October 10, 2008 Stock Market Recap

| 8 Comments

This was a wild end to a wild & historic week. The indices swung violently back & forth across wide ranges on what I'm pretty sure was record volume. (I still need to find a good source of stock market records.) The indices moved back & forth about 21% today (about 7% moves three times).


Like most of yesterday before the fugly close, we started to see some discrimination in the selling. Here's a shot of the performance by sector:


The financials were one of the better performing sectors today. That's a very promising sign given that this crisis is driven by financials. Here's the XLF chart:



The small caps were one of the last areas to get hit and they're now trying to lead the bounce. Here's the Russell 2000 chart:


And here are the Nasdaq and S&P 500 charts:




Trend Table

Still no changes

TrendNasdaqS&P 500Russell 2000
Long-TermDownDownDown
IntermediateDownDownDown
Short-termDownDownDown

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.

8 Comments

Mike,

I noticed your link to stockcharts.com Industries, thanks for that - i'd not seen that area of the website before.
Any good resources for sector/industry stats on a longer term basis? I wonder if stockcharts has it for subscribers. I basically want a way to visually scan all of the sectors charts and for it to update daily.
I am not a full time trader and don't have access to anything like Tradestation.

I'm wanting to increase my knowledge of sector performance and rotation.

Thanks for your site - you've been right on.

John,

Maybe the finviz maps will work for what you want to do -- http://finviz.com/map.ashx?t=sec_all You can select a time frame from the drop-down list. I don't know if they update intraday though.

I'm getting lots of sector and industry data from here. http://finviz.com/groups.ashx
I believe it's delayed 15min though.

We are headed for the worst week in the the stock market since 1970... Are we bottoming... or is there a waterfall ahead of us? What do you think??
I am a retired senior and a member of Myinvestorsplace, and along with others, am looking for help. Any suggestions? Thanks

Mike,

I hope you're doing well. Aside from that, in this market have you considered abandoning stocks and sticking with daytrading the big ETF's exclusively? I've done so beginning about 5 months ago and my success rate has been incredible. There's plenty of volatility there and are a safer trade in this environment.

I'd like to follow up my own commentary and clarify that trading the big ETF's might be a more "predictable" trade within the current market. (Nothing can be considered safe)

Joyce,

I wish I could answer your questions with any kind of certainty. Normally I'd think the worst is already behind us but we're in pretty much uncharted waters.

Leave a comment

check out my neighbors in meatspace


Creative Commons License


This work is licensed under a Creative Commons Attribution - Noncommercial - No Derivative Works 3.0 License.


Quoted

"The markets are always changing, and they are always the same." ~ Jack D. Schwager
  • Even if you don't have perfect credit, you may be eligible for a $500 payday loan. Apply today and receive cash advance by the next day, all via the Internet
Script error: local_74725.xml does not exist. Please create a blank file named local_74725.xml.