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Stock Market Fluctuates on Concerns Ahead of Brexit

Stock-Markets / Stock Markets 2016 Jun 23, 2016 - 10:47 AM GMT

By: Harry_Boxer


The stock market indices had a very volatile session, first starting off with a little bit of a dip, then a strong rally to test Monday’s highs, and when they were unable to take those out they came down in a strong midday decline, but snapped back early afternoon. However, that failed to take hold, but it was just a retest. The indices then had a 5-wave decline into the close, finishing near the session lows, just bouncing right off them into the close.

Net on the day, the Dow was down 48.90 at 17,780.83, 140 points off the high. The S&P 500 was down 3.45 at 2085.45. The Nasdaq 100 was down 8.68 at 4404.73.

Advance-declines were 27 to 11 on the New York Stock Exchange, and 16 to 11 on the Nasdaq 100. Up/down volume was 19 to 11 negative on New York, total volume of over 3 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 5 to 3 positive volume ratio. board was mixed. Leading the way to the upside, Priceline Inc. (PCLN) was up 17.05 to 1360.10, Google Inc. (GOOG) up 1.52 to 697.46, but Apple Inc. (AAPL) was down 36 cents to 95.55, Inc. (AMZN) down 5.22 to 710.60, Netflix, Inc. (NFLX) down 98 cents to 90.01.

Baidu, Inc. (BIDU) dropped 58 cents to 162.22, Facebook, Inc. (FB) closed down 47 cents to 113.31, and First Solar, Inc. (FSLR) fell 29 cents to 48.62.

Tesla Motors, Inc. (TSLA) got whacked 22.95 to 196.66, after they announced the potential takeover of their sister company SolarCity Corporation (SCTY).

The only other point plus gainers on our board included Bristol-Myers Squibb Company (BMY) up 1.06 to 72.31, and Shutterstock, Inc. (SSTK) up 1.13 to 46.02.

On the downside, Inovio Pharmaceuticals, Inc. (INO) was down 1.06 to 10.20, and ACADIA Pharmaceuticals Inc. (ACAD) down 1.49 to 33.50.

Checking the percent-gain leaderboard, SkyPeople Fruit Juice, Inc. (SPU) gained 89 cents to 2.68, or 50%, on 3.6 million shares. Nymox Pharmaceutical Corporation (NYMX) bounced 82 cents to 3.15, or 35%, on 4 million shares. Aspen Aerogels, Inc. (ASPN) dropped 94 cents to 5.00, or 23%, on nearly a million shares. Cemtrex Inc. (CETX) advanced 50 cents to 3.58, or 16%, on 2.7 million shares. Unisys Corporation (UIS) ran 80 cents to 8.30, or 11%, On 2.7 million shares. GOL Linhas AÃreas Inteligentes S.A. (GOL) bounced 73 cents to 8.88, or 9%.

Among other gainers, the Direxion Daily Russia Bear 3X ETF (RUSS) was up 1.02 to 15.03, Direxion Daily Gold Miners Bull 3X ETF (NUGT) up 6.23 to 99.94, Winnebago Industries, Inc. (WGO) up 1.34 to 22.95, and La-Z-Boy Incorporated (LZB) up 1.67 to 27.35.

Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, up sharply in the morning, but down sharply midday, rallied back nicely, but could do about a 50% retracement, and fell into the close, finishing near the session lows.

It was a bad day midday, but it’s ahead of Brexit that we’re concerned about.

Good Trading!


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