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."
The indices had an abrupt negative turnaround from the get-go and were down all session, closing at the lows for the day going away. A definite negative day today for the bulls.
The indices put on a steady rally all session after early morning sharp weakness, and ended in the positive column, other than the Nasdaq 100 (NDX) and Philadelphia Semiconductor Index (SOXX).
The indices had a wild and wooly day. They gapped up, ran hard in the morning on positive premarket futures, were then spurred higher by positive housing news and then went into mid-day consolidation in preparation for the FOMC announcement.
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