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CHARTIST HOTLINE

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TREND1 Member Level  Thursday, 10/18/18 06:52:30 PM
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CHARTIST HOTLINE
Thursday, October 18, 2018

Stocks sold off sharply with the Dow giving up 327 points (-1.27%) while the Nasdaq fell -157.56 (-2.06%). The Actual Cash Account lost -1.38%. Declining stocks led by 3.25:1 on both the NYSE and Nasdaq.
There were 9 new highs and 245 new lows. One of the main worries has been the continuing slide in the Chinese stock market suggesting that its economy, which is slowing, will inevitably pull the global economy with it. Since Trump fired the first salvo of the potential trade war on January 26th, the Holler Chinese Index has fallen 33% while Shanghai has dropped 30%. The iShares China Large Cap (FXI) has fallen 28%, closing today at a 17-month low. The Benchmark S&P 500 is off 3.6% over the same period.
[color=red][/color]One consolation is the fact that all of the key indices of U.S. share prices are still holding above the recent October 11th lows, but in the majority of cases, just barely. The bears are holding the upper hand with the NYSE Composite, Russell 2000, S&P Midcap Index, Value Line Geometric and Nasdaq all below their respective 200 day moving averages.
In the Trader’s Portfolio, there were only 3 winners vs. 25 losers. Intuitive Surgical (ISRG) -3.8%, Take Two Software (TTWO) -3.9% and Activision Blizzard (ATVI) -8.3% were the hardest hit. None of the stocks in the Trader’s Portfolio closed below their mental stops in today’s session. It goes without saying that Traders should monitor mental stops closely in this environment.
Our advice for both long term investors and Traders is to continue to maintain all current positions.
Our next regular hotline is scheduled for Tuesday, October 23rd, 3:00 p.m., West Coast Time. However, we will have a hotline prior to that date if the Dow gains or loses 1% or more in a single session or if there are any changes in our models which remain positive at the present 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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