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Dr. Kris hails from the land o' lakes, beer, bratwurst, and Bucky Badger. She traded in her cheese hat for a propeller beanie and has never looked back. She has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her... More
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  • Market Notes: The Long And The Short Of It -- October 8 0 comments
    Oct 8, 2013 5:52 PM | about stocks: SEA, XLB, XRT, IBB, FBT, BBH, EWU, VGK

    The markets continue to slide with most of the major averages breaking key support levels today:

    Index Key Support Next Support

    SPX 1675 1650
    DTX 647.5 640
    DJIA 14915 14750 (then 14500)
    NDAQ 3700 3650
    RUT 1050 1040

    Nearly all sector etfs were trading in the red. Today's biggest losers were current market darlings the internet stocks (NASDAQ:PNQI) and biotechs (IBB, FBT, BBH). Both groups were down by at least 4% over yesterday's closing prices and all of the above mentioned etfs are now testing minor support levels. These groups have been getting quite frothy and are due for a breather and I'd be surprised if these current support levels held. Other sector breakdowns were seen in Shipping (NYSEARCA:SEA), Materials (NYSEARCA:XLB), and Retail (NYSEARCA:XRT).

    International stocks didn't fare a whole lot better, either. The Vanguard Europe etf (NYSEARCA:VGK)--considered one of the global benchmark funds--broke $54 support today. The fact that UK stocks, represented in part by the UK etf (NYSEARCA:EWU), have been dropping lately likely didn't help the VGK cause. Investors long these two funds may wish to consider hedging their holdings or lightening up their positions.

    That's the long and the short of it for now.

    Stocks: SEA, XLB, XRT, IBB, FBT, BBH, EWU, VGK
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