Harry Boxer
The Technical Trader
The stock market indices suffered one of the worst losses of the year and the worst since the July/Aug decline. The day started out with a thrust to the downside, and a sharp one. They then stabilized late morning, but could not rally much. The S&P 500 already got back to 1976 from a low of 1970, and then rolled over and got down to 1966, bounced three times to 1972, but could not get through. At the very end of the day in the last 10 minutes it rolled over hard dropping back to the lows of the day. The Nasdaq 100 and the Dow also closed at the lows for the day.
Net on the day, the Dow was down 264.26 at 16,945.80. The S&P 500 was down 32.31 at 1965.99. The Nasdaq 100 was down 86.49 at 4007.82, a loss of more than 2% today.
Advance-declines were 5 to 1 negative on the New York Stock Exchange. Up/down volume was 12 to 1 negative on New York, with total volume of 242 million shares up, 2.9 billion down or more than 3 billion shares traded. Nasdaq traded 1.9 billion shares, and had a 6 to 1 positive volume ratio.
TheTechTrader.com board was blood red across the board. Major Nasdaq 100 stocks got hit hard. Priceline.com Incorporated (PCLN) was down 17.99 to 1164.03, Google Inc. (GOOG) down 12.93 to 575.06, Apple Inc. (AAPL) 3.88 to 97.87, Amazon.com Inc. (AMZN) 6.28 to 321.93, Inc., and (NFLX) 7.07 to 443.49. International Business Machines Corporation (IBM) fell 3.30 to 189.01.
Pharmacyclics Inc. (PCYC) lost 1.69 to 117.47, Tesla Motors, Inc. (TSLA) dropped 5.19 to 246.95, and Vipshop Holdings Limited (VIPS) gave back another 9.81 to 199.98.
Twitter, Inc. was down 1.51 to 51.45, Facebook, Inc. (FB) down 1.32 to 77.22, MOBILEYE N.V. (MBLY) 1.71 to 49.51, and FireEye, Inc. (FEYE) 1.11 to 31.71.
In a weak solar group First Solar, Inc. (FSLR) lost 1.23 to 67.20, JinkoSolar Holding Co. gave back 1.28 to 28.97, and SolarCity Corporation (SCTY) declined 1.08 to 61.96.
On the upside, the only gainers were GoPro, Inc. (GPRO), a standout for today, to say the least, up 2.85 to 81.31, reaching a new all-time high, and Royal Gold, Inc. (RGLD), which climbed 74 cents to 66.08.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced ChinaNet Online Holdings, Inc. (CNET) gained 57 cents to 2.69, or 27%, on 10.5 million shares, reaching as high as 3.19. Magnum Hunter Resources Corp. (MHR) advanced 54 cents to 6.00 or 10%, on 13.6 million shares, on positive drilling news.
IGI, Laboratories, Inc. (IG) had a big gain today, up 1.35 to 8.80, or 18%, on 4.5 million shares.
Cyber-Ark Software Ltd. (CYBR), a new issue, ran 1.46 to 31.39, or 4.8%, on 15.5 million shares, however, it went as high as 35.88 earlier in the session.
The ProShares Ultra VIX Short-Term Fut ETF (UVXY) jumped 3.67 to 28.23.
Among other gainers, Blackhawk Network Holdings, Inc. (HAWK) was up 2.38 to 30.23, Agios Pharmaceuticals, Inc. (AGIO) up 3.21 to 53.45, Skechers USA Inc. (SKX) 1.65 to 54.05, and ran as high as 56.47 earlier in the session.
China Finance Online Co., Ltd. (JRJC) ran to 9.35, pulling back to 9.11, up 64 cents.
Merrimack Pharmaceuticals, Inc. (MACK) popped 54 cents to 7.87.
Stepping back and reviewing the hourly chart patterns, the indices opened lower, went sharply lower, consolidated midday, tried to bounce, couldn't do it, and stair-stepped their way lower.
At the end of the day, it attempted to base out, but rolled over hard in the last 10 minutes, and closed at the session lows going away.
Let's see what happens tomorrow.
Good Trading!
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