Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
Fed Too Late To Prevent US Real Estate Market Crash? - 22nd Aug 19
Retail Sector Isn’t Dead. It’s Growing and Pays 6%+ Dividends - 22nd Aug 19
FREE Access EWI's Financial Market Forecasting Service - 22nd Aug 19
Benefits of Acrobits Softphone - 22nd Aug 19
How to Protect Your Site from Bots & Spam? - 21st Aug 19
Fed Too Late To Prevent A US Housing Market Crash? - 21st Aug 19
Gold and the Cracks in the U.S., Japan and Germany’s Economic Data - 21st Aug 19
The Gold Rush of 2019 - 21st Aug 19
How to Play Interest Rates in US Real Estate - 21st Aug 19
Stocks Likely to Breakout Instead of Gold - 21st Aug 19
Top 6 Tips to Attract Followers On SoundCloud - 21st Aug 19
Holiday Nightmares - Your Caravan is Missing! - 21st Aug 19
UK House Building and House Prices Trend Forecast - 20th Aug 19
The Next Stock Market Breakdown And The Setup - 20th Aug 19
5 Ways to Save by Using a Mortgage Broker - 20th Aug 19
Is This Time Different? Predictive Power of the Yield Curve and Gold - 19th Aug 19
New Dawn for the iGaming Industry in the United States - 19th Aug 19
Gold Set to Correct but Internals Remain Bullish - 19th Aug 19
Stock Market Correction Continues - 19th Aug 19
The Number One Gold Stock Of 2019 - 19th Aug 19
The State of the Financial Union - 18th Aug 19
The Nuts and Bolts: Yield Inversion Says Recession is Coming But it May take 24 months - 18th Aug 19
Markets August 19 Turn Date is Tomorrow – Are You Ready? - 18th Aug 19
JOHNSON AND JOHNSON - JNJ for Life Extension Pharma Stocks Investing - 17th Aug 19
Negative Bond Market Yields Tell A Story Of Shifting Economic Stock Market Leadership - 17th Aug 19
Is Stock Market About to Crash? Three Charts That Suggest It’s Possible - 17th Aug 19
It’s Time For Colombia To Dump The Peso - 17th Aug 19
Gold & Silver Stand Strong amid Stock Volatility & Falling Rates - 16th Aug 19
Gold Mining Stocks Q2’19 Fundamentals - 16th Aug 19
Silver, Transports, and Dow Jones Index At Targets – What Direct Next? - 16th Aug 19
When the US Bond Market Bubble Blows Up! - 16th Aug 19
Dark days are closing in on Apple - 16th Aug 19
Precious Metals Gone Wild! Reaching Initial Targets – Now What’s Next - 16th Aug 19
US Government Is Beholden To The Fed; And Vice-Versa - 15th Aug 19
GBP vs USD Forex Pair Swings Into Focus Amid Brexit Chaos - 15th Aug 19
US Negative Interest Rates Go Mainstream - With Some Glaring Omissions - 15th Aug 19
US Stock Market Could Fall 12% to 25% - 15th Aug 19
A Level Exam Results School Live Reaction Shock 2019! - 15th Aug 19
It's Time to Get Serious about Silver - 15th Aug 19
The EagleFX Beginners Guide – Financial Markets - 15th Aug 19

Market Oracle FREE Newsletter

The No 1 Gold Stock for 2019

Stock Markets Hit by Panic Selling as the Bear Market Continues

Stock-Markets / Stocks Bear Market Nov 19, 2008 - 08:46 PM GMT

By: Harry_Boxer

Stock-Markets Best Financial Markets Analysis ArticleAnother very negative day on the Street as the bear market continues in earnest. Despite the fact that futures were down for most of the pre-market, they ended up opening firm and rallying back to initial resistance. When they couldn't break through they sold off sharply to retest yesterday afternoon's lows, backed and filled for several hours and on three different occasions ran right up to initial resistance but once again couldn't get through. Late in the session when it was apparent the rally was not going to materialize, they rolled over in the sharpest decline of the session, closing at the session lows.

Net on the day the Dow closed under 8000 at 7997, down 427.47. The S&P 500 slipped 52.54 to 806.58, and the Nasdaq 100 slipped under 1090, closing at 1087.60, down 68.50. The Philadelphia Semiconductor Index (SOXX) got hammered, closing at 177.10, down 14.79 to a new multi-year low.

Advance-declines were climactic in nature, with nearly 3000 down and only 193 up on New York and 2567 down and only 332 up on Nasdaq. Up/down volume was monstrously climactic with 1.6 billion down and less than 28 million up on New York, a 57 to 1 ratio! Nasdaq had 2 1/3 billion down and 53 million up, or a 44 to 1 negative volume ratio.

So, to say the least, technicals were extremely climactic in nature at levels we haven't seen in years. We did get a negative tick today of -1324 on the NYSE, also an extremely negative number. board reflected that. Other than the three short instruments we follow, everything else was down. Those instruments are the BZG, which closed at 102.80, up 14.92. The SDS at 112.94, was up 11.39, and the QID at 90 1/4 up 8.74.

On the downside, loss leaders included the ERX down 7.89, BGU down 5.56, DIG 3.49, and the EWZ 3.01. The FXI dropped 2 to 22.20 and QLD dropped 2.62.

Among regular common stocks, AAPL lost 3.62 to 86.29 and closed not far off its multiple lows in the 85 zone. AFAM at 42.77 was down 4.12, CF at 44.49 was down 5.90, and POT at 64.02 down 5.92.

Airlines got hammered today, with UAUA at 8.56 down 2.47, a big percentage loss there. Delta closed at 7, down 88 cents, and Continental closed at 11.31 down 1.19, and American at 6.85 was down 1.14.

Also in the agricultural group, MOS at 28.75 was down 2.62, and AGU at 28.74 was down 2.65. C closed at 6.40, down 1.96. DryShips (DRYS) got crushed at 5.34, down 2.67, on 16 million shares. Energy Conversion Devices (ENER) at 23.42 was down 2.89, Excel Maritime (EXM) also in the shipping sector at 6.59 down 1.74, and Las Vegas Sands (LVS) at 5.07 down 1.19.

Morgan Stanley dropped 1.78 to 10 1/4 and RIMM despite early gains lost 1.92 to 45.33. Sequenom (SQNM) gave back 1.11 at 13.89.

Stepping back and reviewing the hourly chart, the indices have plunged beneath last week's lows, and the S&P 500 and Nasdaq 100 are now at a 5 1/2-year lows. So we've taken out key support and may have set up a very nasty climactic type session in the next day or two, but I'm anticipating a strong snapback at some point. Right now the trend is down and in freefall, but climactic in nature and close to what appears to be a tradable low just ahead of us.

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) 2008 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