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
Stocks, Bitcoin, Gold and Silver Markets Brief - 18th Feb 25
Harnessing Market Insights to Drive Financial Success - 18th Feb 25
Stock Market Bubble 2025 - 11th Feb 25
Fed Interest Rate Cut Probability - 11th Feb 25
Global Liquidity Prepares to Fire Bull Market Booster Rockets - 11th Feb 25
Stock Market Sentiment Speaks: A Long-Term Bear Market Is Simply Impossible Today - 11th Feb 25
A Stock Market Chart That’s Out of This World - 11th Feb 25
These Are The Banks The Fed Believes Will Fail - 11th Feb 25
S&P 500: Dangerous Fragility Near Record High - 11th Feb 25
Stocks, Bitcoin and Crypto Markets Get High on Donald Trump Pump - 10th Feb 25
Bitcoin Break Out, MSTR Rocket to the Moon! AI Tech Stocks Earnings Season - 10th Feb 25
Liquidity and Inflation - 10th Feb 25
Gold Stocks Valuation Anomaly - 10th Feb 25
Stocks, Bitcoin and Crypto's Under President Donald Pump - 8th Feb 25
Transition to a New Global Monetary System - 8th Feb 25
Betting On Outliers: Yuri Milner and the Art of the Power Law - 8th Feb 25
President Black Swan Slithers into the Year of the Snake, Chaos Rules! - 2nd Feb 25
Trump's Squid Game America, a Year of Black Swans and Bull Market Pumps - 24th Jan 25
Japan Interest Rate Hike - Black Swan Panic Event Incoming? - 23rd Jan 25
It's Five Nights at Freddy's Again! - 12th Jan 25
Squid Game Stock Market 2025 - 5th Jan 25

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Wild Stock Market Swings in Losing Session

Stock-Markets / Volatility Jan 22, 2009 - 11:48 PM GMT

By: Harry_Boxer

Stock-Markets The market certainly got some volatility today, down in the morning, up mid-day and then back down late in the day. But it ended with losses for the session. The day started out with a big gap down on negative futures. They backed and filled in the morning, bear-flagged, and then went lower, reaching the session lows by mid-morning. That was right at yesterday's mid-day lows. When those levels held the indices then staged a rally.


By lunch hour, it was backing and filling in a consolidation mode, and then exploded out of that early afternoon in a very strong rally that nominally took out yesterday's highs on the Nasdaq 100 but fell just short on the S&P 500. When that occurred, they then rolled over hard, gave back about 2/3 of the gains, and bounced in the last half hour to pare the losses.

Net on the day the Dow was down 105.3, the S&P 500 12 3/4, and the Nasdaq 100 about 17.7. The Philadelphia Semiconductor Index (SOXX) lost 5 today and closed very near 200 at 199.99.

Advance-declines were a little less than 4 to 1 negative on New York and about 3 to 1 negative on Nasdaq. Up/down volume was a little less than 4 to 1 negative as well as on New York on total volume of about 1.55 billion. Nasdaq traded 2.3 billion and had about a 4 1/2 to 1 negative volume ratio.

As a result of the losses in the indices, most stocks on TheTechTrader.com board were down, other than a couple isssues that had earnings reports today. Leading the way on the plus side, Apple (AAPL) was up 5.53 to 88.36 and Potash (POT) at 73.19 was up 4.02, in what analysts interpreted as positive earnings reports.

Financials were lower in the morning, strong by mid-day, and gave back some of it by the end of the day, but they closed mixed, with Morgan Stanley (MS) at 17.58 up 72 cents and JP Morgan (JPM) at 23.10 up 47 cents today. However, Citigroup (C) was down 56 cents, Bank of America (BAC) down 90 cents, and Wells Fargo (WFC) down 86 cents.

Other point-plus losers included SunPower (SPWR) at 29.17 down 3.32. Energy Conversion Devices (ENER) gave back 1.42 to 23.59, and Hartford Financial Services (HIG) at 12.18 was down 1.31. Aluminum Corp. of China (ACH) lost 1.10 to 10 1/4.

The ultrashort ETFs obviously fared well, with the Direxion Financial Bear 3x Shares (FAZ) was up 9, and the Direxion Large Cap Bear 3X Shares (BGZ) up 3.

Among the losing ETFs, the iShares FTSE/Xinhua China 25 Index (FXI) fell 1.25, Direxion Financial Bull 3x Shares (FAS) down 1.52, iShares MSCI Brazil Index ETF (EWZ) down 1, Ultra Oil & Gas ProShares (DIG) 1.39, Direxion Large Cap Bull 3X Shares (BGU) 1.46, and the U.S. Oil Fund ETF (USO) down 1.09.

Stepping back and reviewing the hourly chart patterns, there were some wild swings today back and forth, reaching key short-term support and then testing short-term resistance, neither of which were able to be penetrated as the indices closed near mid-range but down on the session.

We'll see how it goes over the next couple days, as to whether the recent action is just a consolidation with more downside coming, or a basing attempt in an effort to turn the current down trend back up.

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) 2009 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