Harry Boxer
The Technical Trader
The stock market indices had a very nasty day today. Even though they opened lower, they did manage a rally, taking the Nasdaq 100 to new rally highs to 4560.00, but the S&P 500 did not confirm, and they started a track downward in a 5-wave decline that lasted all session, with the S&P 500 closing near the lows going away.
Net on the day, the Dow was down 178.00 at 17,966.07. The S&P 500 was down 15.62 at 2108.58. The Nasdaq 100 was down 24.14 at 4524.60.
Basically, they all closed at the lows for the day.
Advance-declines were almost 3 to 1 negative on New York Stock Exchange and 2 1/2 to 1 negative on Nasdaq. Up/down volume was 4 to 1 negative on New York, with total volume of 3 billion shares. Nasdaq traded over 1 billion shares, and had nearly a 3 to 1 negative volume ratio.
TheTechTrader.com board was about as nasty as we've seen it in a while. Priceline.com Incorporated (PCLN) was down 1.03 to 1154.92, Google Inc. (GOOG) down 2.64 to 537.84, Amazon.com Inc. (AMZN) 5.15 to 440.84, and Netflix, Inc. (NFLX), after reversing 38 points, closed down 2.58 to 678.61.
Tesla Motors, Inc. (TSLA) lost 2.50 to 265.17.
Splunk, Inc. (SPLK) was down 1.58 to 71.31, Cyber-Ark Software Ltd. (CYBR) in a weak cyber group, down 1.87 to 69.89, FireEye, Inc. (FEYE) 1.88 to 50.95, and Fitbit Inc (FIT) 1.87 to 36.01, were among other point-plus losers.
On the upside, Apple Inc. (AAPL) managed to gain 1.08 to 128.11, on 55 million shares on an introduction of new product oversees.
Esperion Therapeutics, Inc. (ESPR), the big gainer on our board today, was up 3.05 to 84.02.
Checking the TheTechTrader.com percent-gain leaderboard, there were some winners today, low-priced stocks among them. Soligenix, Inc. (SNGX) ran straight up to 2.95 on positive drug news, closing at 2.50 up 61 cents, or 32% on 2.6 million shares. MeetMe, Inc. (MEET) gained 40 cents to 1.84, or 28%, on 8.8 million shares, and trading as high as 2.00. Celator Pharmaceuticals, Inc. (CPXX), on positive clinical-study news, bounced 53 cents to 2.77, or 24%, on 23.7 million shares. Merge Healthcare Incorporated (MRGE) advanced 36 cents to 4.90, or 8%, on 1 million shares. Vascular Biogenics Ltd. (VBLT) thrust 58 cents to 6.92, or 9%. Nektar Therapeutics (NKTR) bounced 88 cents to 13.45, or 7%, on 7 million shares.
Rockwell Medical, Inc. was strong all day, up 1.69 to 16.65, or 11%, on 2.7 million shares. Flotek Industries Inc. (FTK), near the end of the day, exploded 1.13 to 12.40, or 10%, on 2.2 million shares.
Among other gainers, Applied Optoelectronics, Inc. (AAOI) was up 1.21 to 19.20, Box, Inc. (BOX) up 1.01 cents to 18.56, Lennar Corp. (LEN), on strong earnings, 2.06 to 51.06, Alder Biopharmaceuticals Inc. (ALDR) 2.25 to 49.82, and Anacor Pharmaceuticals, Inc. (ANAC) 2.52 to 79.09 were among the big winners today.
Stepping back and reviewing the hourly chart patterns, after coming down at the opening, the indices bounced and made new highs on the NDX, but when the S&P 500 didn't confirm, they made their way lower for the rest of the day, closing at the lows for the day going away.
Let's see how it goes tomorrow.
Good Trading!
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