Harry Boxer
The Technical Trader
The stock market indices started off the week with a bang in the morning, and reached new highs for the rally, but abruptly turned, and then profit taking set in, dropping from 4707 to 4656 Nasdaq 100, a 50-point drop. The S&P 500 dropped back from 2096 to nearly 2081, and then they bounced in the last hour to finish down on the day, but off the lows, with slightly positive technicals. Net on the day, the Dow was down 31.13 at 17,792.68. The S&P 500 was down 2.58 to 2086.59. The Nasdaq 100 was down 11.56 to 4674.79.
Advance-declines were 118 issues positive on New York Stock Exchange and about 320 issues positive on Nasdaq. Up/down volume was 9 to 8 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded nearly 2 billion shares, and had an 8 to 7 positive volume ratio.
TheTechTrader.com board was mixed with a lot of fractional gainers. Priceline Inc. (PCLN) was down 17.21 to 1264.32, Google Inc. (GOOG) down 62 cents to 755.98, Apple Inc. (AAPL) down 1.55 to 117.75, but Amazon.com Inc. (AMZN) jumped a whopping 10.54 to 678.99 and Netflix, Inc. (NFLX) ran 1.19 to 125.03.
Tesla Motors, Inc. (TSLA) was down 2.26 to 217.75.
Biotech's had a good day. Intra-Cellular Therapies, Inc. (ITCI) was up 3.39 to 55.60, Juno Therapeutics Inc. (JUNO) up 1.24 to 54.30, NewLink Genetics Corporation (NLNK) up 1.46 to 37.61.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 1.01 to 22.22.
Checking the TheTechTrader.com percent-gain leaderboard, Genetic Technologies Limited (GENE) climbed 81 cents to 3.19, or 34%, on 4.5 million shares. Can-Fite BioPharma Ltd. (CANF) was strong today, up 75 cents to 3.39, or 28%, on 14 million shares. Macrocure Ltd. (MCUR) thrust 31 cents to a high of 2.94, before pulling back to 2.27, up 31 cents, or 16%, on 10 million shares.
Aeterna Zentaris Inc. (AEZS), after it went for a 100 split, it exploded 4.29 to 8.52, or 101%, on 6.5 million shares.
KaloBios Pharmaceuticals, Inc. (KBIO) had a fantastic day, up 21.25 to 39.50, or 116%, on 17 million shares, reaching as high as 45.82. e-Future Information Technology Inc. (EFUT) advanced 5.00 to 11.57, or 76%, on 2.1 million shares. Sarepta Therapeutics, Inc. (SRPT) gapping on positive news, up 3.69 to 37.05, or 11%, on 5 million shares. Celldex Therapeutics, Inc. (CLDX) climbed 1.92 to 18.11, or 12%, on 2 million shares. NovoCure Limited (NVCR) closed up 2.86 to 24.90, or 13%. Aduro BioTech, Inc. (ADRO) popped 3.40 to 32.23, or 12%.
Other gainers of note included Momo Inc. (MOMO), up 1.05 to 13.95, INSYS Therapeutics, Inc. (INSY) up 2.36 to 31.45, Revance Therapeutics, Inc. (RVNC) 2.38 to 37.69, and Intra-Cellular Therapies, Inc. (ITCI) 3.39 to 55.60.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the first hour, and then sold off the rest of the day, until the last hour when the bounced back and closed slightly lower, but somewhat mixed on the day. It's not too bad considering last week's strong surge.
Let's see how it goes tomorrow. Good Trading!
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