Closing Analysis

Waiting on Greece...... RSS

Closing Technical Market Analysis for Mon July 6th 2015

The stock market indices had a topsy-turvy, volatile day today. They gapped down sharply at the opening after Greece had the great “no” vote. They hit two levels of support, and then rallied very sharply, taking the Nasdaq 100 from 4394.44 all the way up to 4444.41, 50 points straight up. Then they came down hard and gave back nearly all of it. The S&P 500 went from 2058.40 up to 2078.61, and came all the way back down to slightly above the lows for the day. Late in the day they snapped back sharply, the Nasdaq 100 jumping from 4397 to 4420, the S&P 500 from just under 2060 to over 2069, but still closed down on the day.

Net on the day, the Dow was down 46.53 at 17,683.58. The S&P 500 was down 8.02 at 2068.76, 10 points off the high and 10 points off the low. The Nasdaq 100 was down 14.73 at 4418.66, 26 points off the high and 24 points off the low.

Advance-declines were 19 to 11 negative on New York Stock Exchange and 16 to 12 negative on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 1.6 billion shares, and had a 5 to 3 negative volume ratio. board was mixed today. Incorporated (PCLN) popped 1.64 to 1141.43, and Netflix, Inc. (NFLX) ran 3.69 to 662.00.

In a strong biotech sector, NewLink Genetics Corporation (NLNK) was up 2.51 to 45.73, Celldex Therapeutics, Inc. (CLDX) up 1.13 to 25.48, new swing trade, Novavax, Inc. (NVAX) up 28 cents to 11.16, and Synergy Pharmaceuticals, Inc. (SGYP) 46 cents to 9.74.

Talen Energy Corporation (TLN) gained 36 cents to 17.31.

Gold was strong today. The SPDR Gold Shares (GLD) snapped back 30 cents to 112.06.

On the downside, the other large-cap stocks that we follow were done less than a point.

Checking the percent-gain leaderboard, Versartis, Inc. (VSAR), another biotech stock, led the way up 4.30 to 18.92, or 29%, on 1.7 million shares. eHealth, Inc. (EHTH), an insurance broker, bounced 1.61 to 13.72, or 13%, on nearly a million shares. Holdings, Inc. (ALRM), a fairly new IPO, gapped up at the opening and ran hard all day, closing up 1.07 to 18.11.

With oil down 5% today, the ProShares UltraShort DJ-UBS Crude Oil (SCO) gained 7.88 to 70.33, or 13%, on 2.1 million shares and traded as high as 71.46 earlier in the day.

The Direxion Daily FTSE China Bear 3X ETF (YANG) ran 8.95 to 77.13, or 13%, on a half million shares. The Direxion Daily Russia Bear 3X ETF (RUSS) jumped 3.27 to 37.29, or 10%.

Among other gainers, Alliance Fiber Optic Products Inc. (AFOP) was up 1.59 to 20.15, InVivo Therapeutics Holdings Corp. (NVIV) up 1.53 to 17.19, and Eagle Pharmaceuticals Inc. (EGRX) 6.75 to 81.51.

Stepping back and reviewing the hourly chart patterns, the indices were sharply lower at the opening, sharply higher by midmorning, and then they came down hard in a 3-wave decline, but retested the lows successfully, and bounced at the end of the day with a good close.

Let’s see if they will get a good follow-through tomorrow.

Good Trading!


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