Harry Boxer
The Technical Trader
It was turn-around-Tuesday today for the stock market as the indices gapped down, bounced around, consolidated, and went lower in midafternoon, only to rally back, consolidate, and then rally back a bit at the close. It was a very negative day for the indices.
Net on the day, the Dow was down 139.81 at 16,429.47, 60 points off the low, but obviously drastically lower on the session. The S&P 500 was down 18.78 at 1920.21, 16 1/2 points off the low. The Nasdaq 100 was down 33.83 at 3874.94, 16 points off the low.
All of the indices took back about a third of their losses intraday, but it was not more than a technical snapback, in my opinion.
Advance-declines were a little less than 3 to 1 negative on the New York Stock Exchange, and 15 to 11 negative on Nasdaq. Up/down volume was 4 to 1 negative on New York, with total volume of just under 700 million shares. Nasdaq traded 1.9 billion shares, and had a 2 to 1 negative volume ratio.
They are starting to pick up volume on the downside, and it's not good.
TheTechTrader.com board was mostly negative. Leading the way to the downside, Priceline.com Incorporated (PCLN) was down 18.71 to 1281.21, Google Inc. (GOOG) down 8.08 to 565.07, Apple Inc. (AAPL) down only 47 cents to 95.12, and Amazon.com Inc. (AMZN) 1.33 to 312.32.
Vipshop Holdings Limited (VIPS) lost 3.50 to 204.28, Tesla Motors, Inc. (TSLA) dropped just a few pennies to 238.49, but Pharmacyclics Inc. (PCYC) gained 77 cents to 119.83.
Facebook, Inc. (FB) was down 82 cents to 72.69.
On the upside, GT Advanced Technologies Inc. (GTAT), on earnings, ran 95 cents to 15.08, and FireEye, Inc. (FEYE) gained 53 cents to 34.75.
The solar group were strong today. SolarCity Corporation (SCTY) was up 1.19 to 71.25, Canadian Solar Inc. (CSIQ) up 1.07 to 25.16, Trina Solar Limited (TSL) up 87 cents to 11.57, First Solar, Inc. (FSLR) 52 cents to 63.66, and JinkoSolar Holding Co. 1.69 to 25.37.
Checking the TheTechTrader.com percent-gain leaderboard, Giga-tronics Inc. (GIGA) popped 29 cents to 2.36, or 14%, on 14 million shares. Orion Energy Systems, Inc (OESX) ran 66 cents to 4.99, or 15%, after earnings. Raptor Pharmaceuticals Corp. (RPTP) advanced 81 cents to 8.90, or 10%, on 1.2 million shares.
Chegg, Inc. (CHGG) climbed 1.21 to 7.10, or 21%, on 3.7 million shares.
Jamba, Inc. (JMBA) skyrocketed today, up 1.37 to 13.54, or 11%, on 1.3 million shares. Nautilus Inc. (NLS) gained 1.16 to 11.58, or 11%.
The ultra-shorts were very strong today. The ProShares Ultra VIX Short-Term Fut ETF (UVXY), which we traded, jumped 4.34 to 35.88, or 14%, on 13.4 million shares, and traded as high as 37.00. The VelocityShares Daily 2x VIX ST ETN (TVIX) gained 48 cents to 3.91, or 14%, on 21.7 million shares.
Among other gainers, Albany Molecular Research Inc. (AMRI) was up 1.50 to 20.29, Synchronoss Technologies, Inc. (SNCR) up 1.81 to 41.98, Arista Networks, Inc. (ANET), a swing trade of ours, up 2.86 to 72.09, Coach, Inc. (COH) 1.49 to 35.80.
Kandi Technolgies Group, Inc. (KNDI) gained 98 cents to 18.78, and Tekmira Pharmaceuticals Corp. (TKMR) popped 58 cents to 13.84.
Ampio Pharmaceuticals, Inc. (AMPE) thrust 39 cents to 6.61.
Stepping back and reviewing the hourly chart patterns, the indices gapped lower, bounced, and then tried to get through 3900 NDX three times, and 1936 S&P 500. When they failed they rolled over in the afternoon, tested key support, bounced a couple times, and now key support on the Nasdaq 100 is 3859-60, and the 1914-5 zone on the S&P 500.
Let's see what happens tomorrow.
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