Harry Boxer
The Technical Trader
The stock market indices had an unusual day. First they were up in the morning, by midday they reached their peak, and came down hard. By midafternoon they reached their bottom, and then rallied in the last hour, only to pull back at the close to finish down on the day.
Net on the day, the Dow was down 31.57 at 17,685.09. The S&P 500 was down 4.21 to 2059.74. The Nasdaq 100 was down 7.22 to 4483.66.
Advance-declines were positive by 314 issues on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was 18 to 17 positive on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 45 issues lower and had a 9 to 8 positive volume ratio.
TheTechTrader.com board was mixed as well, but the big boys on Nasdaq did not have a nice time. Priceline.com (PCLN) was down 28.07 to 1288.96, Google Inc. (GOOG) down 5.58 to 744.95, Apple Inc. (AAPL) down just 57 cents to 108.99, Amazon.com Inc. (AMZN) 5.05 to 593.64, and Netflix Inc. (NFLX) was up, but by just 4 cents to 102.23.
Baidu, Inc. (BIDU) was up 1.00 to 191.88, First Solar, Inc. (FSLR) down 50 cents to 68.47, and Facebook, Inc. (FB) down 60 cents to 114.10.
Tesla Motors, Inc. (TSLA) had a pretty good day, up 2.88 to 229.77.
The biotech’s had a very good day, surprisingly. Juno Therapeutics Inc. (JUNO) was up 1.16 to 38.09, ACADIA Pharmaceuticals Inc. (ACAD) up 1.95 to 27.96, and NewLink Genetics Corporation (NLNK) 1.04 to 18.20.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 2.29 to 27.42.
Checking the TheTechTrader.com percent-gain leaderboard, the big winner today was Genocea Biosciences, Inc. (GNCA), up 3.77 to 7.74, or 95%, on 22 million shares, and traded to 8.45 in afterhours. That was 5500% more volume than average. Sky Solar Holdings, Ltd. (SKYS) thrust 1.03 to 2.26, or 84%, on 2.6 million shares. ProQR Therapeutics N.V. (PRQR) gained 1.24 to 4.88, or 35%, on 2 million shares.
Medivation, Inc. (MDVN) had a beautiful session, running up to 46.87, before pulling back to close up 8.59 to 45.98, or 23%, on 16 million shares. Santander Consumer USA Holdings Inc. (SC) jumped 1.61 to 10.50, or 18%, on 8.6 million shares. Dynagas LNG Partners LP (DLNG) climbed 1.78 to 11.40, or 18.5%. SciClone Pharmaceuticals, Inc. (SCLN) advanced 1.33 to 11.00, or 14%, on 2.4 million shares. Fitbit Inc. (FIT) coasted its way up, up 1.75 to 15.15, or 13%, on 21 million shares.
Among other gainers, Inogen, Inc. (INGN) was up 2.97 to 44.98, bluebird bio, Inc. (BLUE) up 2.50 to 42.50, Neurocrine Biosciences Inc. (NBIX) up 2.40 to 39.55, and Incyte Corporation (INCY) 4.12 to 72.47.
Primo Water Corporation (PRMW) had an interesting day, up 63 cents to 10.09.
Stepping back and reviewing the hourly chart patterns, the indices started the day with a rally, they pulled back midmorning, got to the session highs midday, and then rolled over pretty hard, even taking out important support slightly before the rally late in the day, and in the last 5-10 minutes they really saw a little bit of a hard pullback into the close to finish negative on the day.
Let’s see what happens tomorrow.
Good Trading!
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