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Stock Market Turns Down After Two-Day Rally

Stock-Markets / Stock Markets 2016 May 12, 2016 - 12:33 PM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a turn-around day after a two-day rally. They retraced and are doing some retesting here, ending the day on a sour note. The day started out with a pop to the upside, they made new highs on the Nasdaq 100, but the S&P 500 failed to confirm. When that occurred, they came down hard, formed bear wedges, and by midday were headed lower. In the afternoon there was a steady sell off in stair-step fashion, and they closed near the lows for the day going away.


Net on the day, the Dow was down 217.23 at 17,711.12. The S&P 500 was down 19.93 at 2064.46, a penny off the low. The Nasdaq 100 was down 41.00 at 4361.03, less than a point off the low.

Advance-declines were a little less than 2 to 1 negative on the New York Stock Exchange, and the same on the Nasdaq. Up/down volume was a little less than 2 to 1 negative on New York, total volume of 3.75 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 3 to 1 negative volume ratio.

TheTechTrader.com board would have been a lot worse than it was if it hadn’t been for Amazon.com Inc. (AMZN) jumping 10.16 to 713.23.

Priceline Inc. (PCLN) was down 96 cents to 1267.31, Google Inc. (GOOG) down 7.89 to 715.29, Apple Inc. (AAPL) down 91 cents to 92.51, and Netflix, Inc. (NFLX) down 2.87 to 90.02.

Baidu, Inc. (BIDU) dropped 3.16 to 163.05, Facebook, Inc. (FB) lost 98 cents to 119.52, and First Solar, Inc. (FSLR) gave back 53 cents to 50.74.

Tesla Motors, Inc. (TSLA) closed up slightly, up 27 cents to 208.96.

ACADIA Pharmaceuticals Inc. (ACAD) was down 1.32 to 28.49, Intrexon Corporation (XON) down 1.93 to 25.82, and Juno Therapeutics Inc. (JUNO) 1.15 to 37.31.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU), in a weak biotech sector, got hammered for 2.74 to 24.65.

To the upside, Adeptus Health Inc. (ADPT), a swing trade, jumped 4.52 to 63.62, and Targa Resources Corp. (TRGP), in the oil sector, also a swing trade, ran 2.06 to 41.98.

Checking the TheTechTrader.com percent-gain leaderboard, Encana Corporation (ECA) popped 88 cents to 7.00, or 14%, on 44.2 million shares.

ChemoCentryx, Inc. (CCXI) was the winner of the day, up 1.61 to 4.60, or 54%, on 20.6 million shares, 5800% more volume than average. Gaiam Inc. (GAIA) bounced 1.04 to 7.75, or 15 1/2%.

Natera, Inc. (NTRA) jumped 1.91 to 11.59, or 20%. Electronic Arts Inc. (EA) closed up 8.84 to 73.38, or 14%, on 22 million shares. Canadian Solar Inc. (CSIQ) advanced 1.92 to 17.38, or 12%, on 8 million shares. Celator Pharmaceuticals, Inc. (CPXX) managed to explode 1.56 to 14.67, or 12%, on 5.5 million shares.

Stepping back and reviewing the hourly chart patterns, the indices started the day with a little pop to the upside, they came down and stayed down all day, closing at the lows for the day.

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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