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Trading Lessons

Another Down Day for the Stock Market Indices

Stock-Markets / Stock Markets 2016 Mar 09, 2016 - 10:23 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a rough session. They gapped down hard at the opening, bounced to support, and retested in the morning, which enabled them to rally midday. The Nasdaq resistance at 4310 was too much to overcome as was 1995 S&P 500, and they sold off in the afternoon. They not only sold off, but made nominal new lows late in the day, before bouncing slightly, essentially closing at the lows for the day.

Net on the day, the Dow was down 109.85 at 16,964.10. The S&P 500 was down 22.50 to 1979.26. The Nasdaq 100 was down 37.82 to 4265.51.


Advance-declines were 3 to 1 negative on the New York Stock Exchange, and 3 1/2 to 1 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York, total volume of 4.6 billion shares traded. The Nasdaq traded 2 billion shares and had a 4 to 1 negative volume ratio.

TheTechTrader.com board was mixed, but mostly lower. Priceline.com (PCLN) was down 8.66 to 1282.77, Google Inc. (GOOG) down to 1.19 to 693.97, Apple Inc. (AAPL) down 84 cents to 101.03, Amazon.com Inc. (AMZN) 560.26 to 2.54, but Netflix, Inc. (NFLX) had a fractional gain, up 74 cents to 96.23.

Tesla Motors, Inc. (TSLA) lost 2.69 to 202.60 and Baidu, Inc. (BIDU) dropped 4.39 to 172.81. Facebook, Inc. (FB) jumped 20 cents to 105.93 but First Solar, Inc. (FSLR) gave back another 2.31 to 66.87. Microsoft Corporation (MSFT) gained 62 cents to 51.65.

Targa Resources Corp. (TRGP), one of our swing trades, had a very tough session. After a very big run up, profit taking set in, and it closed down 2.98 to 27.05. Shutterstock, Inc. (SSTK) was down 1.89 to 35.51, NewLink Genetics Corporation (NLNK) down 1.35 to 17.54, Mobileye N.V. (MBLY) 2.28 to 33.60, Juno Therapeutics Inc. (JUNO) 3.15 to 40.03, Intrexon Corporation (XON) 2.43 to 36.47, Intra-Cellular Therapies, Inc. (ITCI) 2.10 to 29.47, and Canadian Solar Inc. (CSIQ) 1.37 to 21.36.

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) opened at a high of 70.22, but after a rough day, it closed at the session lows at 57.47, down 9.40.

To the updside, Editas Medicine Inc. (EDIT) was up 2.88 to 41.99, after exploding to 43.94 earlier in the day. This stock was 12.00 just a month ago.

The Direxion Daily Energy Bear 3X ETF (ERY) ran 2.85 to 25.42, the Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 48 cents to 3.97.

Checking the TheTechTrader.com percent-gain leaderboard, Centrus Energy Corp. (LEU) was the big winner today after signing new sales contracts, up 1.75 to 3.27, or 115%, on 15 million shares traded. American Midstream Partners, LP (AMID) gained 1.08 to 6.79, or 19%.

Omeros Corporation (OMER) closed just a nickel from the high for the day, up 2.08 to 15.07, or 16%, on 2.5 million on drug news. Urban Outfitters Inc. (URBN) advanced 4.53 to 32.69, or 16%, on 11.5 million shares on positive earnings.

Among other gainers, the Direxion Daily S&P Biotech Bear 3X ETF (LABD) jumped 8.54 to 60.30.

The ProShares UltraShort Bloomberg Crude Oil (SCO) ran 10.85 to 135.56, the VelocityShares 3x Inverse Crude Oil ETN (DWTI) exploded 21.68 to 173.99, or 14%, on 2 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply early, then had a five-wave advance by midafternoon, but couldn’t take out resistance, and rolled over into the close. It was a nasty finish, and right now the indices are precariously close to trendline and lateral price support. Any further damage here and we could get a decent sell off.

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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