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."
Wall Street Sells The Bailout News
When the word got out that the bailout plan was voted on and passed, the indices had a negative reaction and plunged all afternoon in five-wave decline, with some strong volatility and whipsaw rallies.
Sharp Sell-Off Ahead Of House Vote
Today was another sharply negative day and it was ugly all session. It started off with a big gap down. They went sharply lower in the morning, bounced late in the morning and then stair-stepped lower in a shallower angle, but in a definitive intraday down channel, closing just off the lows for the day. Only a late bounce in the last few minutes brought them off the lows.
Indices Edge Lower, But Set Up Potentially Bullish Consolidation Patterns
The markets backed and filled for most of the session after a sharp pullback early in the morning took back about 50% of yesterday's rally. They then rallied, retested, rallied again and then narrowed near the apex of large wedges intraday and closed there, in what appears to be bullish consolidation patterns developing.
Historic Sell-Off In Stock Market
The indices headed south, consolidated mid-day, and then rolled over when it was apparent the bailout bill was going to be voted down, which it was.
Indices Give Up Early Gains To Close Mixed
The markets traded in rather narrow ranges today with a slightly upward bias for the most of the session until the last hour.
Larry Connors is a 22-year veteran of Wall Street. He was a vice president with Donaldson Lufkin and Jenrette, before starting his own trading and information companies. He is CEO and founder of TradingMarkets.com and is author of numerous books on trading including Street Smarts (with Linda Raschke) which was selected by Stocks and Commodities Magazine as one of the classics of the past century.
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 