Closing Analysis

Mixed Volatile Day

Closing Technical Market Analysis for Wed April 11th 2018

The stock market had another volatile day, moving up off the lows, after opening weak in the morning, reaching rally highs on the Nasdaq 100 at 6650.29. The S&P 500 got up to just over 2661.00, but was not able to take out the 2665.00 prior high. A negative divergence set up and the following pullback took the Nasdaq 100 from 6650 to under 6580, closing near there for the day. The S&P 500 dropped from 2661.43 to 2640.00. All three indices closed at or near the lows for the day.

Net on the day, the Dow was down 218.55 at 24,189.45. The S&P 500 was down 14.68 at 2642.19. The Nasdaq 100 was down 32.43 at 6583.44.

Advance-declines were positive by just 30 issues on the New York Stock Exchange, and 110 lower on the Nasdaq. Up/down volume was flat on New York, total volume of 2.9 billion shares traded. The Nasdaq traded 2 1/4 billion shares and had a 9 to 8 negative volume ratio. board was a very mixed picture today. Booking Holdings Inc. (BKNG) was up 3.25 to 2080.84, Netflix Inc. (NFLX) up 5.60 to 303.67, Facebook, Inc. (FB) up 1.28 to 166.32, and First Solar Inc. (FSLR) just 46 cents to 71.25.

Biotech’s had a really good day, even though they gave some back at the end of the day. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 1.45 to 81.23, Exact Sciences Corporation (EXAS) up 1.20 to 42.36, Clovis Oncology, Inc. (CLVS) up 1.32 to 62.40, and UniQure (QURE) 1.98 to 29.01.

To the downside, Google Inc. (GOOG) was down 11.67 to 1019.97, Apple Inc. (AAPL) down 81 cents to 172.44, and Amazon Inc. (AMZN) down 9.17 to 1427.05. Tesla Inc. (TSLA) dropped 3.77 to 300.93, Intuitive Surgical, Inc. (ISRG) lost 6.58 to 412.12, and NVIDIA Corporation (NVDA) gave back 1.67 to 226.24. Baidu, Inc. (BIDU) was down 1.85 to 229.64, and Microsoft Corporation (MSFT) down 1.02 to 91.86., Inc. (OSTK) was also down 1.10 to 36.30.

Checking percent-gain leaderboard, SemiLEDs Corporation (LEDS) gained 1.68, or 39%, to 5.98, on 6 million shares, after reaching 8.75 first thing this morning. Pretium Resources Inc. (PVG) climbed 1.34, or 19%, to 8.27, on 8.5 million shares, and reached up to 8.40 earlier in the day. Aptevo Therapeutics Inc. (APVO) popped 51 cents, or 15 1/2%, to 3.79.

Applied Optoelectronics, Inc. (AAOI) snapped back 3.69, or 14 1/2%, to 29.12, on 3.3 million shares. Fate Therapeutics, Inc. (FATE) bounced 1.39, or 14%, to 11.45, on 1.1 million shares. CymaBay Therapeutics, Inc. (CBAY) ran 1.37, or 11%, to 13.44, on 11 million shares. Omeros Corporation (OMER) advanced 1.29, or 10%, to 14.67, on 1.8 million shares. Ambarella, Inc. (AMBA) climbed 4.69, or 10%, to 50.84, on 2.8 million shares.

A lot of the stocks did have a higher move in the morning, and backed off, but managed to hold onto some gains.

Let’s see what happens tomorrow.

Good Trading!


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