Harry Boxer
The Technical Trader
The stock market indices suffered big losses today, and gave back all, and then some, of yesterday's gains, supposedly, post FOMC. The day started out with a move to the upside, and that was it. The Nasdaq 100 dropped from 4680 to 4614, and the S&P 500 went from 2076 to 2047. Midday they tried to rally, formed bear wedges, and rolled over. They bounced in the last hour, and with 20 minutes to go, they dropped right down to the triple bottom, and closed at the session lows.
Net on the day, the Dow was down 253.25 at 17,495.84. The S&P 500 was down 31.18 to 2041.89. The Nasdaq 100 was down 66.43 to 4598.14.
Advance-declines were 2 to 1 negative on New York Stock Exchange and 2 to 1 negative on Nasdaq. Up/down volume was 6 to 1 negative on New York with total volume of 4.2 billion shares, and Nasdaq traded just under 1.850 billion and had a 2 to 1 negative volume ratio.
TheTechTrader.com board was almost all red, with just a few outstanding exceptions. Leading the way to the downside, Priceline Inc. (PCLN) was down 18.57 to 1313.74, Google Inc. (GOOG) down 7.97 to 750.12, Apple Inc. (AAPL) down 2.36 to 108.98, Amazon.com Inc. (AMZN) 5.12 to 670.65, and Netflix, Inc. (NFLX) off just 13 cents to 122.51.
Tesla Motors, Inc. (TSLA) lost 1.12 to 233.39, Baidu, Inc. (BIDU) dropped 2.40 to 196.94.
In addition, in the biotech sector, Bristol-Myers Squibb Company (BMY) was down 1.45 to 69.28, Cellectis S.A. (CLLS) down 1.24 to 27.93, Intra-Cellular Therapies, Inc. (ITCI) down 1.47 to 54.60, Juno Therapeutics Inc. (JUNO) 1.64 to 44.91, Prothena Corporation plc (PRTA) 4.40 to 67.43,
Solar's were weak today. First Solar, Inc. (FSLR) lost 1.14 to 64.48, and JinkoSolar Holding Co., Ltd. (JKS) gave back 1.84 to 26.46.
Weight Watchers International, Inc. (WTW) dropped 1.49 to 22.45.
On the upside, Pacific Biosciences of California, Inc. (PACB) ran 65 cents to 10.77, swing trade, Globant (GLOB) gained 1.78 to 37.80, Advaxis, Inc. (ADXS) popped 1.40 to 12.32 following through on yesterday's new.
Checking the TheTechTrader.com percent-gain leaderboard, MYOS Corporation (MYOS) opened the gate at 4.40 before pulling back and closing up 97 cents to 2.68, or 57%, on 1.5 million shares. Alimera Sciences, Inc. (ALIM) had an interesting day, up 60 cents to 2.96, or 25%, on 2.1 million shares. Fusion Telecommunications International, Inc. (FSNN) popped 64 cents to 3.44, or 23%, on 1 million shares on investment news.
Digital Ally Inc. (DGLY) gained 1.31 to 6.78, or 24%. American Superconductor Corporation (AMSC) bounced 1.67 to 5.88, or 40%. Voltari Corporation (VLTC) bounced all over the place, up 1.03 to 5.62, or 22%, on 3 million shares.
Other gainers included Pandora Media, Inc. (P) was up 1.85 to 15.29, SolarCity Corporation (SCTY) up 3.57 to 57.26, and ReWalk Robotics Ltd. (RWLK), which got government approval for their robotics, jumped 5.00 to 11.00, or 83%, on 7 million shares, exploding at one point to 13.59, 15,000% more volume than average.
The Direxion Daily Gold Miners Bear 3X ETF (DUST) went up and stayed up all day, gaining 2.80 to 18.80, or 17 1/2% on 9.1 million shares. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 4.50 to 33.18, or 16%.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, and dropped for the rest of the day, with a failed, midday rally, closing with a late, 3-wave corrective pullback, having dropped 80 points from the high on the Nasdaq 100, and 35 points on the S&P 500.
It was a very nasty session.
Let's see how it goes tomorrow.
Good Trading!
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.