Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

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.

TheTechTrader.com 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!

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