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
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Markets Still Waiting for Santa Claus Rally

Stock-Markets / Global Stock Markets Dec 24, 2008 - 02:46 AM GMT

By: Harry_Boxer

Stock-Markets The markets started out with a nice push higher early on, as futures were higher before the opening. They stair-stepped up in a small 5-wave advance and reached 1205 on the Nasdaq 100 and 880 on the S&P 500, but weren't able to do much more after the first hour. They then rolled over hard in the morning, bounced around during mid-day, couldn’t mount an advance, and then rolled over and made session lows with about an hour to go. Over the last hour they did come back a bit, but not enough to save the day.


Net on the day the Dow was down 100 to 8419, the S&P 500 down 8 1/2 to 863, and the Nasdaq 100 down nearly 6 to 1183 and a fraction. The Philadelphia Semiconductor Index (SOXX) fell 5 3/4 to just under 201.

The technicals were negative on advance-declines by 3 to 2 on New York and a similar amount on Nasdaq. Up/down volume was better than 2 to 1 negative on New York on very light total volume of under a billion, at 960 million. Nasdaq traded a little less than 1 1/3 billion, also very light volume, and had about a 2 1/2 to 1 negative volume ratio.

The decidedly negative day in the technicals was reflected in TheTechTrader.com board, which was mostly fractionally mixed. Potash (POT) was up 2.70 to 68.49, but even that was about 3 off its high earlier in the session. Almost Family (AFAM) was up 1.06 to 44.59, and the BGZ short instrument was up 1.56 to 67.26. Those were the only point-plus gainers on our board today, although CF was up 99 cents to 46.50.

Other than that, there were just small fractional gainers across the board. AAPL managed to gain 64 cents, and AGU up 84 cents, in the generally firm agriculture sector.

On the downside point-plus losers included the FXI down 1.25, the EWZ down 2, and the BGU down 1.05.

Financials were weak today, with BAC down 78 cents to 12.75, closing near the low for the day, as was C down 23 cents to 6.52, just a penny off its low, and MS down 14 cents to 14.44, just a few cents off its low.

In addition, RMBS lost 96 cents to 13.80, TSYS gave back 56 cents to 7.99, and ACH lost another 92 cents. The USO lost 63 cents to close at 30, but nearly a point off its 29.15 low earlier in the day, which was a new all-time low.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down in the afternoon and closed near the lows for the day. The positive part about today was that at the session's low they were just a few points off yesterday's weekly low, and they did manage to hold above that level for the rest of the session.

We'll see how it goes tomorrow and whether or not there's any downside follow, but the indices limped into the close, and we're still wondering where this Santa Claus rally is.

TheTechTrader.com is closed until Monday, January 5 -- Happy Holidays and New Year to everyone!

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

© 2005-2019 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