Harry Boxer has more than 30 years of Wall Street investment and technical analysis experience, and he spent eight years on Wall Street as chief technical analyst with three brokerage firms. Mr. Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders. Mr. Boxer is currently author of "The Technical Trader" and "The Technical Trading Diary" on the financial website The Technical Trader. He is a regular columnist on ADVFN, Stockhouse, and DecisionPoint, among many sites, and a regular guest on WinningOnWallStreet, Marketviews.tv, KFWB-Radio Los Angeles, and more. Mr. Boxer is a frequent guest columnist at CBS MarketWatch, and has been featured on CNBC, Futures Magazine and Technical Analysis of Stock & Commodities magazine. Mr. Boxer won both the 1995 and 1996 worldwide Internet stock market trading contests, "The Technical Analysis Challenge."
It was a strong session Friday to finish the week, but there was some morning volatility, starting out the day with a strong burst to new multi-year highs on the Nasdaq 100.
The indices had a solid up-session, and the technicals improved vastly over yesterday. Most of the upside progress was made in the first couple hours, as the indices started off with a strong move, consolidated after about an hour, and then rocketed ahead, taking out key resistance on the Nasdaq 100, reaching a new multi-year high just past the 1840 level.
We had another unusual and troubling session despite the steady advance the indices had after the opening weakness, as some of the underlying technicals did not confirm today.
It was a negative ending to the week and a continuation of some of the volatility we’ve seen since the start of the year, but the blue chips performed much worse than Nasdaq today.
It was an extremely volatile session today to start the year, with the indices ending mixed at the end of the day, but the road traveled was a wild and wooly one.
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