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FOMC Raises US Interest Rates, Market Reacts in Mood Swings

Interest-Rates / US Interest Rates Dec 15, 2016 - 06:03 AM GMT

By: Harry_Boxer


The stock market indices had a topsy-turvy day with the FOMC meeting taking place as they raised interest rates. The day started out with a move to the upside, they met resistance, backed off to test support, held, and although the S&P 500 made lower lows, the Nasdaq 100 did not. They then ran up into the FOMC. At that point, they made a little bit of a pop, and then went down in a steep slide, a big rally ensued, they went down in another steep slide, held support on the Nasdaq 100, but not on the S&P 500. A very sharp rally took them back almost near the rally highs, and then in the last 20-25 minutes they took a plunge into the close, and finished very ugly on the day.

Net on the day, the Dow was down 118.68 at 19,792.53. The S&P 500 was down 18.44 at 2253.28. The Nasdaq 100 was down 14.62 at 4921.22.

Advance-declines were 4 to 1 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was 5 to 1 positive on New York, total volume of 4.3 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 2 1/2 to 1 negative volume ratio. board was mostly red. Leading the way to the downside, (PCLN) was down 11.66 to 1528.45,, Inc. (AMZN) down 5.38 to 768.96, and Netflix, Inc. (NFLX) down 34 cents to 123.44, but Alphabet Inc. (GOOG) eked out 97 cents to 797.07, and Apple Inc. (AAPL) 7 cents to 115.19.

Baidu, Inc. (BIDU) dropped 1.63 to 169.83, Facebook, Inc. (FB) gave back 10 cents to 120.21, and First Solar, Inc. (FSLR) closed down 1.08 to 32.54.

Tesla Motors, Inc. (TSLA), however, gained 54 cents to 198.69.

Stocks down a point, or more, included Argan, Inc. (AGX), down 1.50 to 71.40, and CoLucid Pharmaceuticals, Inc. (CLCD) down 1.45 to 35.05.

The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) got crushed 1.22 to 5.39.

On the upside, the Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) exploded 6.89 to 43.72 well as Direxion Daily Gold Miners Bear 3X ETF (DUST) 8.21 to 60.26.

Checking percent-gain leaderboard, Brainstorm Cell Therapeutics Inc. (BCLI) moved up 46 cents, or 21%, to 2.62, on 4.9 million shares traded. Skyline Medical Inc. (SKLN) popped 49 cents, or 16%, to 3.47, on 3.7 million shares traded. Majesco Entertainment Company (COOL) snapped back 45 cents, or 12%, to 4.33. Vuzix Corporation (VUZI), on certification of shipping products, gained 40 cents, or 6%, to 7.45.

Vericel Corporation (VCEL) gained 1.50, or 58%, to 4.10, on 54 million shares traded on positive drug news.

NVIDIA Corporation (NVDA) climbed 5.28, or 6%, to 96.45, on 24 million shares traded. Nordson Industries (NDSN) made its way up 6.11, or 6%, to 110.39

The VelocityShares 3x Inverse Crude (DWT) ran 2.21, or 10%, to 24.46, on 2 million shares traded, the ProShares UltraShort Bloomberg Crude Oil (SCO) was up 3.98, or 6%, to 67.78, on 2.2 million shares traded. The VelocityShares 3x Long Natural Gas ETN (UGAZ) bounced 3.67, or 9%, to 41.81, on 4 million shares traded.

The Direxion Daily Russia Bear 3X ETF (RUSS) climbed 85 cents, or 14%, to 6.95, on 1.7 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were extremely volatile, and wild swinging in the afternoon. There’s no semblance as to where the market may be going from here. Support is at 4910 Nasdaq 100, and 2250 S&P 500.

Good Trading!


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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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