Closing Analysis

Ugly Day for Wall Street RSS

Closing Technical Market Analysis for Thu April 28th 2016

The stock market indices had a very rough day today. The day started out with a nice rally in the morning, they rolled over just after the lunch hour, and got hammered hard into the close, finishing as one of the worst days of the year.

Net on the day, the Dow was down 210.79 at 17,830.76, more than 200 points off the high. The S&P 500 was 19.34 at 2075.81, 24 points off its high. The Nasdaq 100 was down 52.64 at 4363.99, 93 points off the high.

Advance-declines were nearly 2 to 1 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 4.3 billion shares traded. The Nasdaq traded 2.2 billion shares and had a 2 to 1 negative volume ratio. board was mostly red. The Nasdaq Generals pressured the market all day, although they rallied at one point in the day. Priceline Inc. (PCLN) was down 36.15 to 1317.59, Google Inc. (GOOG) down 14.82 to 691.02, Apple Inc. (AAPL) down 2.99 to 94.82, Inc. (AMZN), 24 points off its high, down 4.57 to 602.00, but jumped 70 points in after hours on earnings, and Netflix, Inc. (NFLX) 76 cents to 90.28.

Baidu, Inc. (BIDU) lost 1.93 to 186.02, but First Solar, Inc. (FSLR), after yesterday’s earnings, ran 5.01 to 57.02. Microsoft Corporation (MSFT) dropped 1.04 to 49.90.

Facebook, Inc. (FB) soared 7.84 to 116.73, or nearly 8%, on 85 million shares on earnings today.

Tesla Motors, Inc. (TSLA) lost 3.76 to 247.71.

Other losers of note included Cynosure, Inc. (CYNO), a new swing trade of ours, down 2.06 to 48.73, Editas Medicine Inc. (EDIT) down 2.23 to 34.14, Universal Display Corp. (OLED) 1.83 to 58.18, SolarEdge Technologies, Inc. (SEDG), in a weak solar group, 1.81 to 26.67, Stratasys Ltd. (SSYS) 1.40 to 25.73, Targa Resources Corp. (TRGP), in a weak oil group, 1.75 to 38.71.

Checking the percent-gain leaderboard, Dehaier Medical Systems Limited (DHRM) ran straight up to 2.88, pulled back, and closed up 56 cents to 1.89, or 42%, on 2.8 million shares.

Cliffs Natural Resources Inc. (CLF) climbed 1.08 to 5.39, or 25%, on 47 million shares. Blucora, Inc. (BCOR) gained 1.47 to 7.60, or 24%, on 2.3 million shares. Mitek Systems, Inc. (MITK) had a big day today, up 1.06 to 7.31, or 17%, on 2.8 million shares.

Sarepta Therapeutics, Inc. (SRPT) advanced 2.25 to 13.80, or 20%, on 25 million shares. FTI Consulting, Inc. (FCN) popped 5.32 to 39.96, or 15%, on 1.8 million shares. OncoMed Pharmaceuticals, Inc. (OMED) peaked at 15.48 before noon, pulled back and closed up 1.83 to 13.57, or 15%. CommScope Holding Company, Inc. (COMM) gained 3.81 to 30.54, or 14%, on 5 million shares.

Many other stocks did well, including gold ETF’s. The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) stair-stepped its way up 17.80 to 152.10. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) rose 11.69 to 100.00, or 13%, on 8.3 million shares.

The ultra-shorts also had a good day. The ProShares Ultra VIX Short-Term Futures (UVXY) had a huge thrust up 1.69 to 15.97, or 12%, on 48 million shares and reached as high as 16.19.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down sharply after the lunch hour, and even though they had a late, 5-minute bounce, they closed pretty much near the session lows.

It was a nasty day, however, looking at the Nasdaq 100 chart, we finished today near the lows of the fifth wave of this decline, so we may see something else, especially in lieu of the fact that the S&P 500 is still right about support.

Let’s see what happens tomorrow.

Good Trading!


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