Another down day and we stated in our blog and during the weekly commentary the up move looked like a bull trap and that the markets looked precarious. Earnings are not coming in as expected - and the high expectations were reflected in the high valuations and stock prices - it was like there would be no end in sight - markets were moving up on low volume into the end of the year.
Stocks that do not look good are BBY (Best buy), INTC (Intel), FB (Facebook) - we shorted FB today. We went long gold miners today and we stated that these were looking strong over the weekend - the gold move up was primarily due to the down move for the USD and then the SNB announcement that the Swiss Franc peg to the Euro was no longer in play - that drove gold even higher - this tells us that the Euro is doomed and it will go to par with the USD. A lot of hedge funds exploded today due to the short position in the Swiss franc.
We showed several stocks on our blog that exhibited weak technicals and were flashing sell signals in our weekly commentary on g+ and twitter (@trucharts). We are short IBB, GM, F, DAL and AEM. Long ANV, WSM, USO, LINE, K and BIS.
Click here to access the charts on our site: www.trucharts.com/stockview.aspx
The markets for the short term have not bottomed yet and we should see some technical weakness into the earnings barrage next week. We would short BBY here and our next pick is LAD - we think the auto cycle has peaked and any stock dealing with the auto market is a short - especially dealers and manufacturers (GM, F are examples of stocks we are short). Here is the chart for LAD and it flashed a red sell signal yesterday:
Use our site for auto buy and sell signal strategy. You can save and make money using this excellent proprietary trading indicator.
No comments:
Post a Comment