Harry Boxer
The Technical Trader
It was a blood bath on Wall Street today. The indices started the day with a little pop to the upside, but they weren't able to make any progress, immediately sold off, had a late morning bounce, and then got crushed strongly downward, making a tick of minus 1567, something we haven't seen in a very long time. It's extremely oversold, and the Mcclellen Oscillator got to minus 210, or so, and they then staged a late rally. Only in the last half hour it looked like there was some late selling, and the markets closed near the lows for the day going away.
Net on the day, the Dow was down 364.81 at 16,152.41. The S&P 500 was down 48.40 to 1890.28. The Nasdaq 100 was down 150.60, or nearly 4% to 4183.12.
Advance-declines were 8 1/2 to 1 negative on New York Stock Exchange and 6 to 1 negative on Nasdaq. Up/down volume was nearly 10 to 1 negative on New York, and traded over 5 billion shares. The Nasdaq traded more than 2.4 billion shares and had a 7 to 1 negative volume ratio.
TheTechTrader.com board was blood red, and leading the way down was Priceline.com (PCLN), down 50.02 to 1098.90, Google Inc. (GOOG) down 25.51 to 700.56, Apple Inc. (AAPL) down 2.57 to 97.39, Amazon.com Inc. (AMZN) 36.08 to 581.81, and Netflix, Inc. (NFLX) 10.02 to 106.56.
Tesla Motors, Inc. (TSLA) lost 9.66 to 200.31, and Baidu, Inc. (BIDU) dropped 6.87 to 166.04. Facebook, Inc. (FB) fell 3.93 to 95.44.
In addition, First Solar, Inc. (FSLR) was down 3.85 to 61.37.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) fell 2.48 to 9.53, or 21%, after running up to 12.54 earlier in the day.
To the upside, the ProShares UltraShort Bloomberg Crude Oil (SCO) gained 3.84 to 189.72, but traded as high as 196.69 to the highs from Tuesday. It could be a double top.
Across the board there was very little green.
Checking the TheTechTrader.com percent-gain leaderboard, Acorn International, Inc. (ATV) bounced 86 cents to 8.35, or 11%, on 1.7 million shares, reaching as high as 10.56 today.
CyberArk Software, Ltd. (CYBR) managed to gain 7.43 to 45.27, or 20%, on 7.3 million shares traded, on a potential takeover.
The ultra-shorts were phenomenal today. The ProShares Ultra VIX Short-Term Futures (UVXY) ran 7.29 to 43.46, or 20%, on 45.8 million shares traded. The VelocityShares Daily 2x VIX ST ETN (TVIX) jumped 1.59 to 9.54, or 20%, on 49 million shares traded.
Stepping back and reviewing the hourly chart patterns, it was ugly from the get-go, and in a large, 3-wave decline, the indices dropped from 4360 to 4177 Nasdaq 100, a loss of 180 points, a huge drop from top to bottom on the NDX. The S&P 500 went from a 1950 high to an 1886 low, 64 points, also a very big loss today. It smacks with a big, negative tick, the McClellan Oscillators where it is of a potential bottom in place near here.
Transportation index, the Russel, and other indices were sharply lower as well.
It will be interesting to see if we get any kind of selling climax tomorrow morning.
Good Trading!
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