Closing Analysis

Tariff Conflict Continues to Impact Wall Street

Closing Technical Market Analysis for Mon May 13th 2019

Wall Street’s main indices got hit hard on Monday after China announced plans to retaliate with higher tariffs on a range of goods, including frozen vegetables, which could further impact farmers in this country. It was a week ago Sunday, when Trump began a series of tweets threatening to raise tariffs on $200 billion in China goods from 10% to 25%, and the market tumbled for the next five days. Monday morning China reported that it planned to do the same, raise tariffs from 10% to 25% on $60 billion in exports to the U.S. For the second week, the market came crashing down, opening to the downside and remaining down for the entirety of the day, dropping more than 700 points, at one point in early afternoon to 2803.15 S&P 500 and 7310.33 Nasdaq 100. They snapped back, rallied, and surged through resistance after three waves up. They bounced around, rolled over, came down in a 5-wave decline, retested the lows, and had a short rally into the close, closing down on the day.

Net on the day, the Dow was down 617.38 at 25,324.99. The S&P 500 was down 69.53 at 2811.86. The Nasdaq 100 was down 262.40 at 7324.13.

Advance-declines were almost 6 to 1 negative on the New York Stock Exchange, and 5 1/2 to 1 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume 3 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 4.2 to 1 negative volume ratio.

TheTechTrader.com board was blood red on Monday. Amazon.com, Inc. (AMZN) was down 67.30, Alphabet Inc. (GOOG) down 32.24 to 1132.03, Apple Inc. (AAPL) 11.46 to 185.72, Facebook, Inc. (FB) 6.80 to 181.54, and Netflix, Inc. (NFLX) 15.78 to 345.26. Microsoft Corporation (MSFT) dropped 3.78 to 123.35 and Intel Corporation (INTC) fell 1.44 to 44.76.

Tesla, Inc. (TSLA) lost 12.51 to 227.01, NVIDIA Corporation (NVDA) gave back 10.37 to 158.45, and Intuitive Surgical, Inc. (ISRG) caved 16.56 to 478.75. Baidu, Inc. (BIDU) dropped 5.21 to 151.54 and First Solar, Inc. (FSLR) and First Solar, Inc. (FSLR) down 1.59 to 58.40.  

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was down another 5.91 to 40.12.

Overstock.com, Inc. (OSTK) was down 1.34 to 12.43, Square, Inc. (SQ) down 3.60 to 62.39, Teladoc, Inc. (TDOC) 2.94 to 58.03, Canopy Growth Corporation (CGC) 3.72 to 43.76, Pinterest, Inc. (PINS) 2.42 to 26.63, Alteryx, Inc. (AYX) 4.70 to 83.81, Okta, Inc. (OKTA) 5.53 to 100.06, and Shopify Inc. (SHOP) 8.04 to 250.79, just to mention a few.

Uber Technologies, Inc. (UBER) dropped 4.47 to 37.10 and Lyft, Inc. (LYFT) was down 2.94 to 48.15.

There were a few point-plus gainers on our board on Monday. Recent IPO Beyond Meat, Inc. (BYND) was up 3.28 to 69.50, Kirkland Lake Gold Ltd. (KL) up 2.12 to 35.17, Franco-Nevada Corporation (FNV) up 2.69 to 75.77, Match Group, Inc. (MTCH) 1.97 to 69.24, and Agnico Eagle Mines Limited (AEM) 1.13 to 41.53.

Checking TheTechTrader.com percent-gain leaderboard, Marathon Patent Group, Inc. (MARA) popped 46 cents, or 16%, to 3.38, on 6.4 million shares. Riot Blockchain, Inc. (RIOT) eked out 41 cents, or 10%, to 4.45, on 6.1 million shares. Ocean Power Technologies, Inc. (OPTT) advanced 34 cents, or 15%, to 2.56, on 11 million shares. ATA Inc. (ATAI) gained 23 cents, or 10%, to 2.58, on 1.5 million shares. Dean Foods Company (DF) bounced 20 cents, or 11%, to 1.96, on 4.8 million shares.

Amber Road, Inc. (AMBR) jumped 2.65, o 26%, to 12.95, on 10.5 million shares. Bitcoin Investment Trust (GBTC) ran 1.61, or 19%, to 10.21, on 14 million shares.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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