Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stocks Remain Positive Despite Down Day

Companies / Tech Stocks Sep 01, 2016 - 10:57 AM GMT

By: Harry_Boxer

Companies

The stock market indices had a difficult session today, down most of the morning, back up in the afternoon, but closed negative on the day. However, many of the stocks we traded or follow did very well. So it was quite an interesting session.

The day started out with a turn to the downside, then a snapback to resistance and failed, and then they went down until midday. By midday they reached the bottom of the channel in the fifth-wave decline over the last three sessions. I indicated that a potential rally may ensue, and they had a three-wave corrective pullback to take back a big chunk of losses, but negatively closed the day.


Net on the day, the Dow was down 53.42 at 18,400.88, 67 points off the low. The S&P 500 was down 5.17 at 2170.95, 9 points off its low. The Nasdaq 100 was down 4.94 at 4771.05, 20 points off its low.

Advance-declines were a little worse than 3 to 2 negative on the New York Stock Exchange, and 9 to 5 negative on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume of 3.6 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 10 to 7 negative volume ratio.

TheTechTrader.com board was mixed with a lot of red. Priceline.com (PCLN) was up just 18 cents to 1416.73, Apple Inc. (AAPL) up 10 cents to 106.10, Amazon.com Inc. (AMZN) up 1.58 to 769.16, but Google Inc. (GOOG) closed down 2.04 to 767.05, and Netflix, Inc. (NFLX) closed flat at 97.45, although it ran as high as 97.88 earlier in the day.

Baidu, Inc. (BIDU) dropped 4.38 to 171.07, Facebook, Inc. (FB) gained 28 cents 126.12, and First Solar, Inc. (FSLR) lost another 43 cents to 37.82.

On the downside, Gigamon Inc. (GIMO) was down 2.48 to 44.20, Acacia Communications, Inc. (ACIA) down 2.92 to 111.65, and Universal Display Corp. (OLED) down 1.88 to 57.59 were the point-plus losers on our board today.

Tesla Motors, Inc. (TSLA) popped 67 cents to 212.01.

To the upside, there were no stocks up more than a point.

Checking TheTechTrader.com percent-gain leaderboard, Himax Technologies, Inc. (HIMX) advanced 84 cents, or 9%, to 10.62, on 2.9 million shares traded.

NL Industries Inc. (NL), on takeover rumors, popped 1.85, or 46%, to 5.90.

SkyPeople Fruit Juice, Inc. (SPU) exploded 4.28, or 51%, to 12.60, on 10.5 million shares traded, 1400% more volume than average. Gemphire Therapeutics Inc. (GEMP), which got upgraded yesterday, bounced 1.77, or 15.6%, to 13.07. Chico's FAS Inc. (CHS) ran 1.38, or 12%, to 12.68, on 13.9 million shares traded. Veeva Systems Inc. (VEEV) climbed 3.28, or 8.7%, to 40.92, on 12.2 million shares traded.

The VelocityShares 3x Inverse Crude Oil ETN (DWTI) as oil was lower today, ran to 89.22, before closing at 87.05, up 8.08, or 10%, on 5.2 million shares traded. The ProShares UltraShort Bloomberg Crude Oil (SCO) was up 6.11, or 7%, to 94.76.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 2.29, or 7%, to 34.79, on 4.8 million shares traded. The Direxion Daily Gold Miners Bear 3X ETF (DUST) bounced 2.14, or 5%, to 42.21, on 14 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were down in 5 waves intraday, and then rallied back in a 5-wave corrective move as well, but backed off in the last few minutes. Still, it was a loss for the day, but it wasn’t as bad as it seemed. We’ll see if there’s any follow-through to the upside, but there was some key support that held around 2160-61 on the S&P 500.

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