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Stock Market Pullback Session

Stock-Markets / US Stock Markets Oct 15, 2008 - 07:15 AM GMT

By: Harry_Boxer

Stock-Markets The indices had a pullback session yesterday, which would be expected after Monday's sharp rally.


The day started out with another strong gap up and burst to the upside. At one point the Dow was up to near 9800, up about 400 points on the session, but then came down in a very strong 3-wave decline lasting until late afternoon, which took the Dow 700 points off its early high. The Nasdaq 100 dropped from 1471 to 1350, 121 points. The S&P 500 dropped 72 points from 1044 to 972, before a late afternoon bounce off key support levels brought them back up. In the last 10-15 minutes they backed off again.

Net on the day the Dow was down 76.62 and the S&P 500 5.38, but the Nasdaq 100, which had been near unchanged with just 20 minutes to go, closed down 64.95. The Philadelphia Semiconductor Index (SOXX) fell 13.43, a big percentage loss there.

The technicals were mixed, with advance-declines positive by 280 issues on New York, but negative by more than 700 issues on Nasdaq. Up/down volume was 5 to 4 on New York on total volume of 1.85 billion. Nasdaq traded just under 2.9 billion and had about a 5 to 1 negative ratio of on advancing over declining volume.

TheTechTrader.com board was very mixed, and all over the place today. On the plus side, financials were positive, with Citibank (C) up 2.87 to 18.52 and Morgan Stanley (MS) up 3.84 to 21.94. That was as low as 6.75 on Friday. The QID, with the drop in the market, snapped back 4.42 to close at 67.42, and the SDS was up 1.71 to 87.71; however, that was 9 points off the low earlier in the day.

Among other point-plus gainers, DryShips (DRYS) advanced 1.78, Perrigo (PRGO) 1.46, and Emergent BioSolutions (EBS) up 1.32.

On the downside, Apple (AAPL) was down 6.18, Mosaic (MOS) at 39.25 down 4.96, Canadian Solar (CSIQ) down 2.18, Agrium (AGU) down 3.04, and Alpha Natural Resources (ANR) 4.38. The USO backed off 2.48 and the QLD 3.93.

So it was very much a mixed picture, with what appeared to be an effort to consolidate the sharp gains of the last day and a half. On the positive side, afternoon lows were right at key initial support, right now in the 1340-50 zone on the Nasdaq, and beneath that 1315-20 as secondary support. S&P support is 970-72, and beneath that the 958 area or thereabouts.

We'll be looking to see if the markets can right themselves and extend the advances.

Good trading!

Harry

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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.

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