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Stock Market Negative Start to the Week

Stock-Markets / Stock Markets 2016 May 24, 2016 - 10:56 AM GMT

By: Harry_Boxer


The stock market indices started out with a nice move to the upside and reached their peak early morning, they came down midday, bounced around in the afternoon, tried to rally back mid-afternoon, and then rolled over hard to finish at the session lows.

Net on the day, the Dow was down 8.01 at 17,492.93, 158 points off the high. The S&P 500 was down 4.28 at 2048.04, 7 points off its high. The Nasdaq 100 was down 7.80 at 4355.10, 27 points off its high.

Advance-declines were 30 issues negative on the New York Stock Exchange, and 160 issues higher, or 14 to 13 positive on the Nasdaq. Up/down volume was 17 to 12 positive on New York, total volume of 3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 11 to 6 positive volume ratio. board was mixed. There were some outstanding gainers and losers. (PCLN) was down 11.80 to 1237.49, Google Inc. (GOOG) down 5.50 to 704.24, Inc. (AMZN) down 6.05 to 696.75, but Apple Inc. (AAPL) was up 1.21 to 96.43, and Netflix, Inc. (NFLX) up 2.40 to 94.89.

Baidu, Inc. (BIDU) bounced all over the place and closed down 28 cents to 169.77, Facebook, Inc. (FB) lost 1.38 to 115.97, and First Solar, Inc. (FSLR) gained 1.02 to 49.04.

Tesla Motors, Inc. (TSLA) dropped 4.06 to 216.22.

Intrexon Corporation (XON) had a good day, jumping 1.54 to 29.59, and Universal Display Corp. (OLED) had a specular day, up 4.88 to 61.29.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) made its way up as well, gaining 1.35 to 30.99, in a fairly firm biotech sector.

Checking the percent-gain leaderboard, leading the way was Cellectar Biosciences, Inc. (CLRB), up 62 cents to 4.07, or 18%, on 30.7 million shares traded. Tronox Limited (TROX) popped 41 cents to 4.89, or 9%, on 1.2 million shares traded.

Among other gainers, Aqua Metals, Inc. (AQMS), one of our swing trades, was up 1.14 to 11.64, or 11%, Natera, Inc. (NTRA) up 1.12 to 12.12, LendingTree, Inc. (TREE) up 5.58 to 74.62, Spark Therapeutics, Inc. (ONCE) 3.57 to 54.41, and Biotech Galapagos (GLPG) 2.91 to 56.94.

Vuzix Corporation (VUZI) climbed 28 cents to 5.48. Celator Pharmaceuticals, Inc. (CPXX), one of our favorite swing trades, ran 92 cents to 17.82.

Stepping back and reviewing the hourly chart patterns, the indices were up sharp early on, came down and consolidated midday, and then rolled over at the end of the day to close at the lows for the day. It was a lousy close, and resistance at today’s high was very, very obvious that they have a tough cookie to crack on Nasdaq 100 near 4383 and S&P 500 at 2065-8 area.

Good Trading!


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