Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market August Starts with a Bang!

Stock-Markets / Stock Markets 2016 Aug 02, 2016 - 07:33 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices started the week and month off with a bang. The day started out with a big, strong rally to new highs on the Nasdaq 100, and new all-time highs on the S&P 500, tagging 2178. But that didn’t last long. They then plunged midday, got to pullback lows and session lows on the S&P 500, tried to rally mid-afternoon in a kind of choppy, bear-flag formation, and then pulled back in the last hour, only to bounce in the last thirty minutes, finishing mixed on the day.


Net on the day, the Dow was down 27.73 at 18,404.51. The S&P 500 was down 2.76 at 2170.84. The Nasdaq 100 had a strong day, up 25.81 at 4756.04.

Advance-declines were negative by 540 issues on the New York Stock Exchange, and negative by just a few issues on the Nasdaq. Up/down volume was 2.3 to 1 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 95 to 87 positive volume ratio.

TheTechTrader.com board was mixed. Priceline Inc. (PCLN) was up 5.27 to 1356.08, Google Inc. (GOOG) up 4.09 to 772.88, Apple Inc. (AAPL) up 1.84 to 106.05, Amazon.com Inc. (AMZN) 8.93 to 767.74, and Netflix, Inc. (NFLX) 3.12 to 94.37.

Baidu, Inc. (BIDU) gained 3.63 to 163.23, Facebook, Inc. (FB) advanced just 37 cents to 124.31, and First Solar, Inc. (FSLR) also with a small gain of 70 cents to 47.38.

Tesla Motors, Inc. (TSLA), however, dropped to 230.01 on the merger with SolarCity Corporation (SCTY).

The biotech’s were very strong in the morning as the Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 3.21 to 45.19.

Other stocks to the upside included Universal Display Corp. (OLED), up 2.98 to 73.82, and Intrexon Corporation (XON) up 2.05 to 27.38.

On the downside, Gigamon Inc. (GIMO) was down 1.23 to 45.49, Acacia Communications, Inc. (ACIA) down 1.06 to 63.97, Mobileye N.V. (MBLY) 1.87 to 46.04, and Twilio, Inc. (TWLO) 1.30 to 39.33.

Checking TheTechTrader.com percent-gain leaderboard, Top Ships Inc. (TOPS), on a fantastic earnings report, jumped 4.02 to 6.61, or 155%, on 21.6 million shares. T2 Biosystems, Inc. (TTOO) advanced 1.38 to 7.04, or 24%. MeetMe Inc. (MEET) bounced 1.00 to 7.43, or 16%, on 6.3 million shares.

Ionis Pharmaceuticals, Inc. (IONS), on positive drug news, ran 8.82 to 38.01, or 30%, on 21 million shares. Etsy, Inc. (ETSY) popped 1.80 to 11.86, or 18%, on 9.3 million shares. Momo Inc. (MOMO) was up 1.21 to 14.44, or 10%.

Oil ETF’s were strong as oil dropped down near 40 today. The Direxion Daily Energy Bear 3X ETF (ERY) ran 1.52 to 16.81, the VelocityShares 3x Inverse Crude Oil ETN (DWTI) climbed 11.81 to 125.54, and the ProShares UltraShort Bloomberg Crude Oil (SCO) closed up 7.61 to 117.82.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, down sharply midday, choppy in the afternoon, pulled back in the late afternoon, but then bounced into the close to end mixed on the day.

It was a good day.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2016 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

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.

\
Harry Boxer Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in