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CHARTIST HOTLINE

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TREND1 Member Level  Wednesday, 10/10/18 06:11:59 PM
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CHARTIST HOTLINE
Wednesday, October 10, 2018

Whenever the Dow falls in excess of 1%, we update this hotline. Stocks were sharply lower all across the board in today’s session with the Dow dropping a resounding 831 points -3.15%. The S&P 500 fell 94.61 -3.28%, recording its worst single session loss since February 8th. The Actual Cash Account lost $38,911 -2.79%.

Declining stocks led by close to 8 to 1 on the NYSE and 7 to 1 on the Nasdaq. It’s not a pretty sight. In the Traders Portfolio there were two winners versus 31 losers. With Lululemon -5.71%, Align Technology, -5.78%, and Square -7.75% le leading on the downside. Traders should be aware that Align Technology (ALGN) and PayPal (PYPL) closed below their mental stops today and should now be sold. Several other traders’ recommendations are extremely close to their mental stops. So, in the absence of a sharp rally tomorrow, we can expect several violations of the respective mental stops.

Most indices close at their lows of the day with our overbought/oversold indicator hitting a heavily oversold -4.59%, which is the heaviest oversold reading since last February. We should be getting a technical bounce in the next day or two. Our models are still positive, and our advice for long term investors who are acting in sync with our Real Money Accounts is to continue to maintain all positions. Traders are advised to monitor the mental stops on a daily basis.

Our next regular hotline is scheduled for Thursday, October 11th, 3:00 p.m., West Coast Time

All my posts are just my opinions. I receive no compensation for
posts. These posts are for entertainment purposes only. I may be
long or short or hold no position.
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