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Stock Market Has Ugly Day on Tuesday

The stock market indices had an ugly day today, but finished mixed after a late rally brought them back.

 

By Harry Boxer

 

The day started out with a move up to resistance, they rallied twice, and then came down hard in the morning. They bounced midday, came back down to retest in the afternoon, had a very strong snapback late in the day, and in the last 15-20 minutes they pulled back, but managed to snap back in the last few minutes to close mixed on the day.

Net on the day, the Dow(NYSEARCA:DIA)  was down 57.66 at 17,674.82, 80 points off the low. The S&P 500 (NYSEARCA:SPY) was down 3.74 at 2075.32, 11 points off its low. The Nasdaq 100 was up 2.15 at 4242.91, 33 points off the low, to take back all of the losses.

Advance-declines were 2 to 1 negative on the New York Stock Exchange, and 17 to 11 negative on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 2.7 to 1 negative on New York, total volume of 3.7 billion shares traded. The Nasdaq traded 1.85 billion shares and had an 11 to 7 1/2 negative volume ratio.

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TheTechTrader.com board was narrowly mixed, with both gainers and losers. Priceline.com (PCLN) was down 11.37 to 1304.10, Google Inc. (GOOG) down just .09 to 718.27, but Apple Inc. (AAPL) was in the green by 12 cents to 97.46, Amazon.com Inc. (AMZN) ran 4.05 to 719.30, Netflix, Inc. (NFLX) gained 27 cents to 94.12.

Baidu, Inc. (BIDU) gave back 2.71 to 160.84, Facebook, Inc. (FB) bounced 1.00 to 114.95, and First Solar, Inc. (FSLR) made the green team by 10 cents to 47.89. Microsoft Corporation (MSFT) lost 31 cents to 49.83, and Intel Corporation (INTC) gave back just .03 cents to 32.14.

Tesla Motors, Inc. (TSLA) lost 2.91 to 214.96.

Point-plus gainers included Adeptus Health Inc. (ADPT) was up 2.30 to 53.02, and ACADIA Pharmaceuticals Inc. (ACAD), in a mixed biotech group, up 1.11 to 39.21.

Checking the TheTechTrader.com percent-gain leaderboard, VirnetX Holding Corp (VHC) gained 96 cents to 6.20, or 18%, on 4.4 million shares. Vonage Holdings Corporation (VG) popped 60 cents to 5.34, or 13%, on 8.8 million shares.

Exact Sciences Corporation (EXAS) gained 2.35 to 9.39, or 34%, on 22 million shares, 1000% more volume than average. Leading Brands Inc. (LBIX) shot up to 3.34 early morning, pulled back the rest of the day, closing up 1.03 to 2.53, or 69%, on 6.9 million shares, 17,500% more volume than average. Biostar Pharmaceuticals, Inc. (BSPM) ran to 6.22, pulled back, and closed up 1.08 to 4.84, or 29%, on 4.3 million shares.

SecureWorks Corp. (SCWX) advanced 1.74 to 14.92, or 13%. Match Group, Inc. (MTCH) was pretty quiet most of the day, until the late snapback, and then it jumped 1.64 to 15.89, or 11%, on 2.5 million shares.

Stepping back and reviewing the hourly chart patterns, the indices opened with a little pop to the upside, came down hard, bounced midday, backed off to retest successfully, and then came on in the last hour or two, but it was a mixed session at the close.

Let’s see what happens tomorrow.