TruCharts.com Market closing update 11/18/2014
Markets pushed higher all day today after the housing report and general bullishness heading into the holidays. S&P 500 crossed 2050 and we stated last week in our blog that the markets are trending higher and the ISEE ratio was indicating a higher market for this week. We think the DJIA is headed to 18000 and a melt up - stocks like HD - even after reporting so-so earnings are not getting hammered - that tells us that bad news is not affecting stocks - this is typical of bull market behavior - exponential charts and low VIX along with general bullishness from the sentiment reports like AAII and investor sentiment numbers.
Gold moved higher this week - again related to the SWISS referendum - and the dollar dropping. Still not a convinving enough rally to buy gold here. We expect it to pullback soon.
Tech stocks such as ASML are breaking out, airline stocks are also doing well (oil price drop). This is definitely a trader's dream come true.
Biotech stocks moved higher today - but we think there is definitely topping action in this sector due to the volatility in the price movement - we typically see this type of price action at tops.
Check out our BUY/SELL signal end of day reports and also the BULLISH MACD crossover reports for longs and the opposite for sell/short signals.
Check out our very good sell signal using the trucharts.com buy/sell strategy for FCX. Looks really good if you had shorted FCX around 38 or so.
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| Trucharts.com FCX Sell Signal |
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