Harry Boxer
The Technical Trader
The stock market indices certainly had a turnaround day today. As good as yesterday was, today was even worse on the downside. They took the indices down, and down hard from the get-go, bounced in the morning and again in the afternoon, but each time the markets kept pressing lower, with the S&P 500 actually closing near the lows for the day going away.
Net on the day, the Dow was down a whopping 334.94 at 16,659.25. The S&P 500 dropped 40.68 at 1928.21. The Nasdaq 100 was down 71.80 at 3969.32.
Advance-declines were 365 up and 3743 down, or 8 to 1 negative on the New York Stock Exchange, and 80 up and 308 down, or 6 to 1 negative on Nasdaq. Up/down volume was 312 up and 329 billion down, or nearly 12 to 1 negative on New York, with total volume of 4.2 billion shares. Nasdaq traded 2.2 billion shares, and had a 4 1/2 to 1 negative volume ratio.
TheTechTrader.com was blood red across the board. Most of the stocks gave away all of their gains from yesterday, and then some.Priceline.com Incorporated (PCLN) was down 24.73 to 1102.19, Google Inc. (GOOG) up 11.62 to 560.88, Apple Inc. (AAPL) up 2.05 to 100.80, Amazon.com Inc. (AMZN) was up 22 cents to 101.02,Amazon.com Inc. (AMZN) down 7.33 to 315.37, and Netflix, Inc. (NFLX) down 5.24 to 461.62.
Pharmacyclics Inc. (PCYC) gave back 4.21 to 108.01, Tesla Motors, Inc. (TSLA) dropped another 2.27 to 257.01, and Vipshop Holdings Limited (VIPS) lost 2.72 to 189.45.
Ambarella, Inc. (AMBA) was down 1.90 to 41.88, Arista Networks, Inc. (ANET) down 2.62 to 85.82, FireEye, Inc. (FEYE) 1.52 to 26.86, Facebook, Inc. (FB) 1.61 to 75.91, and MOBILEYE N.V. (MBLY) 1.88 to 54.19.
In a very weak solar sector, Canadian Solar Inc. (CSIQ) lost 2.55 to 30.28, SunEdison, Inc. (SUNE) dropped 1.41 to 16.95, SunPower Corporation (SPWR) 1.79 to 29.34, SolarCity Corporation (SCTY) 2.30 to 54.28, JinkoSolar Holding Co. 2.54 to 23.71, and First Solar, Inc. (FSLR) slid down 5.70 to 56.49 to a multi-month low.
ReWalk Robotics Ltd. (RWLK) was up 42 cents to 30.27.
Checking the TheTechTrader.com percent-gain leaderboard, Ruby Tuesday, Inc. (RT) ran up to 7.17 and stayed up in that area most of the day, up 90 cents to 6.82, or 15%, on 3.6 million shares.
Lakeland Industries Inc. (LAKE), which we traded, jumped 6.10 to 17.72, going from 12.24 to 19.79, or 53%, on 47.7 million shares, 11,700% more volume than usual. Alpha Pro Tech Ltd. (APT), in a similar industry, up 1.05 to 4.84, or 28%, on 15 million shares.
The ultra-shorts had a fabulous day. The ProShares Ultra VIX Short-Term Fut ETF (UVXY) jumped 4.45, or 17%, on 15 million shares. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) ran 1.74 to 16.25, or 12%, on 4.1 million shares.
Among other gainers, the ProShares UltraPro Short S&P500 (SPXU) was up 2.76 to 48.12, the Direxion Daily Small Cap Bear 3X Shares (TZA) up 1.37 to 18.34, and the Direxion Daily Gold Miners Bear 3X Shrs (DUST) up 2.27 to 26.85.
Stepping back and reviewing the hourly chart patterns, the indices had a very, very nasty plunge, and although they stabilized in the afternoon, they tried to bounce two times but did not hold, and closed at the lows for the day going away.
It does not look well for tomorrow morning. We'll see how it goes. Keep an eye on support around 3038-40 NDX, and they are right there near the 1925 range support on the S&P 500, which may be broken tomorrow morning.
Let's see what happens tomorrow.
Good Trading!
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