October 10, 2008 Stock Market Recap
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:
Still no changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) 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.
This post has 8 comments
October 11th, 2008
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.
October 11th, 2008
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.
October 11th, 2008
I’m getting lots of sector and industry data from here. http://finviz.com/groups.ashx
I believe it’s delayed 15min though.
October 11th, 2008
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
October 11th, 2008
John
This may do it for you:
http://www.prophet.net/explore/chartSurfer.jsp
October 11th, 2008
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.
October 11th, 2008
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)
October 11th, 2008
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.