Closing Analysis

Markets Dampened by Trump’s Chinese Tariff Threats

Closing Technical Market Analysis for Mon May 6th 2019

Markets took a hit on Monday as many stocks, led by industrials, materials, and technology, three areas with heavy China exposure, are suffering big losses after Trump made the threat of more tariffs on Chinese goods. The Dow dropped more than 450 points.

The day started out with gaps down, they rallied, pulled back, bounced, and consolidated. By midday, they pulled back, retested the lows, rallied, pulled back again, made lower lows, moved three waves up, pulled back slightly, rebounded off intraday lows, and then took off on the Nasdaq 100, reaching session highs at 7803.11, and 2935.69 S&P 500, only to pullback slightly into the close. They managed to close way off the lows, but in the negative column.

Net on the day, the Dow was down 66.47 at 26,438.48. The S&P 500 was down 13.17 at 2932.47. The Nasdaq 100 was down 48.38 at 7797.35.

New York Stock Exchange total volume was 3 billion shares traded, and the Nasdaq traded 1.7 billion shares. board was mixed but mostly red on Monday. To the upside, point-plus gainers included Alphabet Inc. (GOOG) up 3.99 to 1189.39.

Many biotech’s had a good day on Monday. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.46 to 52.86, Biohaven Pharmaceutical Holding Company Ltd. (BHVN) up 2.89 to 59.95, Voyager Therapeutics, Inc. (VYGR) 1.53 to 24.04, Turning Point Therapeutics, Inc. (TPTX) 1.24 to 33.78, and uniQure N.V. (QURE) 1.53 to 60.27.

Other stocks to the upside included Square, Inc. (SQ) up 1.69 to 70.21, Group 1 Automotive, Inc. (GPI) up 1.83 to 79.84, California Resources Corporation (CRC), and Teladoc, Inc. (TDOC) 1.62 to 62.55.

To the downside, losers included, Inc. (AMZN) down 11.91 to 1950.55, Apple Inc. (AAPL) down 3.27 to 208.48, Facebook, Inc. (FB) 1.59 to 193.88, and Netflix, Inc. (NFLX) 6.36 to 378.67.  NVIDIA Corporation (NVDA) dropped 3.16 to 179.85, Baidu, Inc. (BIDU) caved 2.54 to 164.50, and First Solar, Inc. (FSLR), along with many other solar stocks, fell 1.47 to 60.29.

Other point-plus losers included Jumia Technologies AG (JMIA) down 1.01 to 37.85, Acacia Communications, Inc. (ACIA) down 3.22 to 55.78, Hilton Worldwide Holdings Inc. (HLT) 1.03 to 92.30, QUALCOMM Incorporated (QCOM) 1.04 to 88.25, Alnylam Pharmaceuticals, Inc. (ALNY) 3.21 to 74.08, and Five Below, Inc. (FIVE) 3.74 to 142.34.

Checking percent-gain leaderboard, ImmunoGen, Inc. (IMGN) popped 42 cents, or 15%, to 3.30, on 8.9 million shares. Ovid Therapeutics Inc. (OVID) eked out 31 cents, or 17%, to 2.14, on 8.7 million shares. Idera Pharmaceuticals, Inc. (IDRA) bounced 40 cents, or 11%, to 3.97, on 1.3 million shares. Bridgeline Digital, Inc. (BLIN) gained 87 cents, or 16%, to 6.18, on 5.2 million shares.

Daxor Corporation (DXR) wedged its way up 1.55, or 17%, to 10.90. Zynerba Pharmaceuticals, Inc. (ZYNE) climbed 1.31, or 11%, to 12.76, on 4 million shares. Esperion Therapeutics, Inc. (ESPR), on FDA news, ran 5.00, or 12%, to 48.24, on 1.9 million shares. Sinclair Broadcast Group, Inc. (SBGI), on as acquisition of 21 former Fox regional sports networks from Disney, jumped 15.53, or 35%, to 60.48, on 15.55 million shares.

Athenex, Inc. (ATNX) climbed 2.87, or 28%, to 12.99, on 2.1 million shares. Intelligent Systems Corporation (INS) thrust 5.85, or 16%, to 41.75. Digimarc Corporation (DMRC) moved up 6.97, or 14 1/2%, to 54.93. Napco Security Technologies, Inc. (NSSC) bounced 2.45, or 10%, to 27.49.

Among other gainers, Bausch Health Companies Inc. (BHC) was up 2.04 to 25.48, Health Insurance Innovations, Inc. (HIIQ) 2.09 to 25.85, Greenlane Holdings, Inc. (GNLN) 1.30 to 15.53, and ServiceNow, Inc. (NOW) up 1.23 to 269.75.

Let’s see what happens tomorrow.

Good Trading! 


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