Stock Market Indices Close Lower After Drifting Most of the Day

Stock-Markets / Stock Markets 2016 Nov 01, 2016 - 03:56 AM GMT

The stock market indices started the week off on a sour note, although they did gap up at the opening, they pulled back, tested, made slightly higher highs on the S&P 500, but the Nasdaq 100 was not able to do so. The rest of the day was spent drifting back down, and in the last hour, they went negative and closed near the session lows going away.

Net on the day, the Dow was down 18.77 at 18,142.42, 12 points off the low and about 50 points off the high. The S&P 500 was down .26 at 2126.15, about 60 cents off its low, 7 off its high, and very, very narrowly changed. The Nasdaq 100 was down 4.32 at 4801.27, closed at the low for the day, and 22 points off its high.

Advance-declines managed to stay positive on the New York Stock Exchange by 70 issues, and negative on the Nasdaq by 35 issues. Up/down volume was exactly flat on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 1.65 billion shares and was slightly ahead by 84 to 81 positive volume ratio.

TheTechTrader.com board was narrowly changed. Priceline.com (PCLN) was down just 59 cents to 1474.23, Alphabet Inc. (GOOG) down 10.83 to 784.54, Apple Inc. (AAPL) down 18 cents to 113.54, Netflix, Inc. (NFLX) 1.70 to 124.87, however, Amazon.com, Inc. (AMZN) exploded 13.50 to 789.82, closing 4 points off its high.

Baidu, Inc. (BIDU) gave back 2.73 to 176.86, Facebook, Inc. (FB) dropped 30 cents to 130.99, and First Solar, Inc. (FSLR) closed nearly flat, down 16 cents to 49.49.

Tesla Motors, Inc. (TSLA) got hammered 2.24 to 197.73.

Other stocks to the downside included Twilio, Inc. (TWLO), down 1.30 to 43.12, trading 40 points higher recently. Acacia Communications, Inc. (ACIA) lost 1.55 to 69.69, trading as high as 74.39, and CoLucid Pharmaceuticals, Inc. (CLCD) dropped 1.19 to 30.40, Clovis Oncology Inc (CLVS) fell 1.50 to 29.08.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was weak today, down 1.15 to 29.95, closing near the lows for the day as biotech’s were unable to muster much of a move at all.

Checking TheTechTrader.com percent-gain leaderboard, Lantheus Holdings, Inc. (LNTH) snapped back 50 cents, or 6%, to 8.64.

Ophthotech Corporation (OPHT) popped 3.37, or 10%, to 35.82, on over 2 million shares traded, and traded about a point higher on profit taking. INC Research Holdings, Inc. (INCR) gained 4.25, or 10%, to 45.70, on 2.2 million shares traded.

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) ran 1.12 to 14.06.

The VelocityShares 3x Inverse Crude Oil ETN (DWTI) was stellar today, up 8.50, or 13%, to 72.60, on 6.7 million shares traded as we continue to believe oil is going down. The ProShares UltraShort Bloomberg Crude Oil (SCO) had a great day, up 6.94, or 8.88%, to 85.34, on over 1 million shares traded. The VelocityShares 3x Inv Natural Gas ETN (DGAZ) bounced 56 cents, or 10%, to l6.10, on over 15 million shares traded.

Stepping back and reviewing the hourly chart patterns, after gapping up, the indices drifted most of the day, and drifted lower into the close.

We’ll see if there’s any follow-through to the downside tomorrow.

Good Trading!

Harry

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