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
BREWING FINANCIAL CRISIS 2.0 Suggests RECESSION 2022 - 28th Jan 22
Financial Stocks Sector ETF XLF $37.50 Continues To Present Opportunities - 28th Jan 22
Stock Market Rushing Headlong - 28th Jan 22
The right way to play Climate Change Investing (not green energy stocks) - 28th Jan 22
Why Most Investors LOST Money by Investing in ARK FUNDS - 27th Jan 22
The “play-to-earn” trend taking the crypto world by storm - 27th Jan 22
Quantum AI Stocks Investing Priority - 26th Jan 22
Is Everyone Going To Be Right About This Stocks Bear Market?- 26th Jan 22
Stock Market Glass Half Empty or Half Full? - 26th Jan 22
Stock Market Quoted As Saying 'The Reports Of My Demise Are Greatly Exaggerated' - 26th Jan 22
The Synthetic Dividend Option To Generate Profits - 26th Jan 22
The Beginner's Guide to Credit Repair - 26th Jan 22
AI Tech Stocks State Going into the CRASH and Capitalising on the Metaverse - 25th Jan 22
Stock Market Relief Rally, Maybe? - 25th Jan 22
Why Gold’s Latest Rally Is Nothing to Get Excited About - 25th Jan 22
Gold Slides and Rebounds in 2022 - 25th Jan 22
Gold; a stellar picture - 25th Jan 22
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
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

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market's Spectacular Start to the Week

Stock-Markets / US Stock Markets Dec 09, 2008 - 06:45 AM GMT

By: Harry_Boxer

Stock-Markets Best Financial Markets Analysis ArticleA spectacular start to the week, as the futures were sharply higher before the opening, and as a result the indices and many stocks gapped up at the opening. The indices had a sharp morning rally which hit its morning high about 75 min after the opening . They then went into a downward sloping multi-hour consolidation . When an afternoon nominal downside break failed to follow through, they turned around and rallied strongly, moving to new session and 3 week highs, with the Nasdaq 100 reaching the 1237 range and the S&P 500 getting up to near 919. A late pullback brought them back sharply, although in the last few minutes they bounced again.

Net on the day the Dow was up 298.70, reaching over 9000 at one point, up about 400 points at its high. The S&P 500 gained 33.63 to 909.70, about 9 points off its high, and the Nasdaq 100 was up 47.19 to 1225.06, about 12 points off its high

Advance-declines were decidedly positive by nearly 4 to 1 on New York and by 2 1/2 to 1 on Nasdaq. Up/down volume was almost 7 to 1 positive on New York on total volume of 1.7 billion. Nasdaq traded just under 2 1/3 billion and had an almost 6 to 1 positive volume ratio. board was almost all higher, except for just a few issues as well as the ultrashort ETF instruments. The BGZ fell 6.37, the QID 5.72 and SDS 6.55.

On the plus side, the BGU was up 3.72 to 37.10, DIG up 1.85, EWZ 1.43, FXI 2.47 and the QLD up 2.04. The USO also advanced 1.87 on firming crude oil.

Leading the way were the ag stocks, with Potash (POT) at 61.33 up 7.94, CF at 50.73 up 3.68, and MOS at 30.05 up 2.48. AGU also gained 2.20 to 26.25.

Shippers rebounded with a strong thrust to the upside, as DryShips (DRYS) soared more than 50% today, closing at 7.17, up 2.42 on more than 27 million, which was the largest volume day in the company's history. That was our Chart of the Day. EXM also advanced 1.31 to 5.05, in that sector.

See Harry's Chart of the Day Video Presentation

Solar stocks were firm, with SPWR up 2.19 to 34.89. STP gained $1.54.

Financials were strong, with BAC up 2.60 and C up 76 cents. MS advanced 58 cents.

Portfolio position QCOR at 9.54 was up 42 cents, pressing its all-time highs set 13 years ago.

Other stocks of note, SQNM at 16.57 was up 94 cents, portfolio position UEPS at 11.80 was up 81 cents, portfolio position EBS at 24.38 was up 1.52, and AFAM had a terrific session, at 48.94 up 4.05. ACH, one of our Charts of the Watch this week, at 13.82 was up 2. AAPL had a very strong move today, reaching near 101, closing at 99.72, up 5.72.

Stepping back and reviewing the hourly chart patterns the indices had a 3-wave advance today and then sold off late in the session, but ended with a strong gain and a nice follow-through to Friday's session.

We're expecting stronger prices for the balance of the week, but we'll see how it goes over the next day or two.

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) 2008 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