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FOMC Announcement Sends Stock Market Indices South...

Stock-Markets / Stock Markets 2016 Jan 28, 2016 - 10:50 AM GMT

By: Harry_Boxer


The stock market indices had a topsy-turvy day today, coming down hard in the morning, back up midday, they backed off until the FOMC, and then spiked right after the news for a few minutes, reversed very sharply, taking the Nasdaq 100 from 4218 down to 4112, more than 100 points. The S&P 500 then dropped from 1915 to 1872, a total of 43 points. It was a very nasty slide indeed. They managed to bounce, but really formed nothing more than bear flags, and closed down on the day.

Net on the day, the Dow was down 222.77 at 15,944.46. The S&P 500 was down 20.68 to 1882.95. The Nasdaq 100 was down a whopping 104.99 to 4128.86.

Advance-declines were 3 to 2 negative on New York Stock Exchange and more than 2 to 1 negative on Nasdaq. Up/down volume was 25 to 21 negative on New York, and 4.7 billion shares traded. The Nasdaq traded 2.1 billion shares and had a 3 1/2 to 1 negative volume ratio.

It was a very mixed picture with the blue chips looking stronger, although you wouldn't know it by the Dow and S&P 500. The underlying technicals weren't bad today. board was blood red. Priceline Inc. (PCLN) got hit hard today, down 67.84 to 1043.70, Google Inc. (GOOG) down 13.05 to 699.99, Apple Inc. (AAPL) down 6.57, Inc. (AMZN) got knocked out of the park, down 17.90 to 583.35, and Netflix, Inc. (NFLX) dropped 6.68 to 91.15.

Tesla Motors, Inc. (TSLA) gave back 5.49 to 188.07, and Baidu, Inc. (BIDU) pounded down 8.81 to 158.27. Facebook, Inc. (FB) lost 2.89 to 94.45, however, after hours its up 7 points on strong earnings.

Biotech's were hammered again. Nevro Corp. (NVRO) was down 4.22 to 61.78, Intra-Cellular Therapies, Inc. (ITCI) down 2.55 to 39.04, and First Solar, Inc. (FSLR), in a weak solar group lost 1.76 to 65.64.

On the upside, only Weight Watchers International, Inc. (WTW) managed to keep from drowning by a small fraction of 46 cents to 13.75. Freeport-McMoRan Inc. (FCX) was 45 cents higher to 4.65, or 11%, on 95.4 million shares after reaching over 5.00 today.

Checking the TheTechTrader percent-gain leaderboard, TransEnterix, Inc. (TRXC) popped 57 cents to 2.65, or 27%, on 9.5 million shares. Terex Corporation (TEX) bounced 2.35 to 22.85, or 11 1/2%, on 12 million shares, on rumors of a takeover.

The Direxion Daily S&P Biotech Bear 3X ETF (LABD) ran 8.16 to 68.07, or 14%.

CommVault Systems, Inc. (CVLT) jumped 5.02 to 36.39, or 16%, on 3.9 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply, up sharply, and then back down sharply in a 3-wave big decline that took them down to close near the lows for the day. Only a late bounce prevented that from happening.

Let's see how it goes tomorrow.

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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