Harry Boxer
The Technical Trader
The stock market indices had a mixed session today. After an early morning pop, they came down hard, bounced late morning, and then stair-stepped their way lower, with the Nasdaq 100 constantly making lower-lows until they reached the low from last Friday, and held at 4440 Nasdaq 100. The S&P 500 refused to break as well and held 2086. In the last half an hour, or so, they bounced back nicely to end mixed on the session.
Net on the day, the Dow was up 13.80 at 17,990.32. The S&P 500 was up 3.91 at 2091.70. The Nasdaq 100 was down 21.17 at 4452.97, 13 points off the low.
Advance-declines were nearly 4 to 1 positive on the New York Stock Exchange, and 17 to 10 positive on the Nasdaq. Up/down volume was almost 4 to 1 positive on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 9 to 8 positive volume ratio.
TheTechTrader.com board was a confusing but mixed picture. The reason for the pressure on Nasdaq today was basically the Nasdaq Generals. Priceline Inc. (PCLN) was down 1.32 to 1333.95, closing 12 points off its low, Google Inc. (GOOG) down a whopping 15.01 to 708.14, Apple Inc. (AAPL) down 73 cents to 104.35, Amazon.com Inc. (AMZN) 9.32 to 616.88, and Netflix, Inc. (NFLX) 1.13 to 92.43.
Baidu, Inc. (BIDU) was up 21 cents, while Facebook, Inc. (FB) lost 1.34 to 108.76, and First Solar, Inc. (FSLR) gained 85 cents to 61.24.
Tesla Motors, Inc. (TSLA) was also up today, 1.92 to 253.74.
Other gainers of note include Universal Display Corp. (OLED), up 1.34 to 61.49, and CONSOL Energy Inc. (CNX) 1.06 to 14.16 were the main gainers on our board today.
It was an interesting day today with very strong, underlying technicals, despite the lower, Nasdaq 100. Basically the market was pressured by the Nasdaq Generals. Biotech’s were not strong either. 4440 NDX and currently 2086 followed by 2078 are going to be very key support levels for our traders to watch.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 2.93 to 34.17, and reached as low as 32.55 and as high as 36.67.
Checking the TheTechTrader.com percent-gain leaderboard, Legacy Reserves (LGCY) bounced 36 cents to 2.91, or 14%, on 2.6 million shares. InVivo Therapeutics Holdings Corp. (NVIV) ran 84 cents to 6.82, or 14%, on 1.6 million shares.
The Container Store Group, Inc. (TCS) gained 1.07 to 6.90, or 18%, on 2.2 million shares.
American Midstream Partners (AMID), an oil stock, popped 1.94 to 11.01, or 21%, on 1.2 million shares. Knowles Corporation (KN) spiked to 17.10, pulled back and closed up 1.94 to 14.94, or 15%, on 9.8 million shares. Ethan Allen Interiors Inc. (ETH) had a good day and jumped 3.42 to 34.42, or 11%.
Among other gainers, Sanmina Corporation (SANM) was up 2.03 to 24.24, Centene Corp. (CNC) closed up 3.85 to 66.71.
Micron Technology, Inc. (MU) climbed 96 cents to 11.51.
The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) bounced around all day and closed up 13.16 to 131.26, 11%. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) stair-stepped its way up 5.66 to 85.51, or 7%, on 5.3 million shares.
The Direxion Daily S&P Biotech Bear 3X ETF (LABD) advanced 2.83 to 39.05.
Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, down sharply in the morning, bouncing back midday, but dropped all afternoon until late in the day when they came back.
Let’s see what happens 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 stays near 1.0750 following Monday's indecisive action
EUR/USD continues to fluctuate in a tight channel at around 1.0750 after posting small gains on Monday. Disappointing Factory Orders data from Germany limits the Euro's gains as investors keep a close eye on comments from central bankers.
GBP/USD retreats below 1.2550 as USD recovers
GBP/USD stays under modest bearish pressure and trades below 1.2550 in the European session on Tuesday. The cautious market stance helps the USD hold its ground and doesn't allow the pair to regain its traction. The Bank of England will announce policy decisions on Thursday.
Gold price turns red below $2,320 amid renewed US dollar demand
Gold trades in negative territory below $2,320 as the souring mood allows the USD to find demand on Tuesday. Nevertheless, the benchmark 10-year US Treasury bond yield stays below 4.5% and helps XAU/USD limit its losses.
Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions
Ripple lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.