Harry Boxer
The Technical Trader
The stock market indices got the expected pullback that we were looking for today, as the over-bought condition caused a sell-off. They did get a little run-up earlier, making new highs on both indices, getting up under 3990 NDX, and to 1949.39 on the S&P 500. They then dropped back sharply, closing down on the session.
Net on the day, the Dow was down 153.49 at 16,461.32, just under 200 points off the high. The S&P 500 was down 14.17 at 1927.11, 22 points off the high. The Nasdaq 100 was down 21.81 at 3949.59, 39 points off its high.
Advance-declines were 7 to 3 negative on the New York Stock Exchange, and 2 1/2 to 1 negative on Nasdaq. Up/down volume was 4 to 1 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded just under 2 billion shares, and had a 14 to 5 negative volume ratio.
TheTechTrader.com board was mostly red. Leading the way lower, Priceline.com Incorporated (PCLN) gave back 18.52 to 1114.45, and Amazon.com Inc. (AMZN) dropped 2.36 to 312.97, but Google Inc. (GOOG) was up 6.17 to 532.71, Apple Inc. (AAPL) up 52 cents to 102.99, and Netflix, Inc. (NFLX) up 8.66 to 374.65
Pharmacyclics Inc. (PCYC) lost 1.43 to 115.13, Tesla Motors, Inc. (TSLA) worked its way down all day, down 4.24 to 231.10, and Vipshop Holdings Limited (VIPS) was up and down all day, and closed up 5.00 to 105.00.
Arista Networks, Inc. (ANET) was down 5.33 to 72.18, Twitter, Inc. down 1.55 to 49.08, VASCO Data Security International (VDSI) 1.03 to 18.73, ReWalk Robotics Ltd. (RWLK) 1.23 to 26.87, Royal Gold, Inc. (RGLD) 1.73 to 67.05, Lakeland Industries Inc. (LAKE) 1.81 to 13.13, and MOBILEYE N.V. (MBLY) 1.69 to 49.10.
Solars were weak again, as Canadian Solar Inc. (CSIQ) dropped 1.59 to 29.26, First Solar, Inc. (FSLR) lost 1.60 to 54.75, and SunPower Corporation (SPWR) off 1.27 to 30.49, and SolarCity Corporation (SCTY) fell 1.81 to 53.92.
On the upside there were some gainers. Tekmira Pharmaceuticals Corp. (TKMR) gained 1.29 to 19.27, and NewLink Genetics Corporation (NLNK) ran 5.32 to 39.82.
Checking the TheTechTrader.com percent-gain leaderboard, Image Sensing Systems, Inc. (ISNS), which we traded today, ran 78 cents to 3.33, or 31%, on 3.8 million shares.
ZaZa Energy Corporation (ZAZA) thrust to 5.75 before pulling back to 4.15, up 1.17, or 39%, on 3.1 million shares on positive drilling results.
Regulus Therapeutics Inc. (RGLS) was by far the winner today, up 6.98 to 13.75, or 103.10%, on 20 million shares, reaching pre-market high of 18.33. Unisys Corporation (UIS), on blowout earnings, ran up and stayed up all day, up 4.24 to 23.62, or 22%, on 3.4 million shares.
Among other gainers, Six Flags Entertainment Corporation (SIX), on strong earnings, was up 4.40 to 38.90, while Super Micro Computer, Inc. (SMCI), also on strong earnings, gained 2.33 to 28.81. Gentex Corp. (GNTX) also had good earnings, up 2.48 to 31.28, while Broadcom Corp. (BRCM) rose 2.04 to 39.37, and Yahoo! Inc. gained 1.82 to 42.00.
The ProShares Ultra VIX Short-Term Fut ETF (UVXY) climbed 4.59 to 34.80, and the Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) road the waves up 2.61 to 19.06.
Stepping back and reviewing the hourly chart patterns, the indices popped in the morning, made new rally highs, and then reversed after the fifth wave, rolling over to settle much lower on the day near the lows for the day.
Let's see if we get some additional pullback. I think we may.
Overbought Indices Roll Over
Good Trading!
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