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THE CHARTIST HOT LINE

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TREND1 Member Level  Thursday, 10/11/18 05:19:35 PM
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THE CHARTIST HOT LINE

Thursday, October 11, 2018
The averages were sharply lower again with the Dow losing 546 points -2.13%, S&P 500 -2.06% and Nasdaq -1.25%. The Actual Cash Account was -1.97%. Over the past three trading sessions the Dow has shed 1435 points.

Declining stocks outpaced advancing issues on the NYSE by a 3.7 to 1 margin and 2.7 to 1 on the Nasdaq.

With the S&P 500 down -7% since hitting an all-time high just three weeks ago and our Overbought/Oversold indicator at a heavily oversold reading of -5.64 we would expect a technical bounce to occur at any time.

Our long term models are still positive with our stop strategy in place.

In the Trader’s portfolio the Schwab MidCap (SCHM), Square (SQ), QQQ trust (QQQ) and the Consumer Discretionary Select (XLY) violated their mental stops and should now be sold. Also note that the Select Technology (XLK), Illumina (ILMN) and Netapp (NTAP) are close to their respective mental stops.

Our next regular hotline is scheduled for Tuesday, October 16th, 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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