Posted by 8 November 2007

November 8, 2007 Stock Market Recap

First, I plan on doing a ton of charts this weekend. If you have any chart requests, leave a comment or email me. If you’re gonna ask for AAPL or GOOG save your time, I’m going to do those two.

It was a real bad day in tech land today with the Nasdaq breaking its 50-day moving average on very high volume. Even worse, the tech leaders everybody’s been hiding in, like GOOG, AAPL, BIDU & RIMM, got crushed today. That pushed the Nasdaq-100 ($NDX) into a limit-down situation mid-day:

Tech-heavy Nasdaq 100 index fell as low as –4%. The performance had Toddo commenting on the Buzz, “NDX is trading Limit Down, which means that it cannot trade below this level for ten minutes….

Here’s the Nasdaq chart:

The S&P 500 ended the day near unchanged thanks to a late day rally. It looks like it’s set to teeter around the 200-day moving average for a while.

Trend Table

One downgrade today…

Trend Nasdaq S&P 500 Russell 2000
Primary Up Lat Down
Intermediate Lat(-) 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.

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Comments

  1. Posted by pythagoruz on November 8, 2007 at 10:15 pm

    GS would be just lovely. Thanks!

  2. Posted by Yang on November 8, 2007 at 10:23 pm

    Would you do a chart for LULU? is 42 a buy or sell in short term?

  3. Posted by Jason Coleman on November 8, 2007 at 10:48 pm

    I’m in EBAY and would love to know what you think. If you’re tired of tech, I’m looking at WAG lately. Thanks.

  4. Posted by Paul Peachin on November 8, 2007 at 10:51 pm

    Yes GS Thanks

  5. Posted by Michael on November 8, 2007 at 10:54 pm

    Oh yeah, GS is a good one right here around the 50 and 200 DMAs :-ss

  6. Posted by jm on November 8, 2007 at 11:24 pm

    chart request:

    abax

  7. Posted by Michael Davey on November 8, 2007 at 11:24 pm

    Today was not a serious break, in my opinion. The Financials made a short term low and reversed and the broad mkt was relatively firm throughout. More like a catch-down day for the GoGo stocks.

    Looking for a lower high failure to set-up next…we’ll see; one day at a time obv.

    Good trading

  8. Posted by Nick on November 8, 2007 at 11:33 pm

    Great recap, as always.
    GRMN or PG please.
    Thx.

  9. Posted by chris on November 9, 2007 at 12:07 am

    oih if you get time!
    :d

  10. Posted by Todd on November 9, 2007 at 12:40 am

    Mike

    Did you get some VMW ?

  11. Posted by Michael on November 9, 2007 at 12:48 am

    No, I haven’t touched VMW… yet. I’m thinking about it but I want to see it stabilize around the 50 DMA

  12. Posted by alan on November 9, 2007 at 4:18 am

    LDK chart please, thanks

  13. Posted by Colin on November 9, 2007 at 5:54 am

    I wouldn’t be surprised if we saw the market taking breather this Friday. As everyone ponders whether the late day bounce back is meaningful or not. Technically, I think we’re starting to see a volatile sideways market.

    Colin

  14. Posted by Vanessa on November 10, 2007 at 1:17 am

    solar’s been hot but took a beating on friday
    11/7, what’s your outlook on ESLR?

  15. Posted by allen on November 10, 2007 at 5:36 am

    FXI and/or the SHANG-HAI INDEX

    Thanks