Harry Boxer
The Technical Trader
The stock market indices started off with a tough session. They dropped early with a gap down, had a little bit of a bounce, and then a sharp decline that took the Nasdaq 100 from the 4643 area, all the way down to 4580. The S&P 500 dropped from Friday's close near 2061 to 2044. They rallied back, and rallied back sharply, in the afternoon in a 5-wave advance that took the Nasdaq 100 from 4580 all the way up to 4621, a 41-point advance in a 5-wave advance, and the S&P 500 jumped from 2044 to 2046. The advance staved off a very big decline, but they finished lower on the session.
Net on the day, the Dow was down 23.90 at 17,528.27, 90 points off the low. The S&P 500 was down 4.49 to 2056.50, 12 points off its low. The Nasdaq 100 took back almost all of the losses, down 1.42 to 4621.35.
Advance-declines were 19 to 12 negative on New York Stock Exchange and 18 to 10 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, and traded 2.4 billion shares. The Nasdaq traded a little less than 1 1/4 billion shares and had a little more than a 2 to 1 negative volume ratio.
TheTechTrader.com board was quite unusual. Some of the big boys on Nasdaq 100 did well. Google Inc. (GOOG) jumped 14.11 to 762.51, and Amazon.com Inc. (AMZN) ran 12.41. However, Priceline.com (PCLN) was down 11 cents to 1272.96, Apple Inc. (AAPL) down 1.21 to 106.82, and Netflix, Inc. (NFLX) down 22 cents to 117.11.
Tesla Motors, Inc. (TSLA) lost 1.62 to 228.95, and Baidu, Inc. (BIDU) gave back 1.13 to 192.80.
Biotech's were mixed today. Intra-Cellular Therapies, Inc. (ITCI) ran nearly straight up to 56.47, before pulling back and closing up 1.88 to 56.38, and Facebook, Inc. (FB) gained 91 cents to 105.93.
Other losers of note included JinkoSolar Holding Co., Ltd. (JKS), down 1.39 to 28.09, Juno Therapeutics Inc. (JUNO) down 1.21 to 43.67, and Prothena Corporation (PRTA) 1.16 to 68.83.
Checking the TheTechTrader.com percent-gain leaderboard, the VelocityShares 3x Long Natural Gas ETN (UGAZ), with the cold weather, gained 51 cents to 2.30, or 29%, on 48.8 million shares. United States Natural Gas Fund, LP (UNG) climbed 73 cents to 8.42, or 10%, on 23.4 million shares. Resource America, Inc. (REXI) bounced 62 cents to 5.23, or 14%.
Leading the way by far today, Viking Therapeutics, Inc. (VKTX) closed up 2.17 to 4.35, or nearly 100% gain, on 1 million shares traded, 4800% more volume than average.
FXCM Inc. (FXCM), which had a huge morning, exploded to 19.74, and closed up 4.59 to 15.74, or 41%, on 6.2 million shares. Rovi Corporation (ROVI) thrust 1.85 to 17.71, or 12%, on 1.9 million shares on a deal with Sony.
Other gainers included The VelocityShares 3x Inverse Crude Oil ETN (DWTI) bounced 19.10 to 206.75. The ProShares UltraShort Bloomberg Crude Oil (SCO) ran 8.35 to 137.22. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) gained 2.54 to 28.82. The Direxion Daily Gold Miners Bear 3X ETF (DUST) popped 1.36 to 16.14.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, back up in the afternoon, and net/net they had small losses on the day.
Let's see what happens tomorrow.
Good Trading!
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