CHARTIST HOTLINE
Tuesday, September 29, 2015
The market spent most of the session going nowhere with the Dow moving into and out of positive territory on no less than 23 occasions throughout the session, finally closing ahead 47.24 (+0.30%). However, the market subsurface was weak with the Russell 2000 losing -6.66 (-0.61%). Declining stocks led by a ratio of 5 to 4 on the NYSE and 17 to 10 on the Nasdaq.
The Dow, S&P 500, Dow Transports, S&P Midcap Index and the Nasdaq are still holding tenaciously above their August 25th closing lows; however, the Russell 2000, Value Line Geometric and NYSE Advance Decline Line closed under their August closing lows the second session in a row. While we are in the bearish camp, we are looking for a rally. The market is still heavily oversold.
None of the stocks in the Trader’s Portfolio closed below their mental stops in today’s session; however, HCA Holdings, Regeneron and TEVA closed below their mental stops yesterday and were sold today. HCA Holdings (HCA) was sold at 74.05 (+7.08%) Regeneron (REGN) 444.59 (+27.04%) and TEVA (TEVA) 57.21 (+11.58%).
TRADERS NOTE: SPDR Financial (XLF) and S&P Retail (XRT)) are just fractionally above their respective mental stops.
Our next regular hotline is scheduled for Thursday, October 1st, 3:00 p.m., West Coast Time.