Closing Analysis

Solid Day for Many Stocks

Closing Technical Market Analysis for Thu November 9th 2017

The stock market was lower today, but came way off the earlier lows, which were quite steep. Spooked by the Senate, potentially postponing tax reforms, the markets gapped down and dropped sharply lower, had a 3-wave corrective, bear-flag type rally, and then got hammered shortly during the noon hour where they reached their lows for the day. At that point, the Nasdaq 100 was under 6250, down nearly 100 points, and the DOW was down 250 points, but rallied back to close down around 101.00. All three major indices closed in the negative column.

Net on the day, the Dow was down 101.42 at 23,461.94. The S&P 500 was down 9.76 at 2584.62, but way off the earlier lows. The Nasdaq 100 was down 33.60 at 6,312.21.

Advance-declines were 18 to 11 negative on the New York Stock Exchange, and 18 to 11 negative on the Nasdaq as well. Up/down volume was 20 to 17 negative on New York, total volume of 3.7 billion shares traded. The Nasdaq traded 2.2 billion shares and had an 18 to 8 negative volume ratio. board was mostly lower, however, (PCLN) jumped 42.03 to 1703.14, which basically helped the Nasdaq 100 to come back. Alphabet Inc. (GOOG) was down 8.59 to 1031.26, Apple Inc. (AAPL) down 36 cents to 175.88,, Inc. (AMZN) down 3.75 to 1129.13, and Netflix, Inc. (NFLX) down 2.54 to 193.90. Baidu, Inc. (BIDU) dropped 1.12 to 240.06, Facebook, Inc. (FB) fell 26 cents to 179.30, and First Solar, Inc. (FSLR) gave back 1.25 to 60.54. Microsoft Corporation (MSFT) was down 47 cents to 84.07, and Intel Corporation (INTC) pushed back 40 cents to 46.30. Tesla Motors, Inc. (TSLA) lost 1.40 to 302.99, but came off the low by about 6 points.

Other stocks to the upside included bluebird bio, Inc. (BLUE) up 3.65 to 150.35, and Nektar Therapeutics (NKTR) 1.44 to 31.74.

On the downside, Exact Sciences Corporation (EXAS) was down 1.33 to 59.18, Dynavax Technologies Corporation (DVAX) down 80 cents to 20.05, Spark Therapeutics, Inc. (ONCE) 2.17 to 71.76, Clovis Oncology Inc. (CLVS) 1.56 to 67.21, uniQure N.V. (QURE) 75 cents to 15.71, Planet Fitness, Inc. (PLNT) 73 cents to 29.30, and NVIDIA Corporation (NVDA) 3.84 to 205.32, but exploded 4 points in after hours.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 88 cents to 74.22.

Checking percent-gain leaderboard,   earlier in the day. Otonomy, Inc. (OTIC), on positive drug news, advanced 2.33 or 83%, to 5.13, on 28 million shares traded.  Collegium Pharmaceutical, Inc. (COLL) popped 2.68, or 27%, to 12.71, on nearly 3 million shares traded. Coty Inc. (COTY) ran 2.04, or 14%, to 16.80, on 22.5 million shares traded. Marinus Pharmaceuticals, Inc. (MRNS) gained 94 cents, or 14%, to 7.59, on 5.2 million shares traded. Pieris Pharmaceuticals, Inc. (PIRS) bounced 47 cents, or 10%, to 5.25, on 1 million shares traded. China Recycling Energy Corporation (CREG) up 2.48, or 195%, to 3.75, on 27 million shares traded, but reached as high as 6.74

Canada Goose Holdings Inc. (GOOS) bounced 3.09, or 14%, to 24.79, on 4.3 million shares traded. Sage Therapeutics, Inc. (SAGE), on positive drug news, thrust 33.99, or 54%, to 96.65, on 6.2 million shares traded., Inc. (OSTK), which is one of our swing trades, had a big day, up 12.30, or 31%, to 52.40, on 6.6 million shares traded. Roku, Inc. (ROKU), on strong earnings, pushed forward 10.35, or 55%, to 29.19, on 33.2 million shares traded. SolarEdge Technologies, Inc. (SEDG), also on a strong earnings report, snapped back 6.30, or 19%, to 38.80, on 2.8 million shares traded. Bristow Group Inc. (BRS) climbed to 13.95, before pulling back and closing up 4.17, or 44%, to 13.57, on 6.4 million shares traded.

Stepping back and reviewing the hourly chart patterns, it was a very solid day for many, many stocks, and a good trading day as well. However, it was still a losing day for the indices, and the rallies that brought them right back up to resistance at the close, and is key gap-resistance now in current levels, which if the market fails to break through, this could result in substantially more downside.

It is going to be an important day tomorrow.

Good Trading! 


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