclics Inc. (PCYC) lost 4.19 to 135.51, Tesla Motors, Inc. (TSLA) dropped 7.05 to 209.84, and Vipshop Holdings Limited (VIPS) gave back 91 cents to 20.65.
ALIBABA GROUP HOLDING LTD (BABA) was down 3.60 to 103.88, GW Pharmaceuticals (GWPH) down 3.05 to 71.56, GoPro, Inc. (GPRO) 5.14 to 62.76, MOBILEYE N.V. (MBLY) 3.07 to 42.82, and Splunk, Inc. (SPLK) 3.09n to 59.52, along with many others.
There were a few gainers today. HEICO Corporation (HEI) ran 1.11 to 53.45, Lakeland Industries Inc. (LAKE) gained 53 cents to 11.76, Tekmira Pharmaceuticals Corp. (TKMR) advanced 55 cents to 14.70, and VASCO Data Security International (VDSI) climbed 52 cents to 28.02. All four of those gainers were substantially higher earlier in the day.
Checking the TheTechTrader.com percent-gain leaderboard, CYREN Ltd. (CYRN) ran all the way up to 2.67, before closing at 1.93, up 18 cents, or 11%, on 15.7 million shares.
Leading the way today, Calithera Biosciences, Inc. (CALA) advanced 3.95 to 17.17, or 30%. Novadaq Technologies Inc. (NVDQ) had a big day, up 2.46 to 16.87, or 17%, on 2 million shares.
The ProShares Ultra VIX Short-Term Fut ETF (UVXY) thrust 4.34 to 24.36, or 22%, on 20.7 million shares, and 25.00 in afterhours. That's a stock we traded very well today.
Among other gainers, Celladon Corporation (CLDN) was up 2.24 to 18.05, Xenon Pharmaceuticals Inc. (XENE) up 1.47 to 16.07, Kite Pharma, Inc. (KITE) 2.72 to 54.37, Otonomy, Inc. (OTIC) 3.12 to 35.38.
It was a very strong day for biotech stocks despite the market.
Analogic Corporation (ALOG), on earnings, ran 7.15 to 83.20, Isis Pharmaceuticals, Inc. (ISIS) popped 2.86 to 60.85, Ophthotech Corporation (OPHT) climbed 2.32 to 48.49, and Green Mountain Coffee Roasters, Inc. (GMCR) closed up 5.25 to 138.24.
The Direxion Daily Jr Gold Mnrs Bear 3X ETF (JDST) jumped 1.33 to 17.48. The Direxion Daily Gold Miners Bear 3X Shrs (DUST) popped 1.83 to 24.26.
The ProShares UltraShort DJ-UBS Crude Oil (SCO) was up 4.11 to 60.83, The iPath S&P 500 VIX ST Futures ETN (VXX) up 2.89 to 30.33, and the Direxion Daily Small Cap Bear 3X Shares (TZA) up 81 cents to 13.58.
Stepping back and reviewing the hourly chart patterns, the indices had a blood bath, with a 5-wave decline as they ended the day at the session lows. It was just as bad as it gets. The S&P 500 took out yesterday lows, but the Nasdaq 100 was just at those levels. 4218.20 was key support and they closed at 4226.
Let's see what happens tomorrow.
Good Trading!
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