Best of the Week
Most Popular
1.BrExit House Prices Crash, Flat or Rally? UK Housing Market Affordability Crisis - Nadeem_Walayat
2.Stocks Bull Market Climbs Wall of Worry, Bubble? When Will it End? - Nadeem_Walayat
3.Gold Price Is Now On Its Way To All-Time Highs - Hubert_Moolman
4.Deutche Bank Stock Price Crash - The EU Has Problems Far Beyond the Brexit - Harry_Dent
5.UK interest Rate PANIC CUT! As Banks Prepare to Steal Customer Deposits - Nadeem_Walayat
6.Gold and Silver Bull Phase 1 : Final Impulse Dead Ahead - Plunger
7.Central Bankers Fighting An Unprecedented Global Economic Slowdown - Gordon_T_Long
8.Putin Hacking Hillary for Trump, Russia's Manchurian Candidate? - Nadeem_Walayat
9.Stock Market Insiders Are Secretly Selling, Cycle Top Next Month - Chris_Vermeulen
10.Gold Sector - Is it time to Back up the Truck? – Mortgage the Farm? - Peter_Degraaf
Free Silver
Last 7 days
Theresa May Instructs Police, NHS Gp's, Public Sector To Stop Racial Discrimination in Service Delivery - 28th Aug 16
Ignore Yellen and Buy the Dip in Precious Metals - 27th Aug 16
SPX Downtrend Should be Underway - 27th Aug 16
Unraveling the Secular Economic Stagnation Story - 27th Aug 16
The Precious Metals Sector and the Fed. . . - 27th Aug 16
Stock Market - All Is Calm, All Is Not Right - 27th Aug 16
Gold Junior Stocks Q2 2016 Fundamentals - 26th Aug 16
Buy Gold’s August Dip? Gold’s Monthly Sweet Spot In September - 26th Aug 16
The IMF’s Internal Audit Reveals Its Incompetence and Massive Rule Breaking - 26th Aug 16
Commodities Are the Best Bargain Now—Here’s What to Buy - 26th Aug 16
Why I Left Canada and Became A Citizen of the Dominican Republic - 26th Aug 16
The GLD vs GOLD - 26th Aug 16
Can Stocks Survive Without Stimulus? - 25th Aug 16
Why Putin Might Be on His Way Out - 25th Aug 16
Bond Guru Gary Shilling - The Bond Market Rally of a Lifetime - 25th Aug 16
A Zombie Financial System, Black Swans and a Gold Share Correction - 25th Aug 16
OPEC’s Output Freeze: What Has Changed Since Doha? - 25th Aug 16
Merkel Prepares For a Deliberate Crisis While White House Plans For a Disastrous Succession - 24th Aug 16
Suspicious Reversal in Gold Price - 23rd Aug 16
If Trump Can’t Pull Off a Victory, Expect a Civil War - 23rd Aug 16
Ceding ICANN and Internet Control to Globalists - 23rd Aug 16
How to Spot an Oversold Stock Market - 23rd Aug 16
Gerald Celente Sees Worst Market Crash, New Military Conflict, Gold Spike to $2,000/oz - 23rd Aug 16
EU Olympics Medals Table Propaganda Includes BrExit Britain - 22nd Aug 16
BrExit Win's Britain Olympics Success Freedom Dividend, Economy Next - 22nd Aug 16
Stock Market Top Forming, but Slowly - 22nd Aug 16
(Really) Alternative Banking Systems - 22nd Aug 16
Vauxhall Zafira Fires - Second Recall Issued - Inspection Before Bursting into Flames? - 21st Aug 16
Will the Stock Market Bubble Pop Regardless if the FED Never Raises Rates? - 21st Aug 16
US Government Spending - 3 Big Stories Not Being Covered – Part III - 21st Aug 16
Silver Analysis - 20th Aug 16
SPX New Highs, Correction Next? - 20th Aug 16
Housing Bubble - The Marginal Buyer Holds The Pin That Pops Every Asset Bubble - 20th Aug 16
Gold Miners Q2 2016 Fundamentals - 19th Aug 16
Which Price Ratio Matters Most in a Fiat Ponzi? - 19th Aug 16
Big Policies, Bigger Failures - 19th Aug 16
Higher Crude Oil’s Prices and USD/CAD - 19th Aug 16
Here’s Why You Should Look for Dividend Stocks and How - 19th Aug 16
Deglobalization Already Underway — 4 Technologies That Will Speed It Up - 19th Aug 16
These 6 Charts Show Why the Average American Is Fed Up - 18th Aug 16
SPX Easing Lower - 18th Aug 16
Low / Negative Interst Rate’s Legacy - 18th Aug 16
The 45th Anniversary of The Most Destructive Event In Modern Monetary History - 18th Aug 16
USDU - An Important Perspective on the US Dollar - 17th Aug 16
SPX Completes Wave 1 Decline - 17th Aug 16
How to Quickly Spot Common Fibonacci Ratios on a Chart - 17th Aug 16
When Does a Forecast Become a Trade? - 17th Aug 16
Kondratiev Wave - The Financial Winter Is Nearing! - 17th Aug 16
Learn "The 4 Best Elliott Waves to Trade -- and How to Trade Them" - 16th Aug 16
Stock Market Bears Turning Bullish At New All Time Highs - Time to Get Worried? - 15th Aug 16
Job Seekers Sacrificed to the Inflation Gods - 15th Aug 16
A Look At Commodities and Financial Markets Trading Week Ahead - 15th Aug 16
Stock Market New Top Forming? - 15th Aug 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

How to Trade Elliott Waves

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