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Trading Lessons

Ugly Day on Wall Street

Stock-Markets / Stock Markets 2016 Feb 03, 2016 - 07:01 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a turnaround Tuesday as they rolled over and took a big loss off of clear, overhead resistance, which they failed to get through at Nasdaq 100 4300 area. The S&P 500 had a big problem at the 1950 area, and as a result, they tanked today, coming down on really hard, and declining channels all day. There was a bounce in the last hour but it was a little anemic.

Net on the day, the Dow was down 295.64 at 16,153.54, 45 points off the low. The S&P 500 was down 36.35 to 1903.03, 6 points off its low. The Nasdaq 100 was down 93.46 to 4193.10, 13 points off its low.


Advance-declines were 4 to 1 negative on New York Stock Exchange and 4 1/ to 1 negative on Nasdaq. Up/down volume was 7 to 1 negative on New York, with total volume of 4.4 billion shares traded. The Nasdaq traded 2.15 billion shares and had a 6 to 1 negative volume ratio.

TheTechTrader.com board had the majority of big losses. Priceline Inc. (PCLN) was down 18.08 to 1066.79, Apple Inc. (AAPL) down 1.95 to 94.48, Amazon.com Inc. (AMZN) down 22.71 to 552.10, and Netflix, Inc. (NFLX) down 2.60 to 91.49.
Google Inc. (GOOG) was the only standout today, up 12.65 to 764.75, way off the high at 789.87, and is trading 60 points from its overnight high. Still, it was a 12-point gain.

Tesla Motors, Inc. (TSLA) lost 14.16 to 182.78, and Baidu, Inc. (BIDU) gave back 6.28 to 154.82. Facebook, Inc. (FB) was down just 48 cents to 114.61, Intel Corportation (INTC) closed down 1.02 to 29.80, and Microsoft Corporation (MSFT) fell 1.71 to 53.00.

In addition, Intra-Cellular Therapies, Inc. (ITCI) was down 3.68 to 32.57 in a very weak biotech sector, First Solar, Inc. (FSLR) down 3.00 to 66.13 in a weak solar sector, Bristol-Myers Squibb Company (BMY) down 1.95 to 58.87, and Mobileye N.V. (MBLY) 2.55 to 26.15.

The Direxion Daily Energy Bull 3X ETF (ERX) dropped 1.88 to 17.14.

Checking the TheTechTrader.com percent-gain leaderboard, Hansen Medical, Inc. (HNSN) popped to 5.10 before pulling back and closing up 31 cents to 3.51, or 10%, on 8.4 million shares. Vascular Biogenics Ltd. (VBLT) gained 55 cents to 3.35, or 20%, on 1.5 million shares.

Michael Kors Holdings Limited (KORS) ran 9.67 to 50.11, or 24%, on 28.4 million shares on a strong earnings report. Pacific Biosciences of California, Inc. (PACB) went along pretty smooth all day, until about 3 PM when it had a late surge on a potential takeover, going straight up to 13.98, bounced around and closed up 2.48 to 12.67, or 24%, on 8.4 million shares. Mattel, Inc. (MAT), one of our swing trades, advanced 3.70 to 30.46, or 14%, on 28 million shares, on a strong report.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ) gained 2.08 to 16.55, or 14%, on 7.2 million shares. The Direxion Daily Russia Bear 3X ETF (RUSS) popped 5.49 to 42.65, or 15%. The ProShares Ultra VIX Short-Term Futures (UVXY) climbed 4.89 to 42.43, or 13%, on 29 million shares. The VelocityShares Daily 2x VIX ST ETN (TVIX) bounced 1.08 to 9.32, or 13%, on 38.7 million shares. The Direxion Daily S&P Biotech Bear 3X ETF (LABD) rose 7.55 to 76.98, or 11%.

Stepping back and reviewing the hourly chart patterns, the indices opened sharply lower, bounced to the bear flag in the morning, rolled over again, and stair-stepped its way lower in a 5-wave decline that ended badly.

Let's see what happens tomorrow.

Good Trading!

Harry

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Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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