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Volatile Session for Stock Market on Tuesday

The stock market had a very volatile session on Tuesday.

 

By Harry Boxer

 

They rolled over at the opening sharply, testing support successfully, had a very strong rally, taking the Nasdaq 100 from 7610.25 to 7785.36, a 75-point rally. The S&P 500 (NYSEARCA:SPY) jumped from a pullback low of 2920 to 2931. In the afternoon they had a 5-wave decline that tested the lows, bounced in the last hour, but finished mixed on the session.

Net on the day, the Dow(NYSEARCA:DIA) was up 122.73 at 26,773.94. The S&P 500 was down 1.16 at 2923.43. The Nasdaq 100 was down 17.17 at 7628.28.

Advance-declines narrowed a little bit from a worse level earlier, but they were still 17 to 11 negative on the New York Stock Exchange, and 3 to 2 negative on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 17 to 15 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 2.3 billion shares and had a 2 to 1 negative volume ratio.

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TheTechTrader.com board was mostly red on Tuesday. Leading the way to the downside was Amazon.com, Inc. (AMZN) down 33.05 to 1971.31, Netflix, Inc. (NFLX) down 4.29 to 377.14, Tesla, Inc. (TSLA) 9.68 to 301.02, Intuitive Surgical, Inc. (ISRG) 3.26 to 571.48, Baidu, Inc. (BIDU) 8.50 to 218.90, Facebook, Inc. (FB) 3.11 to 159.33, and Intel Corporation (INTC) 1.65 to 48.10.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) got hammered below 86.00, bluebird bio, inc. (BLUE) down 4.03 to 85.28, Exact Sciences Corporation (EXAS) 1.40 to 77.80, Tandem Diabetes Care, Inc. (TNDM) 2.93 to 35.64, and Nektar Therapeutics (NKTR) 1.32 to 55.33.

In addition, Veoneer, Inc. (VNE) fell 3.76 to 51.77, Tilray, Inc. (TLRY) dropped 26.81 to 138.17, Stitch Fix, Inc. (SFIX) gave back 15.69 to 28.94, Polarity 1.65 to 17.98, TE, Inc. (PTE) Teladoc, Inc. (TDOC) 3.35 to 80.37, Etsy, Inc. (ETSY) went from a high at the opening of 50.27 to a closing of 47.52, down 2.44, Canopy Growth Corporation (CGC) also went from a high of 49.46 to 44.90, closing down 3.11 to 45.74, and Advanced Micro Devices, Inc. (AMD) advanced 2.40 to 29.02.

Alphabet Inc. (GOOG) was up 4.80 to 1200.11, Apple Inc. (AAPL), set a new high on Tuesday, up 2.02 to 229.29, and NVIDIA Corporation (NVDA) popped 2.88 to 286.48.

Other stocks to the upside included bluebird bio, Inc. (BLUE), and Clovis Oncology, Inc. (CLVS) 2.25 to 31.39.

Checking TheTechTrader.com percent-gain leaderboard, Antares Pharma, Inc. (ATRS) bounced 51 cents, 16%, on 11 million shares. Atomera Incorporated (ATOM) thrust 60 cents, or 11%, to 6.10. Cellectar Biosciences, Inc. (CLRB) popped 40 cents, or 12%, to 5.1 million shares. Inovio Pharmaceuticals, Inc. (INO) bounced 76 cents, or 14%, to 6.11, 4.8 million shares.

Oragenics, Inc. (OGEN) popped 1.97, or 123%, to 3.57, on 98 million shares. DAVIDsTEA Inc. (DTEA) ran 1.61, or 63%, to 4.16, on 30 million shares. Pyxus International, Inc. (PYX), a marijuana stock, climbed 3.30, or 14%, to 26.47, on 4.3 million shares.

India Globalization Capital, Inc. (IGC) jumped 4.18, or 46%, to 13.20, on 118 million shares. The Direxion Daily MSCI Brazil Bull 3X ETF (BRZU) snapped back 3.14, or 17%, to 21.69, on 5.3 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, down sharply in the afternoon, bounced off the session lows, and closed mixed on the session.

Let’s see what happens tomorrow.