Harry Boxer
The Technical Trader
The stock market indices started the day and week out with a very choppy, consolidation-type day. In the afternoon they rallied to the morning highs, couldn't get through, rolled over and then sold off hard at the close, taking back all of the profits that were made during the session, and closing down on the day.
Net on the day, the Dow was down 11.61 at 18,116.04, about 90 points off the high. The S&P 500 was down 3.68 at 2104.42, 10 points its high. The Nasdaq 100 was down 12.99 at 4445.54, 11 points off its high.
Advance-declines were still 17 to 12 positive on the New York Stock Exchange, and only 180 issues positive on Nasdaq. Up/down volume was 19 to 12 positive on New York, with total volume of 3.1 billion shares. Nasdaq traded over 1.8 billion shares, and had a 4 to 3 negative volume ratio.
TheTechTrader.com board was quite mixed. Priceline.com Incorporated (PCLN) ran 2.01 to 1181.18, Apple Inc. (AAPL) climbed 1.31 to 127.21, were the only stocks in the large-cap sector that were positive today.
Cyber-Ark Software Ltd. (CYBR), which led the way today, jumped 6.20 to 54.89, or nearly 13%, on 4.8 million shares. GoPro, Inc. (GPRO) jumped 1.68 to 42.08, Amedisys Inc. (AMED) bounced 1.02 to 27.76.
On the downside, Google Inc. (GOOG) was down 1.55 to 558.81, Amazon.com Inc. (AMZN) down 3.38 to 375.11, and down 3.30 to 425.00.
Checking TheTechTrader.com percent-gain leaderboard, junior biotech Capnia, Inc. (CAPN) ran 94 cents to 6.31, or 17 1/2%, on 4.1 million shares, or 900% more volume than average and traded as high as 7.19 earlier in the day. Solar3D, Inc. (SLTD) climbed 47 cents to 3.62, or 15%, and Nuverra Environmental Solutions, Inc. (NES) thrust 52 cents to 3.78, or 16%.
RADA Electronic Industries Ltd. (RADA) bounced 1.21 to 2.90, or 72%, on 19.6 million shares. ImmunoGen, Inc. (IMGN) closed up 1.25 to 8.69, or 17%, on 10.6 million shares.
Calithera Biosciences, Inc. (CALA) climbed 2.99 to 18.74, or 19%, on 1 million shares, and ran as high as 19.75. Dynavax Technologies Corporation (DVAX) closed up 2.44 to 25.06, or 11%, on 1.5 million shares. TrueCar, Inc. (TRUE) climbed 1.87 to 19.24, or 11%, on 2 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, they rallied back, and then coiled all day. They tried to rally in the afternoon, only to get back up to the highs, but couldn't get through on the Nasdaq 100, but the S&P 500 made a lower high. They rolled over steadily into the last few minutes, and then got whacked on the closing bell. I'm not sure why, but it wasn't a good start to the week.
Let's see what happens tomorrow.
Good Trading!
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