Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Silver Price Trend Forecast Summer 2020 - 3rd Jul 20
Silver Market Is at a Critical Juncture - 3rd Jul 20
Gold Stocks Breakout Not Confirmed Yet - 3rd Jul 20
Coronavirus Strikes Back. But Force Is Strong With Gold - 3rd Jul 20
Stock Market Russell 2000 Gaps Present Real Targets - 3rd Jul 20
Johnson & Johnson (JNJ) Big Pharma Stock for Machine Learning Life Extension Investing - 2nd Jul 20
All Eyes on Markets to Get a Refreshed Outlook - 2nd Jul 20
The Darkening Clouds on the Stock Market S&P 500 Horizon - 2nd Jul 20
US Fourth Turning Reaches Boiling Point as America Bends its Knee - 2nd Jul 20
After 2nd Quarter Economic Carnage, the Quest for Philippine Recovery - 2nd Jul 20
Gold Completes Another Washout Rotation – Here We Go - 2nd Jul 20
Roosevelt 2.0 and ‘here, hold my beer' - 2nd Jul 20
U.S. Dollar: When Almost Everyone Is Bearish... - 1st Jul 20
Politicians Prepare New Money Drops as US Dollar Weakens - 1st Jul 20
Gold Stocks Still Undervalued - 1st Jul 20
High Premiums in Physical Gold Market: Scam or Supply Crisis? - 1st Jul 20
US Stock Markets Enter Parabolic Price Move - 1st Jul 20
In The Year 2025 If Fiat Currency Can Survive - 30th Jun 20
Gold Likes the IMF Predicting a Deeper Recession - 30th Jun 20
Silver Is Still Cheap For Now - 30th Jun 20
More Stock Market Selling Ahead - 30th Jun 20
Trending Ecommerce Sites in 2020 - 30th Jun 20
Stock Market S&P 500 Approaching the Precipice - 29th Jun 20
APPLE Tech Stock for Investing to Profit from the Machine Learning Mega trend - 29th Jun 20
Student / Gamer Custom System Build June 2020 Proving Impossible - Overclockers UK - 29th Jun 20
US Dollar with Ney and Gann Angles - 29th Jun 20
Europe's Banking Sector: When (and Why) the Rout Really Began - 29th Jun 20
Will People Accept Rampant Inflation? Hell, No! - 29th Jun 20
Gold & Silver Begin The Move To New All-Time Highs - 29th Jun 20
US Stock Market Enters Parabolic Price Move – Be Prepared - 29th Jun 20
Meet BlackRock, the New Great Vampire Squid - 28th Jun 20
Stock Market S&P 500 Approaching a Defining Moment - 28th Jun 20
U.S. Long Bond: Let's Review the "Upward Point of Exhaustion" - 27th Jun 20
Gold, Copper and Silver are Must-own Metals - 27th Jun 20
Why People Have Always Held Gold - 27th Jun 20
Crude Oil Price Meets Key Resistance - 27th Jun 20
INTEL x86 Chip Giant Stock Targets Artificial Intelligence and Quantum Computing for 2020's Growth - 25th Jun 20
Gold’s Long-term Turning Point is Here - 25th Jun 20
Hainan’s ASEAN Future and Dark Clouds Over Hong Kong - 25th Jun 20
Silver Price Trend Analysis - 24th Jun 20
A Stealth Stocks Double Dip or Bear Market Has Started - 24th Jun 20
Trillion-dollar US infrastructure plan will draw in plenty of metal - 24th Jun 20
WARNING: The U.S. Banking System ISN’T as Strong as Advertised - 24th Jun 20
All That Glitters When the World Jitters is Probably Gold - 24th Jun 20
Making Sense of Crude Oil Price Narrow Trading Range - 23rd Jun 20
Elon Musk Mocks Nikola Motors as “Dumb.” Is He Right? - 23rd Jun 20
MICROSOFT Transforming from PC Software to Cloud Services AI, Deep Learning Giant - 23rd Jun 20
Stock Market Decline Resumes - 22nd Jun 20
Excellent Silver Seasonal Buying Opportunity Lies Directly Ahead - 22nd Jun 20
Where is the US Dollar trend headed ? - 22nd Jun 20
Most Shoppers have Stopped Following Supermarket Arrows, is Coughing the New Racism? - 22nd Jun 20

Market Oracle FREE Newsletter

AI Stocks 2020-2035 15 Year Trend Forecast

Nasty Spill for Stocks

Stock-Markets / Stock Markets 2010 Nov 24, 2010 - 04:57 AM GMT

By: Harry_Boxer


The stock market indices suffered a nasty spill today as world markets were lower, partially because of the saber rattling between North and South Korea.

The indices dropped sharply at the opening, gapped down, tried to rally midmorning and went lower, and made session lows before noon. The rest of the day was spent backing and filling, and trying to consolidate. They did have a little bit of a late bump, but closed off sharply.

Net on the day, the Dow was down 142.21 at 11,036.37, managing to hold above 11,000, dipping under it just slightly at one point in the session. The S&P 500 was down 17.11 at 1180.73, about 4 points off its low. The Nasdaq 100 was down 34.25 at 2116.61, about 11 points off its low.

Advance-declines were nearly 4 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume on New York was 11 to 1 negative, and total volume just over 1 billion shares. Nasdaq traded about 2.85 billion shares and had about a 5 to 1 negative ratio.

So, a decidedly negative session today.

Charts of the Day:

Tonight's video includes AFFY, BWS, DRV, DY, EDZ, FTK, GORO, MDAS, MGIC, MHR, SODA, SVN and URRE.

Reviewing our Watchboard:

On board, the vast majority of stocks were down, but there were several that did very well today. SodaStream International Ltd. (SODA), one of our swing trade picks, jumped 3.66 to 38.86. Golden Minerals Company (AUMN) was up 1.26 to 26.97, and Gold Resource Corp (GORO) 80 cents to 25.80, as the metals were slightly firmer today.

Other stocks of note, Brown Shoe Co. Inc. (BWS) was up 1.98 to 14.17, a solid session there. Palomar Medical Technologies Inc. (PMTI) advanced 1.18 to 13.09, Magic Software Enterprises Ltd. (MGIC) 64 cents to 6.57, MedAssets, Inc. (MDAS) 1.37 to 18.14, Signet Jewelers Limited (SIG) 2.14 to 39.63, Genesco Inc. (GCO) 2.40 to 38.57, and Tesla Motors, Inc. (TSLA) 1.17 to 34.57.

The ultra-short ETFs did very well today. Leading the way, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), a swing trade pick of ours, was up 2.17 to 25.42, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 1.95 to 44.87.

On the downside, Apple Inc. (AAPL) lost 4.63 to 308.73, Inc. (AMZN) 2.19 to 168.20, Acme Packet, Inc. (APKT) 1.15 to 43.64, Goldman Sachs (GS) 3.27 to 157.78, and IntraLinks Holdings, Inc. (IL) 1.51 to 20.91 were among the point losers today.

Stepping back and reviewing the hourly chart patterns, the indices fell sharply in the morning, stabilized around midday and tried to rally, but couldn't muster anything and ended up down sharply on the day.

We'll see if today's lows near the 2105 level on the NDX and 1177 area on the S&P 500 are able to hold tomorrow. Those will be the initial key support levels that we'll be watching.

Good Trading!


For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2010 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at

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.

Harry Boxer Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules