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 Pauses Ahead of Tuesdays Presidential Election

Stock-Markets / US Stock Markets Nov 03, 2008 - 07:05 PM GMT

By: Harry_Boxer

Stock-Markets We got basically what we thought we would on Monday -- a quieter session, lower volume, and slightly lower prices. There was a little bit of afternoon volatility, but for the most part the indices opened mixed, worked their way sharply higher initially, and then went into a couple-hour consolidation. It looked like that they maybe would try to break out, but when they failed to break through on two different occasions they then rolled over in the afternoon. Then they retested Friday afternoon's lows and the rising trendlines, bounced sharply, but in the last 10 minutes once again slipped sharply lower and gave back half the late rally, closing negative on the session.


However, net on the day the Dow was down just 5.18 today, the S&P 500 down 2.45 and the Nasdaq 100 down just 0.03, nearly unchanged on the day. That was about 12 points off the low and 12 points off the high, so mid-range, in a much narrower, much quieter day.

Volume was about 1 billion shares on New York and 1 3/4 billion on Nasdaq. The plurality was slightly to the downside on volume on New York and slightly to the plus side on Nasdaq. Advance-declines were 17 to 13 positive on New York and 16 to 12 positive on Nasdaq. It was a marginal day today ahead of tomorrow's election.

But TheTechTrader.com board had some nice movers today, with Energy Conversion Devices (ENER) leading the way at 39.34, up 5.20. SunPower (SPWR) at 44.08 was up 5.02. United (UAUA) at 16.59 was up 2.03 on a drop in crude oil. Continental Airlines (CAL) gained 1.53 as well. DryShips (DRYS) advanced 2.69 to 21.94 today on a strong earnings report.

Canadian Solar (CSIQ) in the junior solar group was up 1.22, and Solarfun (SOLF) at 8.24 up 2.14, a strong session there.

Among the ETFs, one outstanding one today was the EWZ Brazilian ETF, at 38.79, up 1.13.

On the downside, the USO dropped 2.94 on the drop in crude oil, and the DIG was down 1.50. Afternoon weakness brought the agriculture stocks down from their early peaks, with Mosaic (MOS) down 2.11 and CF down 1.52.

Other than that, mostly fractional changes, but there were some of the large fractional changes on the plus side today. Excel Maritime (EXM) gained 89 cents, and portfolio position Qualcor (QCOR) up 60 cents to 8.34, a new 13-year high on more than 2 million shares. That's strong volume for that stock. Portfolio position Sequenom (SQNM) was up 73 cents, and EBS got as high as 20.29 before closing at 18.47, still up 46 cents today.

Low-priced A-Power Energy (APWR) at 6.01 was up 34 cents.

Stepping back and reviewing the hourly chart patterns, the indices failed on 2-3 occasions to break through the 1345-47 zone on the NDX and the 973-75 zone on the S&P 500. That's the level we'll be keeping an eye on tomorrow.

On the downside, support at the 1320-22 area on the NDX and the 957-59 zone on the S&P 500 are the levels we'll be watching as well on election day.

Good trading!

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) 2008 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