Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Stock Market Enters Early Summer Correction Trend Forecast Time Window - 11th May 21
GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
Cathy Wood Bubble Bursts as ARK Funds CRASH! Enter into a Severe Bear Market - 11th May 21
Apply This Technique to Stop Rushing into Trades - 10th May 21
Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
CHIA Getting Started SSD Crypto Mining by Plotting and Farming on Your Hard Drives Guide - 9th May 21
Yaheetech Mesh Best Cheap Computer /. Gaming Chairs on Amazon Review - 9th May 21
Breaking US Trade Embargo with Cuba - Build 7 Computers in 14 Hours Before Ship Sales Challenge - 9th May 21
Dripcoin Applies New Technology That Provides Faster Order Execution - 9th May 21
Capital Gains Tax Hike News: Was It REALLY to Blame for Sell-off? - 7th May 21
Stock Market Transportation Index Continues To Grind Higher - 7th May 21
SPX Stock Market Correction Arriving or Not? - 7th May 21
How to Invest in an Online Casino? - 7th May 21
Gold & Silver Begin New Advancing Cycle Phase - 6th May 21
Vaccine Economic Boom and Bust - 6th May 21
USDX, Gold Miners: The Lion and the Jackals - 6th May 21
What If You Turn Off Your PC During Windows Update? Stuck on Automatic Repair Nightmare! - 6th May 21
4 Insurance Policies You Should Consider Buying - 6th May 21
Fed Taper Smoke and Mirrors - 5th May 21
Global Economic Recovery 2021 and the Dark Legacies of Smoot-Hawley - 5th May 21
Utility Stocks Continue To Rally – Sending A Warning Signal Yet? - 5th May 21
ROIMAX Trading Platform Review - 5th May 21
Gas and Electricity Price Trends so far in 2021 for the United Kingdom - 5th May 21
Crypto Bubble Mania Free Money GPU Mining With NiceHash Continues... - 4th May 21
Stock Market SPX Short-term Correction - 4th May 21
Gold & Silver Wait Their Turn to Ride the Inflationary Wave - 4th May 21
Gold Can’t Wait to Fall – Even Without USDX’s Help - 4th May 21
Stock Market Investor Psychology: Here are 2 Rare Traits Now on Display - 4th May 21
Sheffield Peoples Referendum May 6th Local Elections 2021 - Vote for Committee Decision's or Dictatorship - 4th May 21
AlphaLive Brings Out Latest Trading App for Android - 4th May 21
India Covid-19 Apocalypse Heralds Catastrophe for Pakistan & Bangladesh, Covid in Italy August 2019! - 3rd May 21
Why Ryzen PBO Overclock is Better than ALL Core Under Volting - 5950x, 5900x, 5800x, 5600x Despite Benchmarks - 3rd May 21
MMT: Medieval Monetary Theory - 3rd May 21
Magical Flowering Budgies Bird of Paradise Indoor Grape Vine Flying Fun in VR 3D 180 UK - 3rd May 21
Last Chance to GET FREE Money Crypto Mining with Your Desktop PC - 2nd May 21
Will Powell Lull Gold Bulls to Sweet Sleep? - 2nd May 21
Stock Market Enough Consolidation Already! - 2nd May 21
Inflation or Deflation? (Not a silly question…) - 2nd May 21
What Are The Requirements For Applying For A Payday Loan Online? - 2nd May 21
How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part1 - 1st May 21
Are Technicals Pointing to New Gold Price Rally? - 1st May 21
US Dollar Index: Subtle Changes, Remarkable Outcomes - 1st May 21
Stock Market Correction Time Window - 30th Apr 21
Stock Market "Fastest Jump Since 2007": How Leveraged Investors are Courting "Doom" - 30th Apr 21
Three Reasons Why Waiting for "Cheaper Silver" Doesn't Make Cents - 30th Apr 21
Want To Invest In US Real Estate Market But Don’t Have The Down Payment? - 30th Apr 21
King Zuckerberg Tech Companies to Set up their own Governments! - 29th Apr 21
Silver Price Enters Acceleration Phase - 29th Apr 21
Financial Stocks Sector Appears Ready To Run Higher - 29th Apr 21
Stock Market Leverage Reaches New All-Time Highs As The Excess Phase Rally Continues - 29th Apr 21
Get Ready for the Fourth U.S. Central Bank - 29th Apr 21
Gold Mining Stock: Were Upswings Just an Exhausting Sprint? - 29th Apr 21
AI Tech Stocks Lead the Bull Market Charge - 28th Apr 21
AMD Ryzen Overclocking Guide - 5900x, 5950x, 5600x PPT, TDC, EDC, How to Best Settings Beyond PBO - 28th Apr 21
Stocks Bear Market / Crash Indicator - 28th Apr 21
No Upsetting the Apple Cart in Stocks or Gold - 28th Apr 21
Is The Covaids Insanity Actually Getting Worse? - 28th Apr 21
Dogecoin to the Moon! The Signs are Everywhere, but few will Heed them - 28th Apr 21
SPX Indicators Flashing Stock Market Caution - 28th Apr 21
Gold Prices – Don’t Get Too Excited - 28th Apr 21
6 Challenges Contract Managers Face When Handling Contractual Agreements - 28th Apr 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Nasdaq Gives Way in Mixed Session

Stock-Markets / Stock Markets 2010 Oct 07, 2010 - 05:21 AM GMT

By: Harry_Boxer


The stock market indices suffered losses today in the non-blue chip sectors as the Nasdaq 100 was down 18.11 at 2006.52. The S&P 500 ended up near-unchanged, down to 0.78 at 1159.97, and the Dow was up 22.93 at 10.967.65.

