Trucharts.com - Markets closing brief - 10/16/2014
The markets had a very volatile day today. VIX spiked and then pulled back. We have been saying that the market moves will be exaggerated with VIX flirting with above 20 levels. Stocks, obviously gyrated between being positive and negative moves - and very wide intraday moves - excellent for day traders if timed correctly. Biotech stocks were up and down and we need to monitor the closing of these stocks, the markets and indices tomorrow. Google announced earnings that missed expectations - stock was down after hours. We are watching oil since it is already in a bear market with a correction of 20%+. We took a position in USO today for a possible move up from a corrective move - but will require patience. Stop is at 28 for USO.
Semiconductor stocks bounced today from a correction move down after SWKS (Skyworks) after making a higher earnings/revenue announcement. We believe the market is oversold in the short term and we would expect some type of bounce and drop in the VIX. But we will watch this closely.
Check out the features on our site like real time news, stock scanner, stock backtest feature, automated buy/sell signals with our trading strategies. There is a free trial sign up period: check our subscription price and for the price of 3 cups of Starbucks coffee you can get access to our site features. We will publish our weekly update this weekend. Here is a chart with our buy/sell signal strategy which shows :the NFLX signal before the carnage.
We discussed NFLX in our blog 2 days before the huge drop and here is the chart with the red down arrow showing the sell signal right before the carnage. Carl Icahn could have also saved some headache from this drop :-)...
We are still short GM/IBB and long USO/T.
Trucharts team.
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