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 Market Collapsing Into the Close

Stock-Markets / Stock Index Trading Oct 01, 2009 - 06:09 PM GMT

By: Harry_Boxer

Stock-Markets

It was an extremely negative session for the indices as they dropped from the get-go, fell sharply all morning, stabilized around mid-day, tried to rally back mid-afternoon but failed at resistance, and then rolled over, especially in the last 10 minutes when they collapsed into the close.


Net on the day the Dow was down 203 at 9509.28, the S&P 500 27.23 to 1029.85, and the Nasdaq 100 a whopping 52.58 to 1666.41.

Advance-declines were 5 to 1 negative on New York and 4 1/2 to 1 negative on Nasdaq. Up/down volume was nearly 20 to 1 negative on New York on total volume of nearly 1.6 billion. Nasdaq traded about 2 1/4 billion and had about a 15 to 1 negative volume ratio.

TheTechTrader.com board was nearly totally negative. Only portfolio position CEL-SCI (CVM) closed positively, up 7 cents to 1.79, as did the ultrashorts, several of which we have in the portfolio.

Direxion Financial Bear 3x Shares (FAZ) jumped 2.44 to 23.23 on 93 1/2 million, Direxion Large Cap Bear 3X Shares (BGZ) 1.66 to 23.07 on nearly 14 million, and the Direxion Small Cap 3x Bear (TZA) 1.03 to 13.17 on 31.6 million. The UltraShort Real Estate ProShares (SRS) rose 82 cents to 10.51 on 49 million.

The Direxion Financial Bull 3x Shares (FAS), on the other hand, fell 9.53 to 72.60, on nearly 40 million shares.

Financials took it in the chin today, with Goldman Sachs (GS) down 5.36 to 178.99, Wells Fargo (WFC) 1.58 to 26.60, and JP Morgan (JPM) 2.45 to 41.37.

American International Group (AIG) dropped 3.21 to 40.90, Dendreon (DNDN) 1.30 to 26.69, Rambus (RMBS) 1.32 to 16.08, and United (UAUA) 1.98 to 7.24 on heavy volume after announcing a secondary.

RINO International (RINO), which has been very hot of late, gave back 1.89 to 19.25.

Stepping back and reviewing the hourly chart patterns, they were down sharply in a 5-wave decline in the morning, followed by a multi-hour consolidation, but they were unable to break out and rolled over in the last couple hours, heavily in the last 10-20 minutes to close at the session lows going away.

A very negative close. The key to today's action was that short-term support decisively taken out at 1690-91 on the NDX and the 1040-41 area SPX. With the NDX closing at around 1666 and the SPX at 1029 augurs well for additional downside action over the next day or two.

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