Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Nasty Start to Week

Stock-Markets / Stock Markets 2011 Oct 04, 2011 - 02:56 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe week started off with a thud as the stock market indices gapped down. They had a strong snapback early in the session on positive economic news, but that was it for the day. The indices then came down hard in a 5-wave decline, but at the end of the day when it looked like they were snapping back into the close, they suddenly reversed course in the last 10 minutes and got crushed into the close, finishing at the lows for the day.


It was a very nasty way to start the week.

Net on the day, the Dow was down 258.08 at 10,655.30, the S&P 500 down 32.19 at 1099.23, and the Nasdaq 100 down 54.14 at 2096.04.

Advance-declines were almost 10 to 1 negative with 291 up and nearly 2800 down on the New York Stock Exchange, and on Nasdaq they were about 10 to 1 negative with 239 up and 2383 down. Up/down volume on New York was about 30 to 1 negative, with 41 million up and 1.33 billion down, on total volume of 1.8 billion shares traded today. Nasdaq traded 2 billion shares, with 167 million up and 2.4 billion down, and had a 15 to 1 negative volume ratio.

Charts of the Day: Click below to view video.

Reviewing our Watchboard:

TheTechTrader.com board was entirely negative except for the ultra-shorts, of course. We traded the ultra-shorts long, and VelocityShares Daily 2x VIX ST ETN (TVIX) hit our intermediate target, exploding to over 100 today, up 11.47 to 100.90, reaching as high as 101.34. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 8.32 to 61.29, Direxion Daily Financial Bear 3X Shares (FAZ) 8.83 to 74.80, Direxion Daily Large Cap Bear 3X Shares (BGZ) 4.39 to 50.67, and iPath S&P 500 VIX Short-Term Futures ETN (VXX) 3.47 to 56.84.

On the downside, Apple Inc. (AAPL) lost 6.72 to 374.60, Universal Display Corp. (PANL) 6.30 to 41.64, SodaStream International Ltd. (SODA) 3.93 to 29.12, VirnetX Holding Corp (VHC) 2.61 to 12.38, Molycorp, Inc. (MCP) 2.75 to 30.12, Goldman Sachs (GS) 4.47 to 90.08, InterDigital, Inc. (IDCC) 2.03 to 44.45, and First Solar, Inc. (FSLR) 5.31 to 57.90. Those were among the many stocks down today.

It was quite a negative day on Wall Street. Climactic at that. We got a negative 1607 tick at one point, but the day closed very negatively and we're likely to open to the downside tomorrow.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, pulled back sharply, failed at resistance, and rolled over. After forming wedges they rolled over sharply midday, bounced around near the end of the day, tried to rally back in the last 10 minutes, but rolled over in the last 10 minutes, closing at the low for the day.

Good Trading!

Harry

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 info@advicetrade.com . 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 http://www.thetechtrader.com

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

© 2005-2022 http://www.MarketOracle.co.uk - 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