What a day!!! - closing remarks 1/13/2014

Well it sure felt like Friday the 13th today. Markets were up and then pulled back completely. We think it was a bull trap and people are very concerned about the upcoming earnings reports and forward guidance. With oil dropping and the commodity sector (at least for now except gold) falling - looks like there maybe some rough riding here. These type of moves happen when there is tug of war between the bears and the bulls. TIF (Tiffany got massacred yesterday) - Crappy stock SNDK got killed - they were getting the benefit of a bull market and we think the semiconductor run maybe over. Please take profits in this sector until the 2nd half of the year comes around. Technically, today was a bearish day - see chart below for DIA and SPY. You will see lower RSI , lower MACD and the DIA/SPY closed 50d SMA. ALmost looks like a bearish wedge pattern.

We think oil has reached the bottom of its range - we will watch it here carefully and try to establish a position in USO.

We hope to see some good results from the retailers - we will keep an eye on that.
We will close our ABBV position tomorrow - should have closed it today.

We are long AMKR,WSM,K,CYBR,USO and LINE. Short GM,F,AEM,DAL,IBB. We always hedge our portfolio with options and not be all long or all short.




Check out our site and you can clearly see our auto buy/sell signals for your stocks.
GPRO and MU were on the sell signal list 4-5 days ago.

Trucharts team