There was a distinct 3-wave decline today, as the indices dropped sharply in the morning, bounced mid-morning, and then dropped into early afternoon for the session lows near 1992 on the NDX and near 1155 on the SPX. At that point they worked their way back and took back some of the losses, but still ended up sloppy on the day.

Technicals bore that out, as there were 180 more decliners than advancers on the New York Stock Exchange. Up/down volume was 5 to 4 negative on New York on total volume of just 965 million shares today. The ratios were worse on Nasdaq, with advance-declines 3 to 2 negative and up/down volume about 2 to 1 negative on total volume of 2.1 billion shares.

Charts of the Day:

Today we review our Boxer Shorts, as many high-priced market leaders took it on the chin today, which may be a sign of an impending turn in the market.

Acme Packet, Inc. (APKT), a market darling and one of our Top 25 stocks, may be in the process of cracking here. It moved down last week, bounced mid-week this week, and today dropped 3.08, or 8%, on 2.5 million shares, the heaviest volume in more than two months. With the close right near lateral price support at the 50-day moving average, it could see a snapback, but next target is around 32 1/2-33 range. If that's broken, a major channel breaks, and we could get a move down toward the mid 20s, which is our eventual trading target.

F5 Networks, Inc. (FFIV) got hammered for 14 points today, from 109.80 down to 96.87, but even that was without the little opening gap. Net on the day it lost 12.48% on 7 1/2 million shares, which is heavy volume break to the downside. It took out the rising bottoms line over the last 3 1/2 months, and cracked the 21-day moving average. It's just above the 50-day, which it comes in at 93 1/2-94, and beneath that the target is around 85 and then 78 1/2.

Cree Inc. (CREE) has been heading downward ever since the early August smack. Over the last four weeks it's formed a kind of bear wedge or flag. The stock dropped 1.59 today, and if it cracks the channel bottom line here, we could see a quick hit down to the low- to mid-40s, our target for CREE.

Green Mountain Coffee Roasters Inc. (GMCR) got hammered earlier this week, formed a little bear flag in this range, and dropped 68 cents today. But a failure here could amount to a very quick hit down towards 25, my initial target. Secondary target down around 22.

Reviewing our Watchboard: board was mixed, but mostly lower. There were some outstanding gainers as well. TeleCommunication Systems Inc. (TSYS) jumped 1.15 to 4.88 today, one of the bigger percentage gainers. American Superconductor Corporation (AMSC) advanced 1.91 to 35.37. JA Solar Holdings Co., Ltd. (JASO) gained 65 to 8.95.

In addition, TPC Group Inc (TPCG), one of our Top 25 List members, was up 1.36 to 26.34, and another one on that list, Polypore International Inc. (PPO), was up 1.54 to 32.80.

Low-priced Alexco Resource Corporation (AXU) jumped 1.27 to 6.07, Polycom, Inc. (PLCM) 1.31 to 27.17, BioFuel Energy Corp. (BIOF) 43 cents to 2.83, and Patriot Coal Corporation (PCX) 76 cents to 13.25.

Other winners included Borders (BGP) up 31 cents to 1.58, and Broadwind Energy, Inc. (BWEN) 20 cents to 2.21.

In addition, Goldman Sachs (GS) gained 1.27 to 150.84, and Valassis Communications Inc. (VCI) jumped 88 cents to 35.02.

Other than that there were only fractional gainers on the board if they were up.

On the downside, Inc. (AMZN) lost 5.47 to 155.40, Acme Packet, Inc. (APKT) 3.08 to 34.90, Dendreon Corp. (DNDN) 2.29 to 38.93, Sourcefire, Inc. (FIRE) 2.24 to 26.66, Isilon Systems, Inc. (ISLN) 2.00 to 23.88, LogMeIn, Inc. (LOGM) 2.74 to 33.55, NetSuite Inc. (N) 2.43 to 21.46, and Radware Ltd. (RDWR) 2.73 to 31.80.

In addition, VirnetX Holding Corp (VHC) got hammered back from 20 to 15 today, closing at 15.99, down 2.56, a big negative reversal day there.

Stepping back and reviewing the hourly chart patterns, the indices dropped down in a 3-wave decline to mid-day, but then bounced back towards the end of the day, but still ended up mixed negative on the session. We'll see if today was a key day for the indices, but certainly with many of the market leaders in momentum stocks giving way today, it could be the beginning of a pullback starting here.

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