Stock Charts - Trucharts.com - Markets Updated 4PM PST
What a rally - if it was not for IBM and KO (Coca Cola) the DOW would be up around 250 points - DOW up 160, NASDAQ up 75 and S&P up 26 points - well what a rally of the bottom - we indicated in our blog that we exepcted some type of rally since the markets were oversold and VIX had spiked significantly. We expect the markets to stay up here or move higher into the trendline and pause. There has to be a test of the last low. Long T, AAPL (we went long today), TUBE, USO and Short GM/IBB.
UPDATE:
The markets closed strong today and even there is a pullback we would wait and watch to see what happens post the Fed meeting. This was a strong close on decent volume but not as good as we would like to see. We would definitely sell some positions as the S&P approaches 1950-1960 area - (we expect the markets to move to this level before some consolidation begins to happen). We are long TUBE, T and USO as we stated and AAPL. Our biotech short is hurting but we will keep it as a hedge against our long positions.
Trucharts team
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