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Stock Market Nasty Down Day with Negative Technicals

Stock-Markets / Stock Markets 2014 Jan 30, 2014 - 05:48 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices suffered another nasty session, except for theTheTechTrader.com, which looked good and channeled up nicely. That includes some of the natural gas ETFs, particularly the UGAZ. But the day was an ugly one.

The day started out with a gap down, and then 3-wave corrective move to fill the declining topsline, and then they rolled over again in a 3-wave plunge. They took out the lows slightly, then snapped back after the FOMC, by came down again into the close.


Net on the day, the Dow was down 189.77 at 15,738.79. The S&P 500 was down 18.30 at 1774.20. The Nasdaq 100 was down 37.90 at 3467.82.

Advance-declines were 3 to 1 negative on the New York Stock Exchange, and more than 3 to 1 negative on Nasdaq. Up/down volume was 4 to 1 negative on New York, with total volume of 725 million shares. Nasdaq traded 2.4 billion shares and had a 15 to 6 negative volume ratio.

TheTechTrader.com board, was mixed but lower. Leading the way to the down side, Priceline Inc. (PCLN) was down 28.74 to 1133.70, Google Inc. (GOOG) down 16.09 to 1106.92, Amazon Inc. (AMZN) 10.23 to 384.20, Netflix Inc. (NFLX) 6.35 to 400.42, Apple Inc. (AAPL) 5.75 to 500.75, and Goldman Sachs Inc. (GS) 2.35 to 163.90.

Tesla Motors, Inc. (TSLA) lost 3.15 to 175.23.

SolarCity Corporation (SCTY) was down 1.97 to 72.10.

After the close, Facebook, Inc. (FB) came out with Earnings. A stock that's been down 1.61 to 53.53, traded up 4 points to the mid 50's.

On the upside, Vipshop Holdings Limited (VIPS) ran 207 to 106.80, but traded as high as 109.67.

Astrotech Corp. (ASTC) popped 75 cents to 3.67, or 26%, on 2.9 million shares.

Checking the TheTechTrader.com percent-gain leaderboard, swing trade Horizon Pharma, Inc. (HZNP) was fabulous today, up 1.55 to 10.05, or 18%, on 9.6 million shares. That was the big outstanding plus gainer on our board today.

Vringo, Inc. (VRNG), after a big settlement with Google, jumped as high as 6.25 pre-market, but settled back to 4.78, up 81 cents, or 20%, on 45.7 million shares. Organovo Holdings, Inc. (ONVO) climbed 89 cents to 9.60, or 10%, on 12 million shares, and exploded to 10.47 earlier in the day.

EZCORP, Inc. (EZPW) gained 1.90 to 11.25, or 20% on 4.5 million shares. Freescale Semiconductor, Ltd. (FSL), which we traded today, advanced 2.25 to 17.55, or 15%, on 11 million shares. Medivation, Inc. (MDVN) roared ahead 8.51 to 84.29, or 11%, on 6.3 million shares.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) bounced 10.05 to 41.28, or 32% on 3.5 million shares. The ProShares Ultra VIX Short-Term Fut ETF (UVXY) exploded for 8.75 to 77.19, or 13%, on 4.2 million shares. The VelocityShares The Daily 2x VIX ST ETN (TVIX) popped 95 cents to 8.48, or 13%, on 14.3 million shares.

Other stocks of note included YRC Worldwide Inc. (YRCW) up 1.98 to 21.89, Natus Medical Inc. (BABY), one of our recent swing trades, up 1.76 to 25.58 on good earnings report, American Airlines Group, Inc. (AAL), after earnings report, 1.02 to 32.98, Agnico Eagle Mines Limited (AEM) 1.02 to 31.62, The Dow Chemical Company (DOW) 1.67 to 44.73.

Direxion Daily Gold Miners Bull 3X Shrs (NUGT) thrust 2.91 to 39.10.

Stepping back and reviewing the hourly chart patterns, the indices were real choppy today, but down. They opened with a big gap down, rallied back and took back the entire loss on the Nasdaq 100, only to roll over in the afternoon and give it all back, and then some, to close with sharp losses on the sessions, on negative technicals.

Let's see how it goes tomorrow.

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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