Closing Analysis

Last Minute Spike-Up Takes Back Chunk of Losses RSS

Closing Technical Market Analysis for Mon August 3rd 2015

The stock market indices started off the week with a bounce at the opening, and then a thrust to the downside. They came down lower, did a midmorning retracement, couldn’t get through the highs, especially on the Nasdaq 100. The S&P 500 got through slightly, but when the Nasdaq 100 couldn’t, they rolled over hard into midday, reaching support before a 5-wave advance brought them back up at the end, with a special move in the last half hour, bringing them way off the lows. However, it was a negative day for the market.

Net on the day, the Dow was down 91.66 at 17,598.20. The S&P 500 was down 5.80 to 2098.04, 11 points off the low and 7 points off the high. The Nasdaq 100 was down 8.44 to 4580.46, 30 points off the low and 28 points off the high.

Advance-declines were 3 to 2 negative on New York Stock Exchange and 17 to 10 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 about 1.75 billion, and had a 9 1/2 to 8 negative ratio. board was very red. (PCLN) was down 3.09 to 1240.48, but closed 15 points off the low. Apple Inc. (AAPL) fell 2.86 to 118.44, on 69 million shares traded. Inc. (AMZN) gave back 1.12 to 535.03, and Netflix, Inc. (NFLX) lost 1.75 to 112.56.

Tesla Motors, Inc. (TSLA) got hammered 6.16 to 259.99.

Biotech’s got hit hard today. Esperion Therapeutics, Inc. (ESPR) stair-stepped its way down 1.15 to 60.85. ImmunoGen, Inc. (IMGN) dropped 1.39 to 16.63, and NewLink Genetics Corporation (NLNK) descended 1.23 to 50.92.

The cyber security sector also got hit. VASCO Data Security International Inc. (VDSI) was down 1.88 to 18.51, TASER International Inc. (TASR), after earnings, down 2.09 to 25.13, Rapid7, Inc. (RPD) 2.55 to 20.43, FireEye, Inc. (FEYE) 1.31 to 43.18, and CyberArk Software, Ltd. (CYBR) 2.30 to 56.83.

Solar’s were weak today. Canadian Solar Inc. (CSIQ) lost 2.10 to 24.75, and SunEdison, Inc. (SUNE) dropped 88 cents to 22.40.

On the upside, Google Inc. (GOOG) jumped 5.60 to 631.21.

In addition, Teladoc, Inc. (TDOC), a recent IPO, was up 1.63 to 33.20, and Fitbit Inc. (FIT) up 1.35 to 48.96, but only 2 points off its high.

Checking the percent-gain leaderboard, A. M. Castle & Co. (CAS) stair-stepped its way up 61 cents to 3.46, or 21.4%, on 1.3 million shares. Low-priced biotech, Oragenics Inc. (OGEN), gained 58 cents to 3.20, or 22%. Frontier Communications Corporation (FTR) thrust 43 cents to 5.15, or 9%, on 55.4 million shares. Solar3D, Inc. (SLTD), one of our favorite solar’s, up 31 cents to 3.78, or 9%.

Foamix Pharmaceuticals Ltd. (FOMX) popped 93 cents to 11.57, or 9%, on nearly a million shares.

Lexicon Pharmaceuticals, Inc. (LXRX), on positive drug news, exploded 5.16 to 13.80, or 61%, on 32 million shares, reaching as high as 13.80 earlier in the day. That was a major breakout for that stock today.

Other gainers included ConforMIS Inc (CFMS), up 2.41 to 25.49, and Shopify Inc. (SHOP), up 2.97 to 40.36.

The Direxion Daily Russia Bear 3X ETF (RUSS) climbed 3.86 to 42.23. The Direxion Daily Gold Miners Bear 3X ETF (DUST) ran 3.34 to 37.67. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) bounced 1.09 to 15.16. The ProShares UltraShort Bloomberg Crude Oil (SCO) advanced 5.46 to 94.30.

Stepping back and reviewing the hourly chart patterns, after some backing and filling early on, they came down early in the morning, bounced into late morning, but then rolled over hard early afternoon, before a 5-wave advance and spike-up at the close took back a big chunk of the losses.

Let’s see how it goes tomorrow.

Good Trading!


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