Harry Boxer
The Technical Trader
It was a volatile day on Wall Street today. FOMC spoke, but before that the indices opened lower, rallied back to resistance, failed, rolled over in a 5-wave decline, and by midday were oversold enough for me to issue a really note. They did rally, and rallied from 4465 to 4508 Nasdaq 100, 43 points, and the S&P 500 rallied from 2097 to 2013, 16 points, as they pulled back in a 3-wave corrective pullback at the end of the day looking like wedges. They did close lower on the day, because the rally did not take back the entire losses.
Net on the day, the Dow was down 78.61 at 18,035.53, managing to hold on to 18,000, after dropping about 50 points below it. The S&P 500 was down 7.91 at 2106.85, 7 points off the high. The Nasdaq 100 was down 27.11 at 4488.15, 25 points off the low.
Advance-declines were 2 to 1 negative on New York Stock Exchange, and more than 2 to 1 negative on Nasdaq. Up/down volume was 22 to 18 negative on New York, with total volume of 4 billion shares. Nasdaq traded 1.8 billion shares, and had a to 2 to 1 negative volume ratio.
TheTechTrader.com board was mixed as many stocks were up and down. On the upside, the only large-cap stocks that we follow was Priceline.com (PCLN), up 6.39 to 1248.51.
Tesla Motors, Inc. (TSLA) gained 1.97 to 232.45.
GoPro, Inc. (GPRO), after earnings last night, was up 5.94 to 52.96, Splunk, Inc. (SPLK) up 1.29 to 67.92, and Cyber-Ark Software Ltd. (CYBR), in a firm security group, up 1.57 to 66.50.
On the downside, Google Inc. (GOOG) was down 4.60 to 549.08, and Apple Inc. (AAPL) down 1.92 to 128.64.
First Solar, Inc. (FSLR) lost 1.63 to 61.94, and Twitter, Inc. (TWTR) dropped 3.78 to 38.49.
Checking the TheTechTrader.com percent-gain leaderboard, Genworth Financial, Inc. (GNW) was a standout, up 93 cents to 8.92, or 12%, on 24 million shares.
Inphi Corporation (IPHI) spiked 2.38 to 20.80, or 13%, on 1.7 million shares. XPO Logistics, Inc. (XPO) exploded 6.38 to 48.83, or 15%, on 8 million shares. LogMeIn, Inc. (LOGM) gained 7.49 to 66.11, or 13%, on 1.7 million shares on strong earnings. Rocky Brands, Inc. (RCKY) ran 2.60 to 22.60, or 13%, on a strong earnings report as well. Salesforce.com, inc. (CRM), on takeover rumors, spiked 7.76 to 74.65, or 12%, on 28 million shares.
Junior oils were strong today with Penn Virginia Corporation (PVA) up 60 cents to 6.86, Triangle Petroleum Corporation (TPLM) up 48 cents to 5.95, Basic Energy Services, Inc. (BAS) 52 cents to 9.87, Laredo Petroleum, Inc. (LPI) 90 cents to 15.43, C&J Energy Services, Inc. (CJES) up 1.35 to 16.59, Oasis Petroleum Inc. (OAS) up 1.28 to 17.45, Matador Resources Company (MTDR) 1.60 to 28.99, rounded out the winners today.
MicroStrategy Inc. (MSTR) exploded 17.37 to 187.08.
Stepping back and reviewing the hourly chart patterns, the indices were down early, they bounced sharply, came down in multiple-wave decline, and after being oversold midday they rallied sharply into midafternoon, but backed off late in the session to finish solidly in the red, and the pullback continued.
Let's see how it goes tomorrow.
Good Trading!
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