Closing Analysis

Financial’s Less-than-Expected Earnings Weighs Market Down

Closing Technical Market Analysis for Mon April 15th 2019

Markets opened mixed Monday morning to a short week that is expected to price 8 IPO’s this week. The S&P 500 opened to the downside, while the Nasdaq 100 opened positive, but immediately reversed and headed downward. The stocks continued to fall as earnings reports came in and Goldman Sachs Group and Citigroup had less than expected results. Marijuana stocks also added weight to the already heavily weighed down indices. It was a bad day for some of the Chinese stocks we follow. The Nasdaq 100 reached a midmorning low, which was the low for the day, at 7578.54, rallied, consolidated, pulled back, took off again, came 3-waves down, took off again, and in the last hour ran up to near the high for the day before a 5-wave decline took it to 7622, and change. In the last five minutes, it bounced, pulled back slightly, and then bounced into the close to close positive on the day.

Net on the day, the Dow was down 27.53 at 26,384.77, 40 points off the high. The S&P 500 was down 1.83 to 2905.58, 4 points off the high. The Nasdaq 100 was up .97 at 7629.12, 8 points off the high, and 50 points off the low.

Advance-declines were 214 issues lower on the New York Stock Exchange, and 675 issues lower on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume 3 billion shares traded. The Nasdaq traded 1.9 billion shares and had a less than 2 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Monday. Amazon.com, Inc. (AMZN) was up 1.81 to 1844.87, Alphabet Inc. (GOOG) up 3.23 to 1221.10, Apple Inc. (AAPL) just 36 cents to 199.23, and Facebook, Inc. (FB), also a fractional gainer, 55 cents to 179.65.

Other stocks to the upside included Medidata Solutions, Inc. (MDSO) up 5.62 to 80.55, DMC Global Inc. (BOOM) up 4.03 to 69.03, Match Group, Inc. (MTCH) 2.98 to 60.18, YETI Holdings, Inc. (YETI) 1.09 to 32.04, and UP Fintech Holding Limited (TIGR) 1.60 to 19.21.

On the downside, Netflix, Inc. (NFLX) was down 2.27 to 348.87, Tesla, Inc. (TSLA) down 1.32 to 266.38, NVIDIA Corporation (NVDA) 5.31 to 184.70, Intuitive Surgical, Inc. (ISRG) 6.04 to 576.81, and Baidu, Inc. (BIDU) 4.42 to 168.67.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.68 to 56.39, Clovis Oncology, Inc. (CLVS) down 2.93 to 20.55, and Nektar Therapeutics (NKTR) down 1.66 to 33.49.  

Other stocks to the downside included Tilray, Inc. (TLRY) down 3.67 to 49.24, Canopy Growth Corporation (CGC) down 1.56 to 40.73, Cronos Group Inc. (CRON) 1.26 to 15.78, Lyft, Inc. (LYFT) 3.78 to 56.11, Alnylam Pharmaceuticals, Inc. (ALNY) 1.28 to 88.53, Bilibili Inc. (BILI) 1.14 to 17.18, and iQIYI, Inc. (IQ) 1.26 to 22.44.

Checking TheTechTrader.com percent-gain leaderboard, ATA Inc. (ATAI) ran 75 cents, or 30%, to 3.25, on 9.2 million shares. Fibrocell Science, Inc. (FCSC) gained 76 cents, or 43%, to 2.54, on 31 million shares. Boxlight Corporation (BOXL), closing at the high for the day, eked out 43 cents, or 12%, to 3.92, on a million shares. Amyris, Inc. (AMRS) joined the other gainers with a pop of 58 cents, or 20%, to 2.45, on 6.7 million shares.

Bio-Path Holdings, Inc. (BPTH) bounced 5.08, or 32 1/2%, to 20.74, on 6.9 million shares. Adient plc (ADNT) popped 3.00, or 14%, to 23.73, on 9.2 million shares. Catalent, Inc. (CTLT) thrust 5.15, or 13%, to 55.51, on 3 million shares. Advanced Disposal Services, Inc. (ADSW) moved up 4.85, or 18%, to 31.99, on 17 million shares. Electronics for Imaging, Inc. (EFII) closed up 8.60, or 29%, to 38.00, on 8.45 million shares. Vectrus, Inc. (VEC), a security support service company, jumped 9.26, or 31%, to 39.00. Soliton, Inc. (SOLY) gained 1.81, or 14 1/2%, to 14.25.

Among other gainers, Briggs & Stratton Corporation (BGG) was up 1.04 to 13.59, SecureWorks Corp. (SCWX) up 1.25 to 19.14, Sarepta Therapeutics, Inc. (SRPT) 2.28 to 119.77, Westlake Chemical Corporation (WLK) 1.16 to 77.56, and Levi Strauss & Co. (LEVI) 1.52 to 23.97.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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