Closing Analysis

Negative Start to the Week

Closing Technical Market Analysis for Mon January 28th 2019

The stock market had an interesting day on Monday. Basically, it opened in the red and stayed read all day. It opened to the downside, pulled back midmorning, rallied, pulled back again, restarted a couple times, and then, midafternoon it took off and ran, closing at the highs for the day on all three indices.

Net on the day, the Dow was down 208.98 at 24,528.22, 273 points off the low. The S&P 500 was down 20.91 at 2643.85, 19 points off the low. The Nasdaq 100 was down 90.28 at 6697.09, 53 points off the low.

TheTechTrader.com board was mixed but mostly red on Monday. Amazon.com, Inc. (AMZN) was down 32.68 to 1637.89, Alphabet Inc. (GOOG) down 20.91 to 1070.08, Apple Inc. (AAPL) 1.46 to 156.30, Facebook, Inc. (FB) 1.54 to 147.47, and Netflix, Inc. (NFLX) 2.39 to 335.66.

NVIDIA Corporation (NVDA) dropped 22.14 to 138.01, Intuitive Surgical, Inc. (ISRG) caved 18.31 to 496.73, and Microsoft Corporation (MSFT) gave back 2.09 to 105.08. Caterpillar Inc. (CAT) was down 12.49 to 124.37.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 3.97 to 43.71.

Other stocks to the downside included Square, Inc. (SQ) down 1.73 to 76.24, Verizon Communications Inc. (VZ) down 1.33 to 55.07, Advanced Micro Devices, Inc. (AMD) 1.75 to 20.18, Intelligent Systems Corporation (INS) 1.50 to 21.49, Ionis Pharmaceuticals, Inc. (IONS) 1.78 to 56.96, AbbVie Inc. (ABBV) 3.40 to 77.14, Alexion Pharmaceuticals, Inc. (ALXN) 2.23 to 119.21, and CRISPR Therapeutics AG (CRSP) 2.03 to 31.17.

To the upside, Exact Sciences Corporation (EXAS) was up 1.83 to 83.81, Kirkland Lake Gold Ltd. (KL) up 1.00 to 30.23, Wayfair Inc. (W) 2.28 to 104.47, American Airlines Group Inc. (AAL) 1.59 to 36.57, and Alaska Air Group, Inc. (ALK) 1.05 to 64.53.

Checking TheTechTrader.com percent-gain leaderboard, New Age Beverages Corporation (NBEV) bounced 49 cents, or 8%, to 7.10, on 15.5 million shares. Cool Holdings, Inc. (AWSM) stair-stepped 55 cents, or 22%, to 3.04, on 4.9 million shares. HUYA Inc. (HUYA) soared to 3.85 on Monday, before pulling back and closing up 28 cents, or 8%, to 3.70, on 7.8 million shares. Tellurian Inc. (TELL) moved up 89 cents, or 11%, to 9.00, on 2.9 million shares. Biocept, Inc. (BIOC) spiked to 2.50 early in the day, pulled back and still closed up 17 cents, or 9%, to 2.11, on over 10 million shares.

Avalon GloboCare Corp. (AVCO), on positive study results, snapped back 2.70, or 64%, to 6.93, on 20 million shares.

Marijuana stocks are starting the week off on a fantastic note. OrganiGram Holdings Inc. (OGRMF) gained 82 cents, or 18%, to 5.32, on 2 million shares. Cronos Group Inc. (CRON) made a perfect stair-step up 2.46, or 15%, to 18.48, on 36.6 million shares. Tilray, Inc. (TLRY) jumped 6.58, or 9%, to 81.93, Canopy Growth Corporation (CGC) was up 2.29 to 50.77, The Green Organic Dutchman Holdings Ltd. (TGODF) 20 cents, to 3.02, and Aurora Cannabis Inc. (ACB) 38 cents to 7.10.

CommScope Holding Company, Inc. (COMM), on upbeat earnings, climbed 1.59, or 8%, to 20.63, on nearly 3 million shares. AudioCodes Ltd. (AUDC) climbed 1.61, or 12%, to 14.93, on 1.7 million shares. SecureWorks Corp. (SCWX) had a great day, up 2.03, or 11%, to 20.11.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ) closed up 13.28, or 18%, to 87.81, on 3.2 million shares.

The VelocityShares Daily 2x VIX ST ETN (TVIX) ran 3.46, or 8%, to 47.34, on 15 million shares. The ProShares Ultra VIX Short-Term Futures (UVXY) was up 3.69 to 60.66.

Among other gainers, Owens Corning (OC) was up 2.30 to 50.61, CyberArk Software Ltd. (CYBR) up 3.98 to 84.13, Cheniere Energy, Inc. (LNG) 1.71 to 65.26, Smartsheet Inc. (SMAR) 1.09 to 29.26, Sanderson Farms, Inc. (SAFM) 4.50 to 122.18, Chemical Financial Corporation (CHFC) 2.28 to 44.75, and TCF Financial Corporation (TCF) 1.14 to 22.72.

It was a negative session for the indices, and a negative start to the week, but they did close at he highs for the day. So, we’ll have to see what happens tomorrow.

Good Trading! 

Harry 


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