Trucharts.com Blog update end of day 10/13/2014
Well we saw incessant selling today in some major names. Our call on being short the stocks we picked - SNDK/HPQ/GM/BIB/DAL/LUV were right on the money. Critical levels for the S&P500 were breached today and the VIX spiked. Gold moved up and so did the gold miners. We suspect margin calls are going around since margin debt was at all time highs and everyone in the world was bullish.
Volatility was at all time lows and stocks kept moving higher with weak technical underpinnings. We exhibited these in several charts and blogs updates we posted in the past few weeks. For the first time today several stocks closed below the 50 week average - but for confirmation, we would have to wait till the end of the week.
This is the start of earnings seasons, we will have to see how the stocks react to earnings. Oil keeps dropping and Saudi Arabia has pretty much agreed to lower prices in oil. This will affect the energy complex and sector and major economies that rely on oil. Good luck trading.
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