Harry Boxer
The Technical Trader
The stock market indices had another mixed session today as it continues to consolidate the big gains, and still remaining in consolidation, coiling-type patterns, which they've been in over the last three sessions. They did reach and retest the Friday high up around the 4645-46 area on the Nasdaq 100. The S&P 500, however, trailed that, and is in a down channel. Late in the day, though, that channel was tested, and closed near the afternoon rally highs, but certainly off the session highs.
Net on the day, the Dow was down 41.62 at 17,581.43, about 40 points off the low. The S&P 500 was down 5.29 to 2065.89, 7 points off its low. The Nasdaq 100 was up 8.39 to 4639.23, 22 points off its low.
Advance-declines were 3 to 1 negative on New York Stock Exchange and 2 1/2 to 1 negative on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, with total volume of 4.1 billion shares. Nasdaq traded 1.9 billion shares, and had a 2 to 1 negative, volume ratio, declining volume over advancing volume, with about 1100 stocks down than up on Nasdaq.
TheTechTrader.com board was mixed, however there were many gainers. Amazon.com Inc. (AMZN) ran 2.40 to 611.01 and Netflix, Inc. (NFLX) closed flat, up just 3 cents to 103.07.
Biotech's were very strong today. Bristol-Myers Squibb Company (BMY) was up 2.25 to 66.80, Intra-Cellular Therapies, Inc. (ITCI) up 2.16 to 49.37, Heron Therapeutics, Inc. (HRTX) 1.85 to 24.32, Juno Therapeutics Inc. (JUNO) 3.01 to 52.99, Prothena Corporation plc (PRTA) 1.84 to 51.95.
NewLink Genetics Corporation (NLNK) gained 1.64 to 38.56 today.
On the downside, Priceline Inc. (PCLN) was down 13.04 to 1403.28, 7 points off the low, Google Inc. (GOOG) down 4.29 to 708.49, and Apple Inc. (AAPL) just 73 cents to 114.55, but in afterhours its up nearly 4 points on a strong earnings report.
Tesla Motors, Inc. (TSLA) lost 4.91 to 210.35, about 3 points off its low.
Mobileye N.V. (MBLY) continues to be weak, down 1.76 to 43.74.
Solar stocks were also weak today. First Solar, Inc. (FSLR) dropped 1.41 to 49.16, Canadian Solar Inc. (CSIQ) lost 1.01 to 20.65.
Checking the TheTechTrader.com percent-gain leaderboard, biotech's continued to be strong among percent gainers as well today. Agios Pharmaceuticals, Inc. (AGIO) had a big session today, up 16.09 to 80.94, or 25%, on 2 million shares. NovoCure Limited (NVCR) thrust 3.29 to 23.87, or 16%, on 1 million shares, trading 2 points higher earlier. Isis Pharmaceuticals, Inc. (ISIS) advanced 5.29 to 51.90, or 11%, on 2.6 million shares. Cempra, Inc. (CEMP) ran straight up this morning and stayed up all day, closing at 20.09, up 1.90, or 10%, on 2.1 million shares. Dermira, Inc. (DERM) popped 2.40 to 29.49, or 9%.
Among other gainers, Starwood Hotels & Resorts Worldwide Inc. (HOT) was up 6.26 to 74.81, on takeover rumors by Chinese, and Franklin Electric Co., Inc. (FELE) up 4.81 to 32.54, were among too numerous stocks to mention.
Stepping back and reviewing the hourly chart patterns, the indices dipped at the opening, surged back to test resistance, came down in the morning, and then snapped back to the morning highs before rolling over in a 5-wave decline by midday. At that point, after holding key support, the indices rallied back in an orderly rising channel, and with a not-too-sharp of a thrust, they closed at resistance.
Let's see if there's any upside or downside follow-through tomorrow.
Good Trading!
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