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How to Protect your Wealth by Investing in AI Tech Stocks

Very Negative, Critical Day for the Stock Market

Stock-Markets / Stock Markets 2016 Oct 12, 2016 - 03:05 PM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a very negative session today. The day started out with gap downs, they went down all day, and only in the last hour they bounced back to pare back the gains.

Net on the day, the Dow was down 200.38 at 18,128.66. The S&P 500 was down 26.93 at 2136.73. The Nasdaq 100 was down 71.85 at 4821.91.


Advance-declines were 7 to1 negative on the New York Stock Exchange, and 5 to 1 negative on the Nasdaq. Up/down volume was 7 to 1 negative on New York, total volume of 3 1/3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 6 to 1 negative volume ratio.

TheTechTrader.com board was nearly all red. Priceline.com (PCLN) was down 18.18 to 1459.02, Google Inc. (GOOG) down 2.87 to 783.07, Amazon.com Inc. (AMZN) down 10.74 to 830.97, and Netflix, Inc. (NFLX) 2.78 to 100.56, but Apple Inc. (AAPL) gained 31 cents to 116.36.

Baidu, Inc. (BIDU) dropped 4.50 to 176.99, Facebook, Inc. (FB) gave back 1.36 to 128.88, and First Solar, Inc. (FSLR) fell 30 cents to 38.28.

Tesla Motors, Inc. (TSLA) lost 85 cents to 200.10.

The only stocks that were up today were fractional gainers. Clovis Oncology Inc (CLVS) was up 14 cents to 32.58, Exelixis, Inc. (EXEL) up 8 cents to 12.69, and Twilio, Inc. (TWLO) up 42 cents to 52.44.

On the downside, Gigamon Inc. (GIMO) was down 3.22 to 49.97, and Mobileye N.V. (MBLY) down 2.03 to 38.36, along with many other stocks.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 4.30 to 42.51.

Checking TheTechTrader.com percent-gain leaderboard, MGT Capital Investments, Inc. (MGT) bounced 71 cents, or 40%, to 2.50, on 8.4 million shares traded. Nova Lifestyle, Inc. (NVFY) gained 70 cents, or 19%, to 4.38, on 2.9 million shares traded. Nymox Pharmaceutical Corporation (NYMX) ran 42 cents, or 13%, to 3.67 on 6.5 million shares traded.

Biostar Pharmaceuticals, Inc. (BSPM) jumped 2.12, or 62%, to 5.55, on 17.5 million shares traded, and reached as high as 7.05 earlier in the day.

Momenta Pharmaceuticals Inc. (MNTA) climbed 1.49, or 13%, to 13.26, on 1.5 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices opened lower, went down all day, until the last hour when they rallied back, but seem to be short covering off of key support.

Let’s see what happens tomorrow, but today has been a very negative, critical day to the downside. Perhaps the trend has been broken. We’ll have to wait and see.

Good Trading!

Harry

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Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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