Trucharts.com - Technical Analysis - Market Close Update 10/22/2014

Stock Charts - Trucharts.com 

Markets update - Closing - 10/22/2014

S&P       - DOWN 14.63
DOW      - DOWN 153
NASDAQ - DOWN 36.63

Markets were moving up this morning from the strong close and move up during the early part of this week and yesterday's monster move.   We stated that the VIX had to pull back - which it did earlier and then moved up to 17+.  Oil pulled back and so did gold and gold miners.  We think this could be profit taking and in addition the market will consolidate here and has to test the low of the pullback last week - we will see when this happens - we stated sell into rallies and close profitable positions and that is still our stance on the markets.  There will be churn here and we still expect the markets to move up to the 1960-1970 area for S&P.  BA (Boeing) and IBM and other large cap stocks were impacting the DOW today.

Our USO position lost ground today - we had averaged down into this position this week.  We will write covered calls for USO. 

We are still short BIIB and it close down $17.5 - we wrote some puts this morning against this short. Our AAPL/TUBE long is working well.

Long AAPL,TUBE,T and USO.  Still short GM/BIIB.  Will write calls on T and USO.

AT&T (T) reported earnings after the close and the stock dropped $0.95 in after market hours - we will be averaging down into that stock - we like it primarily due to its dividend and that AT&T will not go out of business.  

Here is the link to our TUHQ Fast Trade Buy SIGNALS report at: BUY Signal Reports.  Check out this page which has predefined scan results end of the day for many technical buy/sell indicators.  You can use the mouseover chart feature to scan through many stocks very quickly. A feature that was designed by a team of hedge fund managers to scan charts quickly.

Trucharts team