Best of the Week
Most Popular
1.The Brexit War! EU Fearing Collapse Set to Stoke Scottish Independence Proxy War - Nadeem_Walayat
2.London Terror Attack Red Herring, Real Issue is Age of Reason vs Religion - Nadeem_Walayat
3.The BrExit War, Game Theory Strategy for What UK Should Do to Win - Nadeem_Walayat
4.Goldman Sachs Backing A Copper Boom In 2017 - OilPrice_Com
5.Trump to Fire 50 US Cruise Missiles To Erase Syrian Chemical Attack Air Base, China Next? - Nadeem_Walayat
6.US Stock Market Consolidation Time - Rambus_Chartology
7.Stock Market Investors Stupid is as Stupid Goes - James_Quinn
8.Gold in Fed Interest Rate Hike Cycles- Zeal_LLC
9.The BrExit War - Britain Intelligence Super Power Covert War With the EU - Nadeem_Walayat
10.Marc Faber: Euro to Strengthen, Dollar to Weaken, Gold and Emerging Markets to Outperform - MoneyMetals
Last 7 days
What A War With North Korea Would Look Like - 25th Apr 17
Pensions Are On The Way Out But Retirement Funds Are Not Working Either - 25th Apr 17
Frank Holmes : Gold Could Hit $1,500 in 2017 Amid Imbalances & Weak Supply - 25th Apr 17
3 Reasons Why “Spring Forward, Fall Back” Also Applies To Gold - 25th Apr 17
SPX may be Aiming at the Cycle Top Resistance - 25th Apr 17
Walmart Stock Extending Higher - Elliott Wave Trend Forecast - 25th Apr 17
Google Panics and KILLS YouTube to Appease Mainstream Media and Corporate Advertisers - 25th Apr 17
Gold Price Is 1% Shy of Ripping Higher - 25th Apr 17
Exchange-Traded Funds Make Decisions Easy - 25th Apr 17
Trump Is Among The Institutionally Weakest National Leaders In The World - 25th Apr 17
3 Maps That Explain the Geopolitics of Nuclear Weapons - 25th Apr 17
Risk on Stock Market French Election Euphoria - 24th Apr 17
Fear Campaign Against Americans Continues Nuclear Attack Drills in New York City - 24th Apr 17
Is the Stock Market Bounce Over? - 24th Apr 17
This Could Be One Of the Biggest Winners Of The Electric Car Boom - 24th Apr 17
Le Pen Shifts Political Landscape- The Rise of New French Gaullism  - 24th Apr 17
IMF Says Austerity Is Over - Surplus or Stimulus - 24th Apr 17
EURUSD at a Critical Point in Wave Structure - 23rd Apr 17
Stock Market Grand Super Cycle Overview While SPX Correction Continues - 23rd Apr 17
Robert Prechter Talks About Elliott Waves and His New Book - 23rd Apr 17
Le Pen, Melenchon French Election Stock, Bond and Euro Markets Crash - 22nd Apr 17
Why You Are Not An Investor - 22nd Apr 17
Gold Price Upleg Momentum Building - 22nd Apr 17
Why Now Gold and Silver Precious Metals? - 22nd Apr 17
4 Maps That Signal Central Asia Is at Risk of War - 22nd Apr 17
5 Key Steps For A Comfortable Retirement From Former Wall Street Trader - 22nd Apr 17
Can Marine Le Pen Win? French Presidential Election Forecast 2017 - 21st Apr 17
Why Stock Market Investors May Soon Be In For A Rude Awakening - 21st Apr 17
Median US Household’s Wealth Has Declined by 40% Since 2007 - 21st Apr 17
Silver, Platinum and Palladium as Investments – Research Shows Diversification Benefit - 21st Apr 17
U.S. Stock Market and Gold, Post Tomahawks and MOAB - 21st Apr 17
An In Depth Look at the Precious Metals Complex - 20th Apr 17
The Real Story of China’s Strong First-Quarter Growth - 20th Apr 17
3 Types Of Life-Changing Crisis That Make You Wish You Had Some Gold - 20th Apr 17
The Truth is a Dangerous Thing - 20th Apr 17
2 Choke Points That Threaten Oil Trade Between Persian Gulf And East Asia - 20th Apr 17
Gold’s Next Downside Target Is Around $700… Even if It Breaks Up First - 19th Apr 17
SPX May be Completing its Corrective Pattern - 19th Apr 17
Silver Production Has “Huge Decline” In 2nd Largest Producer Peru - 19th Apr 17
Soothing East Asia's Nerves as Trump's Administration Reaffirms US Power in Asia-Pacific - 19th Apr 17
The Brexit War - Article 50 Triggered, General Election 2017 Called - Let the Games Begin! - 19th Apr 17

Market Oracle FREE Newsletter

Why 95% of Traders Fail

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

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2016 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

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.

Harry Boxer Archive

© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife