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 a fantastic bullish session as pre-market futures were sharply higher based on the government news about bank corporations that absorb bad debt.
The indices ended with a plus day to start the week, which was different than we've seen of late. Today the indices started out strongly and within an hour were at the session highs.
The market certainly got some volatility today, down in the morning, up mid-day and then back down late in the day. But it ended with losses for the session.
The markets had a strong opening, a tough and steep retest that held, and then some mid-day back and forth vacillations, at which point the direction looked in doubt. Two or three mid-day tests of support held, and then they started a very strong rally that started feeding on itself spurred by apparent short covering, and in the last hour in particular spiked up right into the close with sharp gains.
The markets had an unmitigated disastrous session today, opening lower with a gap down on negative pre-market futures and selling off sharply early in the morning.
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