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Very Tough Session for Wall Street

Politics / Stock Markets 2016 Nov 04, 2016 - 12:59 PM GMT

By: Harry_Boxer

Politics

The stock market indices had a tough session again. The day started out on the downside, they formed some morning consolidation bear wedges, dropped late morning, and continued down for the rest of the session, finishing near the lows for the day going away.

Net on the day, the Dow was down 28.97 at 17,930.67. The S&P 500 was down 9.28 at 2088.66. The Nasdaq 100 was down another 47.80.10 at 4679.10.


Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was 21 to 16 negative on New York, total volume of 3 3/4 billion shares traded. The Nasdaq traded 2 billion shares and had a 2 1/4 to 1 negative volume ratio.

TheTechTrader.com board was almost all red today. Priceline.com (PCLN) was down 7.23 to 1438.10, Alphabet Inc. (GOOG) down 6.57 to 762.13, Apple Inc. (AAPL) down 1.76 to 109.83, Netflix, Inc. (NFLX) was nearly flat, down 20 cents to 122.14, and Amazon.com, Inc. (AMZN) jumped 1.47 to 767.03.

Baidu, Inc. (BIDU) dropped 21 cents to 168.57, Facebook, Inc. (FB) gave back 7.22 to 119.95, First Solar, Inc. (FSLR) got whacked 6.07 to 34.51 on earnings.

Puma Biotechnology, Inc. (PBYI) was knocked down another 3.55 to 354.60, Supernus Pharmaceuticals, Inc. (SUPN) down 1.65 to 18.10, Shutterstock Inc. (SSTK) down 1.59 to 54.27, CoLucid Pharmaceuticals, Inc. (CLCD) 1.53 to 29.17, Clovis Oncology Inc (CLVS) 2.06 to 25.90, Acacia Communications, Inc. (ACIA) 5.09 to 63.26, and Twilio, Inc. (TWLO) 1.55 to 32.60, and treading even lower in aftermarket.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 3.37 to 24.55, as government is investigating pricing.

Tesla Motors, Inc. (TSLA) pulled back another 60 cents to 187.42.

To the upside, besides AMZN the outstanding gainers were Direxion Daily Gold Miners Bull 3X ETF (NUGT) up 91 cents to 15.39 and Zumiez, Inc. (ZUMZ) up 50 cents to 23.20, but was 1.00 higher earlier in the day.

Checking TheTechTrader.com percent-gain leaderboard, Technical Communications Corporation (TCCO) had a great day, up 65 cents, or 28%, to 2.95, on 1.8 million shares traded. EnerNOC, Inc. (ENOC) bounced 95 cents, or 20%, to 5.80. Swing trade Hudson Technologies Inc. (HDSN) advanced 75 cents, or 13%, to 6.43, on 1.1 million shares traded, on solid earnings report.

Cross Country Healthcare, Inc. (CCRN) gained 1.98, or 17%, to 13.57. Microsemi Corporation (MSCC) climbed 6.16, or 15%, to 47.99, on 6 million shares traded. Ternium (TX) ran 3.17, or 14%, to 16.01, on 1.3 million shares traded. Nxstage Medical, Inc. (NXTM) jumped 2.82, or 13%, to 23.99, on 1.3 million shares traded. Avis Budget Group, Inc. (CAR) bounced 4.14, or 13%, to 36.49, on 5.6 million shares traded. Itron, Inc. (ITRI) gained 6.30, or 12%, to 58.20, on 1.4 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices started lower, formed bear wedges, came down by midday, tried to consolidate again, and drifted lower the rest of the day.

It was a very nasty day on Wall Street. The indices are beginning to get oversold as the McClellan Oscillator now is minus 126.44. It needs to get a little bit lower.

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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