Harry Boxer
The Technical Trader
The stock market indices had a difficult session, particularly in the blue chips. The day started off with a dip, then a rally to new highs on the Nasdaq 100, but the S&P 500 failed to confirm. Midday when the indices firmed up a little, the Nasdaq 100 made several new minor highs, reaching 4293, but when the S&P 500 continued to fail to confirm, they rolled over with the blue chips closing with deep losses to end the week.
Net on the day, the Dow was down 141.38 at 17,672.60. The S&P 500 was down 11.33 at 2051.82, a point off the low. But the Nasdaq 100 was up 7.78 at 4278.14, 14 points off its high.
Advance-declines were 330 issues lower on the New York Stock Exchange, and 310 issues lower on Nasdaq. So, there were some distinct negative technicals today. Up/down volume was 2 to 1 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 1.6 billion shares, and had a 9 to 7 positive plurality.
TheTechTrader.com board was mostly green. Leading the way to the upside, Google Inc. (GOOG) was up 5.56 to 539.95, Apple Inc. (AAPL) up just 58 cents to 112.98, Amazon.com Inc. (AMZN) 2.07 to 312.39, and Netflix, Inc. (NFLX) 9.01 to 437.45. Priceline.com Incorporated (PCLN), however, was down a whopping 11.69 to 1037.99.
Pharmacyclics Inc. (PCYC) ran 2.59 to 158.55, Vipshop Holdings Limited (VIPS) gained 90 cents to 22.89, but Tesla Motors, Inc. (TSLA) was down 33 cents to 201.29.
GoPro, Inc. (GPRO) was up 4.16 to 52.51, FireEye, Inc. (FEYE) up 1.39 to 34.93, Infinera Corporation (INFN), on earnings, 2.59 to 16.99, and NXP Semiconductors NV (NXPI) 1.17 to 80.23.
On the downside, besides Priceline, Ambarella, Inc. (AMBA) was down 1.92 to 56.48.
Checking the TheTechTrader.com percent-gain leaderboard, Array BioPharma, Inc. (ARRY) led the way today, up 2.06 to 7.11, or 41%, on 36 million shares. Egalet Corporation (EGLT), which we traded, ran as high as 10.32 midday, before pulling back and closing at 8.54, up 2.43, or 40%.
Vitae Pharmaceuticals, Inc. (VTAE) ran 3.00 to 14.95, or 25%, on 1.8 million shares, 600% more volume than average. Covenant Transportation Group, Inc. (CVTI) spiked and ran up and down all day, closing up 3.32 to 28.17, or 13%. Otonomy, Inc. (OTIC) gained 3.59 to 32.93, or 12%, on 1.3 million shares.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) climbed 1.14 to 8.77, or 15%, on 10 million shares. The Direxion Daily Gold Miners Bear 3X Shrs (DUST) ran 1.05 to 13.29, or 9%, on 11 million shares.
Among other gainers, Pandora Media, Inc. (P) was up 1.65 to 17.57, Straight Path Communications Inc. (STRP) up 1.70 to 19.75, WBAI (WBAI) 1.53 to 17.76, E*TRADE Financial Corporation (ETFC), on earnings, 1.91 to 24.56, Inphi Corporation (IPHI) 1.56 to 20.50, and Starbucks Corporation (SBUX) 5.48 to 88.22.
Stepping back and reviewing the hourly chart patterns, the S&P 500 was decidedly weak and non-confirming the new NDX rally highs, and as a result, they had a late sell-off for a Friday close.
Let's see if Monday they follow through to the downside or the is just Friday afternoon profit-taking.
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
AUD/USD dips below 0.6600 following RBA’s decision
The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the RBA's monetary policy decision to keep rates unchanged. However, it was perceived as a dovish decision. As Wednesday's Asian session began, the AUD/USD trades near 0.6591.
EUR/USD lacks momentum, churns near 1.0750
EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction. Risk appetite was crimped on Tuesday after Fedspeak from key US Federal Reserve officials threw caution on hopes for approaching rate cuts from the Fed.
Gold wanes as US Dollar soars, unfazed by lower US yields
Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States would keep investors focused on Federal Reserve officials during the week after last Friday’s US employment report.
Democrats to introduce bill targeting crypto mixing services
Rep. Sean Casten revealed in a House hearing on Tuesday that Democrats are planning to issue a bill this week that would target crypto-mixing protocols. Democrats and Republicans also clashed over the SEC's recent action against crypto companies.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.