Harry Boxer
The Technical Trader
It looks like turn-around Tuesday for the stock market indices today as the markets reversed yesterday, gains for losses, and pretty decent ones, too, but they did come back. The day started out with a gap down, but then a really sharp rally got them to their highs very quickly, within the first thirty minutes. At that point, they came down in a sharp, 3-wave decline, and reached their session lows by midday. An early afternoon rally back got to resistance and backed off late afternoon, and then surged into the close to reach the morning highs, but were unable to get through, and in the last five minutes they backed off.
Net on the day, the Dow was down 113.64 at 20,523.28. The S&P 500 was down 6.82 at 2342.18. The Nasdaq 100 was down 7.54 at 5391.66.
Advance-declines were about 15 to 14 negative on the New York Stock Exchange, and 15 1/2 to 12 1/2 on the Nasdaq. Up/down volume was 19 to 12 negative on New York, total volume of 3.2 billion shares traded. The Nasdaq traded 1.55 billion shares and had a flat volume ratio.
TheTechTrader.com board was narrowly mixed today. There were several point-plus losers. Priceline.com (PCLN) was down 7.30 to 1763.31, Alphabet Inc. (GOOG) down just 35 cents to 836.82, Apple Inc. (AAPL) down 63 to 141.20, Netflix, Inc. (NFLX) 3.89 to 143.36, however, Amazon.com, Inc. (AMZN) was the only point-plus gainers on the mainboard, up 1.79 to 903.78.
Baidu, Inc. (BIDU) gained 1.16 to 174.47, Facebook, Inc. (FB) dropped 46 cents to 140.96, and First Solar, Inc. (FSLR) gave back 45 cents to 26.89. Microsoft Corporation (MSFT) closed nearly flat, down 9 cents to 65.39 and Intel Corporation (INTC) popped 28 cents to 35.76.
Tesla Motors, Inc. (TSLA) lost 1.19 to 300.25.
On the downside, biotech’s had a bad day. Clovis Oncology Inc (CLVS) was down 1.25 to 56.13, Editas Medicine Inc. (EDIT) down 1.37 to 19.42, Esperion Therapeutics, Inc. (ESPR) 1.65 to 37.31, Kite Pharma, Inc. (KITE) 2.47 to 79.63, and bluebird bio, Inc. (BLUE) 4.65 to 83.60.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.76 to 44.53.
Checking TheTechTrader.com percent-gain leaderboard, Interpace Diagnostics Group, Inc. (IDXG), on a secondary announcement, exploded 61 cents, or 28%, to 2.76, on 56.7 million shares traded, reaching as high as 4.45 at one point in the morning. XOMA Corporation (XOMA) bounced 91 cents, or 14%, to 7.41, on 1.2 million shares traded.
GNC Holdings, Inc. (GNC) ran 1.79, or 25%, to 9.03, on 26.6 million shares traded. Titan International, Inc. (TWI) climbed 1.24, or 14%, to 9.94, on 1.4 million shares traded.
Akari Therapeutics, Plc (AKTX) popped 1.66, or 12%, to 14.97. Core-Mark Holding Company, Inc. (CORE) close up 4.11, or 13%, to 34.87. Stratasys Ltd. (SSYS), which we day traded today, bounced 2.47, or 12%, to 23.77. That was a key breakaway day.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, up sharply in the first half hour, a strong 3-wave decline tested and held support, before the afternoon rally brought them back to lower loses, but they still closed negative on the day.
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 extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.