Considerable Down Day for Wall Street

Stock-Markets / Stock Markets 2016 Dec 22, 2016 - 07:14 AM GMT

The stock market indices had a mixed session and a down day, starting out a little bit positive, but then came down and consolidated all day. In the last hour, they rolled over and closed at the session lows for the S&P 500, but way above the lows on the Nasdaq 100.

Net on the day, the Dow was down 32.66 at 19,941.96, 14 points from its new all-time high at 20,000. The intraday high was 19,986, right at the prior intraday high. The S&P 500 was down 5.58 at 2265.18, right at the low for the day, and 6 points off the high. The Nasdaq 100 was down 4.90 at 4948.90, 10 points off its low.

Advance-declines were 15 1/2 to 14 negative on the New York Stock Exchange, and 18 to 11 negative on the Nasdaq 100. Up/down volume was 17 to 10 negative on New York, total volume of a light 2.7 billion shares traded. The Nasdaq 100 traded 1.4 billion shares and had an 8 to 5 negative volume ratio.

TheTechTrader.com board was definitely mixed. Priceline.com (PCLN) was up 3.51 to 1505.76, Apple Inc. (AAPL) up just 11 cents to 117.06, up 37 cents to 770.60, and Netflix, Inc. (NFLX) up 1.38 to 126.50, but Alphabet Inc. (GOOG) dropped 1.86 to 794.56.

Baidu, Inc. (BIDU) fell 1.36 to 163.92, Facebook, Inc. (FB) closed flat, down just a nickel to 119.04, and First Solar, Inc. (FSLR) closed down 1.27 to 33.20.

Tesla Motors, Inc. (TSLA) lost 1.09 to 207.70.

Argan, Inc. (AGX) was down 1.25 to 73.85, as some of the infrastructure’s backed off today.

Biotech’s had a tough session. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gave back 2.12 to 33.62, near the low for the day on some profit taking.

Point-plus gainers included Twilio, Inc. (TWLO) up 4.67 to 34.59, Clovis Oncology Inc (CLVS), a swing trade of ours that closed not far from the high for the day, up 3.68 to 46.20, on 4.4 million shares traded.

Checking TheTechTrader.com percent-gain leaderboard, Calithera Biosciences, Inc. (CALA), on a deal, bounced 60 cents, or 20%, to 3.65, on 6 million shares traded. PhotoMedex, Inc. (PHMD) popped 51 cents, or 20%, to 3.09. Graña y Montero S.A.A. (GRAM) advanced 80 cents, or 12%, to 7.55, on over a half million shares traded. Magellan Petroleum Corporation (MPET) had a strong day, up 70 cents, or 9%, to 8.46.

Manitex International, Inc. (MNTX) popped 1.22, or 22%, to 6.75, on 753,000 shares traded.

Merus B.V. (MRUS) had a huge day on positive biotech news. It gapped up dramatically, reaching as high at 22.18, pulled back down and closed up 6.07, or 43%, to 20.22, on over 800,000 shares traded, or 13,000% more volume than average.

Natural gas was up sharply today as the VelocityShares 3x Long Natural Gas ETN (UGAZ) gained 8.29, or 25%, to 41.84, on 6.5 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were down in a 3-wave drop early, rallied strongly in the afternoon, but couldn’t get through the highs at key resistance at the 49.55-.58 zone as the Nasdaq 100 continues to thwart the rally. The S&P 500, which could not get through 2269.50, rolled over at the end of the day, and gave back about four quick points from the session high.

Nevertheless, it was a consolidation day, but a down day for the indices.

Good Trading!

Harry

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