The stock market indices started off the Halloween session with a bit of a scare. They gapped down big at the opening, snapped back in a nice short-covering rally on Nasdaq 100, but the S&P 500 did not follow suit, and when they rolled over they tested. That brought on a midday rally that fell short again right at key resistance. They rolled over in a 5-wave decline into the close, with a big down-bar right in the last five minutes, and smashed down into the session lows.

Net on the day, the Dow closed under 12,000 at 11,955.01, down 276.10. The S&P 500 dropped from 1284 and to 1253, and closed at 1253.30, down 31.79. The Nasdaq 100 went from 2389 to 2359, closing at 2360.08, down 41.21.

Advance-declines were nearly 5 to 1 negative on the New York Stock Exchange, and 4 to 1 negative on Nasdaq. Up/down volume was about 15 to 1 negative on New York with 1 billion up and only 69 billion down. Nasdaq traded 205 million up and 1.5 billion down, and had more than a 7 to 1 negative volume ratio.

It was an extremely negative day today.

TheTechTrader.com board, however, had quite a few outstanding stocks today, particularly the Indian stocks. We picked Sify Technologies Limited (SIFY) this morning at around 4.00, and the stock closed at 6.30, up 2.43 on 6.6 3/4 million shares. Rediff.com India Ltd. (REDF) jumped 3.34 to 10.93, and traded at 11.20 at one point, on 3.4 million shares. VirnetX Holding Corp (VHC) was up 1.97 to 21.55.

The ultra-shorts had a spectacular day. VelocityShares Daily 2x VIX ST ETN (TVIX), which we highlighted at the opening, closed up 8.15 at 45.40. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 2.31 to 30.63, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 3.85 to 40.11, the Direxion Daily Financial Bear 3X Shares (FAZ) 3.60 to 39.78, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 2.20 to 32.13.

Another one of our picks, ProShares UltraShort Silver (ZSL), also gained 52 cents to 11.57.

Other gainers of note included Pandora Media, Inc. Common Stoc (P) up 67 cents to 15.80. Momenta Pharmaceuticals Inc. (MNTA), on drug news, was up 2.58 to 14.82, or 21%, on 4.6 million shares. Complete Genomics, Inc. (GNOM) rose 71 cents to 5.71, or 14%, and Trex Co. Inc. (TREX) 1.54 to 18.48, or 9%.

In addition, Sky-mobi Limited (MOBI) advanced 45 cents to 5.79, or 8%, and Spectrum Pharmaceuticals, Inc. (SPPI) 76 cents to 11.09, but was higher early in the session. Shaw Group Inc. (SHAW) gained 1.08 to 23.26, while Pier 1 Imports, Inc. (PIR) also had a good day, up 50 cents to 12.51, and Dunkin’ Brands Group (DNKN), ahead of earnings, was up 1.22 to 29.11.

On the downside it was ugly. First Solar, Inc. (FSLR) was down 4.22 to 49.77, Goldman Sachs (GS) down 6.31 to 109.55, International Business Machines Corp. (IBM) 2.82 to 184.63, Molycorp, Inc. (MCP) 2.19 to 38.27, Netflix, Inc. (NFLX) 2.06 to 82.08, Travelzoo Inc. (TZOO) 1.42 to 31.86, Youku.com Inc (YOKU) 1.61 to 21.24, Universal Display Corp. (PANL) 1.11 to 46.83, Questcor Pharmaceuticals, Inc. (QCOR) 1.12 to 40.61, InterDigital, Inc. (IDCC) 1.67 to 43.45, and Aruba Networks, Inc. (ARUN) 1.29 to 23.69.

Also, the Direxion Daily Small Cap Bull 3X Shares (TNA) was down 4.18 to 47.51.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, and then bounced around midday before rolling over hard in the afternoon to close at the session lows.

It was a very negative way to start the week. Let’s see what happens tomorrow.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.