Harry Boxer
The Technical Trader
The stock market indices followed through to the downside today, futures were down as well. The day started out down, with big drops at the opening, but they actually held the first five minutes, and then retested about thirty-forty minutes later successfully. That resulted in a big rally, the Nasdaq 100 going from 4643, all the way up to 4703, a 60-point run up, and the S&P 500 going from 2052 to 2074. That was a very big move for the indices. They then pulled back and consolidated, which you would expect. An afternoon high on the Nasdaq 100 was not confirmed by the S&P 500 as the S&P 500 failed to get through its 3-day declining topsline three times in the afternoon. They bounced after retesting support, and backed off the last five minutes to close mixed on the day.
Net on the day, the Dow was down 162.51 at 17,568.00. The S&P 500 was down 13.48 to 2063.59, 11 points off its low, but still a nasty decline. The Nasdaq 100 managed to close up 1.15 to 4694.66, 51 points off its low.
Advance-declines were 2 to 1 negative on New York Stock Exchange and 3 to 2 negative on Nasdaq. Up/down volume was almost 3 to 1 negative on New York with total volume of over 4 billion shares. Nasdaq traded 1.8 billion and had a nearly 4 to 3 negative volume ratio.
TheTechTrader.com board had a mixed picture today. Priceline.com (PCLN) jumped 1.55 to 1303.97, Amazon.com Inc. (AMZN) popped 7.50 to 677.33, and Netflix, Inc. (NFLX) managed to come 5 points off its low, and run up 1.62 to 126.98, but Google Inc. (GOOG) dropped 88 cents to 762.37, and Apple Inc. (AAPL) fell just a nickel to 118.23.
Tesla Motors, Inc. (TSLA) gave back 4.41 to 226.72. Baidu, Inc. (BIDU) lost 3.52 to 205.02.
Weight Watchers International, Inc. (WTW) was down 1.33 to 24.84, pulling back on profit taking.
Some of the biotech's were strong today. Prothena Corporation plc (PRTA) was up 4.70 to 68.25, NewLink Genetics Corporation (NLNK) up 1.66 to 34.65, Intra-Cellular Therapies, Inc. (ITCI) 2.75 to 54.77.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 1.15 to 20.36, which dropped as low as 18.30 this morning.
FireEye, Inc. (FEYE) jumped 1.35 to 21.54 on an upgrade.
Checking the TheTechTrader.com percent-gain leaderboard, Pieris Pharmaceuticals, Inc. (PIRS), on positive drug news, gained 73 cents to 2.79, or 35%, on 6 million shares. Acorn International, Inc. (ATV) bounced 30 cents to 9.54, or 17%, having reached 10.56 today. Century Casinos Inc. (CNTY) worked its way up 67 cents to 7.38, or 10%.
TherapeuticsMD, Inc. (TXMD) exploded 2.53 to 9.06, or 39%, on 25 million shares, reaching as high as 9.81 earlier in the day. Oramed Pharmaceuticals Inc. (ORMP) bounced 1.04 to 9.44, or 12%.
Galapagos NV (GLPG) advanced 6.97 to 54.93, or 15%. The Children's Place, Inc. (PLCE) ran 6.12 to 54.88, or 13%, on 2.2 million shares. Central Garden & Pet Company (CENT), which we traded today, stair-stepped its way up 1.92 to 16.98, or 13%. Cara Therapeutics Inc. (CARA) closed up 1.40 to 15.18, or 10%.
Eagle Pharmaceuticals Inc. (EGRX), which we traded today, popped and ran all day, up 18.29 to 100.21, or 22%, on 1.2 million shares.
Stepping back and reviewing the hourly chart patterns, the indices had a big dip at the opening to key support, double-bottomed, rallied sharply, pulled back midday to consolidate, made new highs on the Nasdaq 100, but the S&P 500 couldn't confirm, and they backed off into the close to close lower on the blue chips, and flat on the Nasdaq 100.
Let's see how it goes tomorrow.
Good Trading!
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