Harry Boxer
The Technical Trader
The stock market indices had a terrible drop to start the week. The day started out with a gap down, a little bit of a snapback that failed to gain any traction, and then they went down all day. Only a couple of intermediate bear flags and rally attempts spoiled it from being straight down all session.
Net on the day, the Dow was down 312.78 at 16,001.89, nearly 2%. The S&P 500 was down 49.57 to 1881.77, a loss of 2 1/2%. The Nasdaq 100 was down 121.27 to 4103.47, a loss of 3%.
Advance-declines were 9 to 1 negative on New York Stock Exchange and 6 to 1 negative on Nasdaq. Up/down volume was 18 to 1 negative on New York, with total volume of a strong 4 billion shares down and only 225 million shares up. Nasdaq traded 230 million up and 2.13 million down, and had a 10 to 1 negative volume ratio.
TheTechTrader.com board was nearly all red today. There were only a couple stocks in the plus column. Juno Therapeutics Inc. (JUNO), really strong all day, gained 60 cents to 40.48, CyberArk Software, Ltd. (CYBR) closed 2 points off the low, up 75 cents to 50.86.
Other than that everything else was down. Priceline Inc. (PCLN) was down 53.62 to 1199.14, Google Inc. (GOOG) down 17.08 to 594.89, Apple Inc. (AAPL) down 2.27 to 112.44, Amazon.com Inc. (AMZN) 20.19 to 504.06, Netflix, Inc. (NFLX) 2.77 to 99.47.
Tesla Motors, Inc. (TSLA) dropped 8.48 to 248.43. Facebook, Inc. (FB) lost 3.56 to 89.21.
Biotech stocks were destroyed today. Prothena Corporation (PRTA) was down 6.80 to 44.32, Radius Health, Inc. (RDUS) down 6.10 to 61.62, Intra-Cellular Therapies, Inc. (ITCI) 4.27 to 37.04, Amicus Therapeutics, Inc. (FOLD) 1.02 to 13.19, Esperion Therapeutics, Inc. (ESPR), which was recently over 100, 4.27 to 35.09, Celldex Therapeutics, Inc. (CLDX) 1.24 to 10.94, and ZIOPHARM Oncology, Inc. (ZIOP) 1.83 to 9.13.
Aquinox Pharmaceuticals Inc. (AQXP) dropped 1.20 to 15.97, Bristol-Myers Squibb Company (BMY) gave back 2.78 to 57.46, Advaxis, Inc. (ADXS) fell 1.60 to 12.19, Sorrento Therapeutics, Inc. (SRNE) lost 1.23 to 8.06.
There was just a debacle of destruction today.
Checking the TheTechTrader.com percent-gain leaderboard, Republic Airways Holdings Inc. (RJET) ran low all morning, but when the news came out the there was a settlement by Pilots Union, it went straight up, closing at 5.29, up 2.38, or 82%, on 14.7 million shares.
The ultra-shorts were fantastic today. The Direxion Daily S&P Biotech Bear 3X ETF (LABD) ran 10.31 to 57.03, or 22%, on 2 million shares. The ProShares UltraShort Nasdaq Biotech (BIS) ran 4.71 to 41.98, or 13%, on 4.5 million shares. The Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 3.15 to 26.91, or 14%, on 4.6 million shares. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) stair-stepped its way up 1.15 to 10.17, or 13%, on 4.2 million shares.
The ProShares Ultra VIX Short-Term Futures (UVXY) climbed 7.54 to 61.50, or 14%, on 23.5 million shares. The VelocityShares Daily 2x VIX ST ETN (TVIX) bounced 1.61 to 13.36, or 14%, on 14.6 million shares.
Stepping back and reviewing the hourly chart patterns, basically, the indices gapped down and ran down all day, and closed near the session lows, although the last hour they did attempt to stabilize, but could not break back out.
Definitely not a good day for Wall Street.
Let's see how it goes tomorrow.
Good Trading!
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