Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Steep Losses Despite Late Snapback Rally

Stock-Markets / Stock Markets 2010 May 15, 2010 - 08:19 AM GMT

By: Harry_Boxer


Well, the week ended on quite the negative note, as the stock market indices started sharply lower and moved lower for most of the morning. About 11:30 they bounced, then backed and filled for several hours in what appeared to be a basing attempt. After a late afternoon retest of the lows on the S&P 500 for the third time, they held, then snapped back sharply, and for the last 30 minutes took back a big chunk of the losses.

Net on the day, the Dow was still down by 162.79 at 10,620.16, closing 83 points off its low. The S&P 500 down 21.76 at 1135.68, 9 points off its low, and Nasdaq 100 38.42 at 1907.10, 22 points off its low, and at one point down as much as 60.

Advance-declines were about 8 to 1 negative today on the New York Stock Exchange, and a little less than 6 to 1 negative on Nasdaq. Up/down volume was 20 to 1 negative on New York on total volume of a little over 1 1/2 billion shares. Nasdaq traded 2.6 billion today, but had an 8 to 1 negative ratio.

So, it was a decidedly negative day on Wall Street to end the week. board, as a result, was mostly down today other than just a few issues. Hauppauge Digital Inc. (HAUP), after yesterday's big announcement, jumped another 90 cents to 3.93, although it traded as high as 4.85 at one point on 29.2 million shares traded.

Neostem, Inc. (NBS) was up 47 cents to 3.41, and UltraLife (ULBI) up 31 cents to 4.52.

In the ETF sector, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) jumped 2.68 to 47.82, ProShares UltraShort Real Estate (SRS) 1.62 to 26.62, iPath S&P 500 VIX Short-Term Futures ETN (VXX) 2.14 to 26.86, and the Direxion Daily Financial Bear 3X Shares (FAZ) 1.08 to 13.75.

On the downside, multiple point-plus losers included Apple Inc. (AAPL) down 4.54 to 253.82, (AMZN) down 2.94 to 128.53, Cree Inc. (CREE) down 3.82 to 72.10, and Google Inc. (GOOG) down 3.35 to 507.53.

Among other point-plus losers of note, RINO International Corp (RINO) lost 1.01 to 15.44, Goldman Sachs (GS) 1.42 to 143.23, Dendreon Corp (DNDN) 1.64 to 43.76, China Automotive Systems Inc. (CAAS) 1.24 to 19.41, Baidu Inc. (BIDU) 1.66 to 73.98, Brigham Exploration (BEXP) 1.25 to 16.96, and Acme Packet, Inc. (APKT) 1.01 to 25.19. Those were the point-plus losers today.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply in a 3-wave decline until just before lunch hour. Over the next several hours they backed and filled, then tried to consolidate, but when they were unable to make any further downturn progress they experienced some late short covering and rallied to take back a portion of the losses, but still ended with sharp losses for the day. We'll see what kind of follow-through, if any, we get to the downside Monday.

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) 2010 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