Closing Analysis

Week Finishes in the Red RSS

Closing Technical Market Analysis for Fri May 29th 2015

The stock market indices had a very tough, choppy, volatile day today. They came down hard in the morning, reached support at 4500 Nasdaq 100 and 2105 S&P 500. They then bounced sharply, taking back almost all of the losses, but could not get through the early highs, and then rolled over to test the lows again. When that was successful they bounced, but the afternoon rally only took about half of the losses back, and then they rolled over into the close, with a solid, down session to end the week.

Net on the day, the Dow was down 114.98 at 18,011.14. The S&P 500 was down 13.35 at 2107.44 less than 3 points off the low. The Nasdaq 100 was down 27.40 at 4508.25, 9 points off its low.

Advance-declines were 3 to 1 negative on New York Stock Exchange and 17 to 10 negative on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded 1.9 billion shares, and had a 11 to 7 negative volume ratio. board was mixed, but mostly red. (PCLN) was down 18.46 to 1172.09, Google Inc. (GOOG) down 7.88 to 531.90, Apple Inc. (AAPL) down 1.46 to 130.32, Netflix Inc. (NFLX) 2.22 to 524.33. Amazon Inc. (AMZN), however, was up 2.80 to 429.37.

Cyber security stocks really got hammered today. Splunk, Inc. (SPLK) lost 3.45 to 67.62, and Cyber-Ark Software Ltd. (CYBR) gave back 2.07 to 62.19.

The solar sector was weak. Canadian Solar Inc. (CSIQ) was down 1.03 to 32.66, First Solar, Inc. (FSLR) down 1.04 to 49.71, SunEdison, Inc. (SUNE) 1.08 to 29.97, and SolarCity Corporation (SCTY) 1.77 to 60.12.

Other losses of note included GoPro, Inc. (GPRO), down 1.35 to 55.46, Bristol-Myers Squibb Company (BMY) down 4.55 to 64.60.

On the upside, Advaxis, Inc. (ADXS), making new multi-year highs, exploded 2.04 to 25.16, on 2.2 million shares. That was a very strong session for that stock, closing near the highs for the day going away. Esperion Therapeutics, Inc. (ESPR) snapped back 2.16 to 107.51, and Vimicro International Corp. (VIMC), one of our swing trades, ran up to 15.15, before pulling back to 1.18 to 14.89.

Checking the percent-gain leaderboard, low-priced biotech’s were among the winners. Transgenomic Inc. (TBIO) exploded to as high as 3.75, closing at 2.63, up 74 cents, or 39%, on 27.7 million shares, 24,000% more volume than average. MagnaChip Semiconductor Corporation (MX) bounced 78 cents to 7.17, or 12%, on 3.2 million shares.

ITT Educational Services Inc. (ESI) jumped 1.96 to 4.37, or 81%, on 11.7 million shares.

Heron Therapeutics, Inc. (HRTX), on positive drug results, climbed 7.41 to 19.76, or 60%, on 19.4 million shares. Prothena Corporation plc (PRTA) popped 4.94 to 39.44, or 14%, on 1.2 million shares.

Among other gainers, Stemline Therapeutics, Inc. (STML) was up 92 cents to 13.77, Five Prime Therapeutics, Inc. (FPRX) up 2.12 to 25.64, OvasScience, Inc. (OVAS) 3.01 to 33.93, and Shake Shack Inc. (SHAK) 6.80 to 82.81.

The ProShares Ultra Bloomberg Crude Oil (UCO) ran 3.44 to 47.53.

Stepping back and reviewing the hourly chart patterns, the indices were extremely volatile, down early, up sharply midday, back down sharply midafternoon, and then rallied near the close, but a late pullback put them solidly in the red for the day to finish the week with some profit taking.

Have a nice weekend!


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