Market Overview

Terrible Tuesday for the Bulls

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Terrible Tuesday for the Bulls By Harry Boxer, www.TheTechTrader.com an AdviceTrade.com publication

The stock market indices had a terrible Tuesday today as the indices got crushed, especially in the last hour when they got slam-dunked into the close.

The day started off with a gap down, and then a little bit of a bounce. They stair-stepped lower all day in a neat orderly fashion in a perfect down channel, with each rally failing right at key levels of resistance. At the end of the day they closed at the bottom of the channel in a very oversold condition on the McClellan Oscillator, but, nevertheless, until this is abated they can still go a little bit lower.

Net on the day, the Dow was down 265.87 at 11,866.62, cracking 12,000 and then 11,900. The S&P 500 was down 32.89 at 1254.05, and Nasdaq 100 down 61.20 at 2292.85, a 2 1/2% - 3% loss today.

Advance-declines were nearly 4 to 1 negative on the New York Stock Exchange and 5 to 1 negative on Nasdaq. Up/down volume was about 14 to 1 negative on New York, and about 9 to 1 negative on Nasdaq.

TheTechTrader.com board was extremely negative today. Among the ultrashorts, the Direxion Daily Financial Bear 3X Shares (FAZ) jumped 4.00 to 52.94, the Direxion Daily Small Cap Bear 3X Shares (TZA) 3.74 to 41.90, iPath S&P 500 VIX Short-Term Futures ETN (VXX) 1.56 to 23.97, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 2.87 to 39.72.

Other than that there were only a few stocks up small fractions on our board. Low-price Mitek Systems Inc. (MITK) gained 26 cents to 9.61, and Travelzoo Inc. (TZOO) advanced just 30 cents to 55.43 after being up a high as 57.19 earlier today.

On the downside, however, Apple Inc. (AAPL) lost a whopping 7.84 to 388.91. InterDigital, Inc. (IDCC) dropped 3.91 to 63.21, International Business Machines Corp. (IBM) 2.70 to 178.05, Goldman Sachs (GS) 2.92 to 131.23, SodaStream International Ltd. (SODA) 2.24 to 75.44, Youku.com Inc (YOKU) 1.78 to 35.03, VirnetX Holding Corp (VHC) 1.22 to 29.10, Tesla Motors, Inc. (TSLA) 1.43 to 27.34, Rediff.com India Ltd. (REDF) 1.00 to 9.67, and OmniVision Technologies Inc. (OVTI) 1.41 to 27.38.

In addition, Molycorp, Inc. (MCP) fell 5.80 to 58.73, nearly 8.00 from its high today. LSB Industries Inc. (LXU) was down 2.33 to 38.12, MAKO Surgical Corp. (MAKO) 2.12 to 27.20, and Golar LNG Ltd. (GLNG) 1.45 to 36.75. Brigham Exploration Co. (BEXP) lost 1.47 to 30.52, and Ariad Pharmaceuticals Inc. (ARIA) got slammed for 1.22 to 10.86.

As you can see, it was a very negative day on Wall Street today with the indices going down all session, closing at the low for the day and the low for the last couple weeks going away.

Good Trading!

Harry

For more of Harry Boxer, sign up for a Free 15-Day Trial to his Trading Diary. (https://www.thetechtrader.com/reg/bb)

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