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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Great Day for Biotech Stocks

Stock-Markets / BioTech Sep 15, 2016 - 09:54 AM GMT

By: Harry_Boxer


The stock market indices rebounded smartly in the morning, but got up to overhead resistance, particularly on the Nasdaq 100, which failed several times trying to get through 4770. At that point, the S&P 500 was trailing badly. They then went into an afternoon decline, and orderly retraced channel, 5-wave decline on the S&P 500, and then dropped right back to the 2120 level it reached twice in three days. This was the third test. That was successful. It bounced a few points off that level. It was not exactly a rip-roaring rally, but, nevertheless, support held for now, with the S&P 500 having a triple bottom, and the Nasdaq 100 having a right-handed, extended V-pattern, or rising wedge. No question with overhead resistance at 4770, or thereabouts on the Nasdaq 100, as well as for starters 2140-5 zone on the S&P 500 is going to be critical going forward.

Net on the day, the Dow was down 3.98 at 18,034.77. The S&P 500 was down 1.25 at 2125.77, 16 points off its high. The Nasdaq 100 had a strong day, up 23.22 at 4746.06, but gave back 23 points.

Advance-declines were slightly negative by 150 issues on the New York Stock Exchange, but only by 35 issues on the Nasdaq 100. Up/down volume was 2 to 1 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 10 7 positive volume ratio. board was mostly green. (PCLN) was up 13.43 to 1429.38, Google Inc. (GOOG) up 2.80 to 762.49, Apple Inc. (AAPL) up 3.82 to 111.77, Inc. (AMZN) just 8 cents to 761.09, and Netflix, Inc. (NFLX) 92 cents to 97.01.

Baidu, Inc. (BIDU) popped 28 cents to 182.18, Facebook, Inc. (FB) gained just 56 cents to 127.77, but First Solar, Inc. (FSLR) was down 1.39 to 35.03, reaching a 2-year low.

Tesla Motors, Inc. (TSLA) gained just 36 cents to 196.41.

Ambarella Inc. (AMBA) was up 1.28 to 67.11, CoLucid Pharmaceuticals, Inc. (CLCD) up 1.05 to 23.28, Gigamon Inc. (GIMO) 3.15 to 48.27, Xencor, Inc. (XNCR), one of our swing trades, 1.54 to 23.39.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 2.99 to 44.21.

On the downside, Acacia Communications, Inc. (ACIA) was down 1.24 to 105.06, and Twilio, Inc. (TWLO) down 85 cents to 53.12.

Checking percent-gain leaderboard, Inotek Pharmaceuticals Corporation (ITEK) bounced 90 cents, or 13%, to 8.02, on 1.7 million shares traded.

Biostar Pharmaceuticals, Inc. (BSPM) ran 1.34, or 65%, to 3.39, on 12.2 million shares traded.

Sarepta Therapeutics, Inc. (SRPT) had a spectacular day, up 6.85, or 27%, to 32.45, on 16 million shares traded. bluebird bio, Inc. (BLUE) advanced 4.61, or 8%, to 62.89, on 1.5 million shares traded.

The VelocityShares 3x Inverse Crude Oil ETN (DWTI) closed up 6.61, or 8%, to 90.10, on 5 million shares traded. The ProShares UltraShort Bloomberg Crude Oil (SCO) jumped 4.97, or 5%, to 97.55.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, stalled by midday, and then came down in the afternoon to test the lows on S&P 500, making higher lows on the Nasdaq 100. At least for now.

Good Trading!


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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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