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Newsletter, Members Click Here. To Subscribe - click Bull icon.November 5th: The day could have been worse for bulls, but the picture which existed Friday remained stable on Monday. The 20-day MAs remained as support for the NASDAQ and NASDAQ 100. although the S&P drifted a little off its 50-day MA. Friday's action created potential double bottoms for the Dow, S&P and Russell 2000, although it would have been better to have seen upside follow through on Monday, bulls can take some heart that losses didn't expand. Tuesday will probably open weak - but let futures be ones guide.

Target hit: COPY jumped to its target price to close the October 26th Breakout play for a 63% gain.

Stop hit: EOC gapped down into its stop to close the October 22nd Subscriber pick for a 4% loss. HCN exited on its stop after four days of losses. The September 24th Subscriber pick closed for a 4% loss. LNN also caught its stop on an intraday swoop. The October 11th Subscriber pick closed for an 11% loss.

Newsletter, Members Click Here. To Subscribe - click Bull icon.November 3rd: A day when Thursday's losses were consolidated on lighter volume. On a positive front there were tests of support for key averages; the NASDAQ found support at the 20-day MA along with the NASDAQ 100, while the S&P clung on to the 50-day MA. The Dow and Russell 2000 struggled in a no-mans land. The doji in the various indices which marked retest of October lows add to the (short term?) bullish action. The Dow looks destined to reach the 200-day MA given the clean break of the 50-day MA. Supporting technicals don't give the index much hope either. The semiconductor index made a small gain, in line with other indices - but still well off anything which could be considered bullish. Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] were also disappointingly weak. As for the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook) I have stuck with a bearish outlook.

Target hit: None

Stop hit: AEY was a Breakout for October 30th. The stock cut below its 50-day MA to close the play for a 9% loss. The earlier October 1st Subscriber pick closed for a 2% loss. DROOY hit it's stop on Friday's intraday spread - this coming in the face of a bullish "Golden Cross" - keep it on the watch list. The October 31st Subscriber pick closed for a 10% loss. XIDE nicked its stop at the lows. The October 25th play closed for a 10% loss.

Newsletter, Members Click Here. To Subscribe - click Bull icon.November 1st: I am still a head full of mucus but the last two days have been too hectic to not comment. Bulls are in trouble. Not only have Tech [NASDAQ and NASDAQ 100] breakouts reversed, but have done so on heavier volume - leaving large bull traps in the wake of the Fed decision. Both of these indices generated whipsaw signals in their MACD trigger lines - another mechanism which will have trapped bulls on the (former) Fed breakout. The warning signs were clear in the underperforming semiconductor index, and it was somewhat ironic to see this index relatively unscathed by the broad sell off. What is of greater concern for bulls is the action in the large caps [Dow and S&P]. Both left large bearish (and somewhat complicated) "falling three method" continuation patterns. The Dow cleaved through its 50-day MA and it's almost a turkey shoot to reach its 200-day MA. Adding insult to injury, nearly every heavy volume day since the start of October has been a distribution day and today was of no exception, not the kind of form which key breakouts are made of. The S&P at least was able to finish on its 50-day MA, but there isn't room for lots of optimism.

Small caps (Russell 2000) have struggled to join in market strength and were hit hard by the selling. What ever strength lingered from the August rally has gone. Add in a break of the 50-day and 200-day MAs, and the worrying failure of August's 'Death Cross' to reverse sets up a whole lot of trouble ahead.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] haven't updated for today, but I suspect the 'buy' trigger in the $NAA50R will be no more after today. Difficult times as these internals lurk in a no-mans land of neither overbought nor oversold.

Target hit: EGT was a Breakout play for September 26th and closed with a 37% gain.

Stop hit: UVE flopped into its stop to close the October 24th Breakout play for an 11% loss.


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