Closing Analysis

Stocks Plummet After Trump’s Tweet

Closing Technical Market Analysis for Thu August 1st 2019

Thursday started out as though it was going to be turn-around Thursday as the stock market opened to the upside and then took off, running up 32 points S&P 500 and 90 points Nasdaq 100 until midmorning. They plateaued, had a slight dip during the noon hour, and continued in the afternoon to plateau near the highs. That was until Trump sent out a tweet, saying he will put a 10% tariff on the remaining 300-billion dollars of exported China goods on Sept 1. At that point, the market plummeted in sharp down bars to an intraday bottom. In the last hour they bounced formed wedges pulled back, and had a little pop into the close.

Net on the day, the Dow was down 280.85 at 26,583.42. The S&P 500 was down 26.82 at 2953.56. The Nasdaq 100 was down 35.68 at 7813.10.

Advance-declines were 2 to 1 negative on the New York Stock Exchange and 2 1/4 to 1 negative on the Nasdaq. Up/down volume was 2 to 1 positive of New York, total volume 4.6 billion shares traded. The Nasdaq traded 2.7 billion and had a nearly equal volume ratio.

TheTechTrader.com board was mixed on Thursday. To the upside, point-plus gainers included Intuitive Surgical, Inc. (ISRG) up 4.44 to 523.95, CrowdStrike Holdings, Inc. (CRWD) up 2.46 to 91.53, Cognizant Technology Solutions Corporation (CTSH) 1.27 to 66.41, CRISPR Therapeutics AG (CRSP) 1.87 to 52.56, Kirkland Lake Gold Ltd. (KL) 3.37 to 44.66, Teladoc, Inc. (TDOC) 3.21 to 71.45, AmerisourceBergen Corporation (ABC) 4.55 to 91.70, British American Tobacco (BTI) 2.09 to 37.70, Boot Barn Holdings, Inc. (BOOT) 1.47 to 32.76, Enphase Energy, Inc. (ENPH) 1.95 to 30.10, and Etsy, Inc. (ETSY) 1.12 to 68.14

Solar’s had an excellent day on Thursday. First Solar, Inc. (FSLR) was up 2.34 to 66.83, and SunPower Corporation (SPWR) up 2.83 to 14.52 (24%), along with several fractional gainers in the solar sector.

To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 11.46 to 1855.32, Alphabet Inc. (GOOG) down 7.67 to 1209.01, Apple Inc. (AAPL) 4.61 to 208.43, Facebook, Inc. (FB) 1.50 to 192.73, and Netflix, Inc. (NFLX) 3.49 to 319.50.

Tesla, Inc. (TSLA) lost 7.76 to 233.85, and NVIDIA Corporation (NVDA) dropped 3.80 to 164.92. Baidu, Inc. (BIDU) fell 2.49 to 109.21.

Checking TheTechTrader.com percent-gain leaderboard, Telaria, Inc. (TLRA) popped 80 cents or 10%, to 8.90, on 1.6 million shares. The Meet Group, Inc. (MEET) gained 35 cents, or 10%, to 3.79, on 2.4 million shares.

Casa Systems, Inc. (CASA) advanced 1.02, or 15 1/2%, to 7.61, on 1.5 million shares.

Myriad Genetics, Inc. (MYGN) thrust 15.87, or 54%, to 45.01, on 11 million shares. Surmodics, Inc. (SRDX) ran 5.26, or 13%, to 46.96. Perficient, Inc. (PRFT) jumped 3.75, or 11%, to 37.92, on nearly a million shares. Nektar Therapeutics (NKTR) ran 2.73, or 10%, to 31.19, on 2.5 million shares. The Rubicon Project, Inc. (RUBI) stair-stepped 2.72, or 36%, to 10.33, on 5.5 million shares. Five9, Inc. (FIVN) bounced 8.21, or 17%, to 57.58, on 4.2 million shares. Alteryx, Inc. (AYX) climbed 14.03, or 12%, to 131.57, on 3 million shares.

Among other gainers, Shopify Inc. (SHOP) was up 23.51 to 341.39, International Business Machines Corporation (IBM) up 2.08 to 150.32, and Alteryx, Inc. (AYX) 14.03 to 131.57.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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