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
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
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 Markets Post Election Plunge

Stock-Markets / US Stock Markets Nov 06, 2008 - 01:49 AM GMT

By: Harry_Boxer

Stock-Markets The indices had an extremely negative post-election reaction, gapping down at the opening, on pre-market futures being sharply lower. They then tried to bounce, much more successfully on the S&P 500 and Dow, with the Nasdaq unable to get through the intraday moving averages, and they rolled over sharply in the morning, bounced in the afternoon, and then rolled over again even more sharply late in the session. They had a late quick bounce, but in the last 10 minutes rolled over sharply once again to close at the lows for the day.


Net on the day the Dow was down 486, the S&P 500 down 53, and the Nasdaq 100 down 78 1/2. The Philadelphia Semiconductor Index (SOXX) dropped 11 1/2, or about 5 1/2 percent.

The technicals were extremely negative, with advance-declines 25 to 6 negative on New York and 22 1/2 to 6 negative on Nasdaq. Up/down volume had very negative ratios, though total volume itself wasn't heavy, with nearly 1 1/4 billion to the downside and only 75 million to the upside, or 15 to 1 negative, on New York. Nasdaq traded about 2.15 billion and had a little less than 10 to 1 negative volume ratio .

Other than the short instruments, TheTechTrader.com board was extremely negative, with just two stocks up very small fractions. QCOR, a recent portfolio position, closed at 8.94, just 2 cents off the high and 6 cents off our $9 trading target. COIN at 6.38 was up a dime, although that was way off its high of nearly 7.

The SDS at 85.74 was up 6.89, and the QID at 66.70 was up 6.32.

On the downside, the loss leader by far was SunPower (SPWR), which came out with a poor earnings report and was downgraded by a couple firms, closing at 32.99, down 17.51, losing 35% of its value today on very heavy volume. POT at 86.88 was down 7.19, ANR at 29.41 down 6.27, AAPL at 103.30 down 7.69, the QLD down 4.03, and the USO down 3.74.

The EWZ Brazilian ETF fell 4.58, and the DIG oil ETF was down 3.69.

Other multiple point losers included several financials, which got hammered hard, including Citigroup (C) at 12.63 down 2.05 and Morgan Stanley (MS) at 17.06, down 1.81.

Energy Conversion Devices (ENER) dropped 2.77, DryShips (DRYS) 2, and Canadian Solar (CSIQ) 1.87, so it was an extremely negative day for solars. Airlines, too, got hit, with United (UAUA) down 1.02, and Continental (CAL) down 1.41.

Stepping back and reviewing the hourly chart patterns, the indices opened lower, bounced, but pretty much stayed within a down-channel all session and closed near the lows for the day going away in a very negative session and obviously a negative reaction to the election.

So we'll see if this is the beginning of a major retest or another leg down in a continuing bear market. Six up days in a row was about all the market could take!

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