Harry Boxer
The Technical Trader
The stock market indices had a very choppy, mixed session. The day started out with a move to the downside, and then had a strong rally back to test resistance, making a nominal new highs on the S&P 500 and Dow.
Net on the day, the Dow was down 15.48 at 18,038.23, after reaching a nominal new high of 18,073.57. The S&P 500, after reaching a nominal new high of 2093.55, closed up 1.81 at 2090.58, 3 points off its high. The Nasdaq 100 was down 1.45 at 4312.64, 9 points off its high.
Advance-declines were 18 to 13 positive on the New York Stock Exchange, and 14 to 13 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 2.4 billion shares. Nasdaq traded 1.2 billion shares, and had a flat even volume ratio.
TheTechTrader.com board was mixed, but there were some point-plus gainers. Priceline.com Incorporated (PCLN) was up 3.82 to 1160.04, Amazon.com Inc. (AMZN) up 2.95 to 312.04, and Netflix, Inc. (NFLX) up 1.88 to 341.93, but Google Inc. (GOOG) lost 3.70, and Apple Inc. (AAPL) was down just pennies to 113.91.
Pharmacyclics Inc. (PCYC) lost 1.11 to 123.75, Tesla Motors, Inc. (TSLA) fell 2.11 to 225.71, and Vipshop Holdings Limited (VIPS) dropped just 68 cents to 19.28.
Agios Pharmaceuticals, Inc. (AGIO) jumped 1.17 to 115.60.
Advaxis, Inc. (ADXS), one of our swing trades that I recommended on Friday, up 1.03 to 9.00, reaching as high as 9.75 earlier in the day.
On the downside, GoPro, Inc. (GPRO) was down a whopping 4.49 to 64.74, Ambarella, Inc. (AMBA) down 1.90 to 54.04, Twitter, Inc. (TWTR) 1.18 to 36.42, and Splunk, Inc. (SPLK) 1.28 to 61.70.
Checking the TheTechTrader.com percent-gain leaderboard, China Jo-Jo Drugstores, Inc. (CJJD) ran to 2.85, before pulling back and closing at 2.61, up 57 cents, or 28%, on 1.3 million shares. Idera Pharmaceuticals, Inc. (IDRA) thrust 51 or cents to 4.50, or 13%, on 5 million shares.
Xenon Pharmaceuticals Inc. (XENE) gained 2.86 to 19.91, or 17%.
The Direxion Daily Russia Bear 3X ETF (RUSS) ran 6.13 to 29.77, or 26%, on 2.2 million shares, and traded over 30 at one point today.
Among other gainers, Amira Nature Foods Ltd. (ANFI) was up 1.57 to 14.48, Lakeland Industries Inc. (LAKE) up 1.04 to 10.09, Juno Therapeutics Inc. (JUNO) 5.48 to 54.21, Celladon Corporation (CLDN), one of our favorites, 1.44 to 20.56, The Habit Restaurants, Inc. (HABT) 2.15 to 35.34.
Stepping back and reviewing the hourly chart patterns, after a lower opening, the indices came back sharply on the S&P 500, but the Nasdaq 100 was less enthusiastic. The S&P 500 reached new all-time highs before noon, but the Nasdaq 100 not even taken out Friday's highs. They then sold off, retested, held support, and bounced, only to back off in the last ten minutes to give back a chunk of the gains to take the S&P 500 and Dow into negative territory. It's a crummy way to start the weak but the market seems tired in here.
Let's see what happens tomorrow.
Good Trading!
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