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."
Today was another nasty follow-up to yesterday’s nasty session. That makes two in a row, and they both came on fairly heavy volume, indicating a thrust to the downside and a change of direction.
The futures were strong before the opening after Hurricane Rita was not as severe as most people thought it may be, and the market gapped up, making new snapback rally highs.
The market had a semi-volatile day. They started out with a sharp drop, but because of the oversold condition they attempted a rally and did get a sharp one, but it failed at resistance.
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