Harry Boxer
The Technical Trader
The stock market indices started the day with a pullback in the morning, they held support, and then rallied in a 5-wave advance at which time they rolled over hard. In the last hour the market dropped from 4694 to 4676 before bouncing slightly on the Nasdaq 100. The S&P 500 went from 2133 to 2127, closing about 6 points off the low.
Net on the day, the Dow was up 13.96 at 18,100.41. The S&P 500 was up 1.64 at 2128.28. The Nasdaq 100 was up 18.08 at 4679.67, about 15 points off the high, and the technical were terrible.
Advance-declines were 21 to 9 1/2 negative on New York Stock Exchange and 19 to 8 negative on Nasdaq. Up/down volume was 22 to 9 negative on New York and Nasdaq had a 10 to 7 negative volume ratio.
It was a decidedly negative day, and as a result the market sold off late. They're long in the tooth, with a very long rally, taking the Nasdaq 100 from 4350 to 4694. With that kind of rally, without any major pullbacks, it would not be surprising to see one coming on this week. In any case, we'll see if the markets are able to withstand this late pullback and continue up tomorrow. Right now, it looks like they may go lower with earnings coming out. Earnings should have effect on the market one way or the other.
TheTechTrader.com board was mixed. Priceline.com (PCLN) was up 31.91 to 1247.91, Apple Inc. (AAPL) 2.45 to 132.07, and Amazon.com Inc. (AMZN) 5.09 to 488.10.
Tesla Motors, Inc. (TSLA) jumped 7.60 to 282.26.
GoPro, Inc. (GPRO) was up 4.16 to 60.80, Facebook, Inc. (FB) up 2.94 to 97.91, SolarCity Corporation (SCTY) up 3.62 to 55.77.
On the downside, Google Inc. (GOOG) lost 9.91 to 663.02, and Netflix, Inc. (NFLX) gave back 4.22 to 110.55.
In addition, Esperion Therapeutics, Inc. (ESPR) was down 2.14 to 96.77, Etsy, Inc. (ETSY) down 2.42 to 19.56, CyberArk Software, Ltd. (CYBR) down 1.88 to 54.98, Intra-Cellular Therapies, Inc. (ITCI) 3.27 to 30.10, Rapid7, Inc. (RPD) 2.18 to 21.10, and TASER International Inc. (TASR) 1.45 to 32.55.
It was a very, very mixed picture, but a troublesome picture.
Checking the TheTechTrader.com percent-gain leaderboard, Cellcom Israel Ltd. (CEL) advanced 87 cents to 5.87, or 17%.
Exelixis, Inc. (EXEL) gained 1.97 to 5.88, or 50%, on 74.3 million shares, 2200% more volume than average.
Anthera Pharmaceuticals, Inc. (ANTH) climbed 1.18 to 10.26, or 13%, on 4.7 million shares.
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) bounced 4.29 to 16.54, or 35%, on 7.6 million shares. The Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 8.68 to 35.42, or 33%, on 13.4 million shares. Both were day trades today.
Other gainers of note included Eros International (EROS), up 2.36 to 32.70, Cempra, Inc. (CEMP) up 2.88 to 44.94, FibroGen, Inc. (FGEN) 1.53 to 24.74, Hasbro Inc. (HAS) 4.90 to 83.15, and PayPal Holdings, Inc. (PYPL) 2.08 to 40.47.
Ambarella, Inc. (AMBA) had a very good day today, up 6.60 to 117.72.
Stepping back and reviewing the hourly chart patterns, the indices popped early, pulled back, the Nasdaq 100 holding better than the S&P 500, they both rallied into late afternoon, and when a 5-wave advance completed, they rolled over hard, but managed to bounce in the last five minutes.
Still, it was a very suspect session.
Let's see how it goes tomorrow.
Good Trading!
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