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Thursday, July 07, 2005
Market Recap
The terrorist bombings in London over night had the stock futures down substantially before the open today but when the market did open, stocks did not gap down as much as one would have expected, considering the circumstances of this tragic event. Stocks battled all day, climbing from the opening lows as if to say, “in your face terrorists, you cannot destroy our freedom”. As a result, the markets closed near their highs of the day after the DOW had been down 95 points shortly after the open. The DOW closed up 31 points, the NASDAQ gained 7 points and the S&P climbed 3 points. I hope that everyone had a chance to read our pre-market update alert this morning. In that update, we stressed not to jump the gun and sell with the crowd at the open. Those of you who did not panic, had a very good day today with most of our bulletin stocks doing very well and many of them, as incredible as it may sound, hitting new 52 week highs.
Market Outlook
Even though the resiliency of the market may have shined through today in the wake of this barbaric tragedy, the charts of the indices are still showing bear flags and this would indicate lower prices for stocks ahead. The market may seem strong on the surface as a result of today's remarkable strength but the underlying chart formations are warning us of lower prices to come. Now, having said that, we cannot ignore the bullish engulfing candles and/or hammer closes on today's daily bars of just about every chart that we looked at after the close, including the indices. These hammers and engulfing candles often signal a short term bottom and a reversal to the upside.
Today's action in the market after the gutless, cowardly act in London, could be telling us that a bottom has been put in. When bad news hits the wires and stocks do not go down, it is a sign that all the bad news is already priced in. It is a tough call from here but if we plan the trades and trade the plan, there is never anything to worry about. The charts will be our guide. We will continue to be very cautious in our trading, going long only the strongest stocks in the market and going short some big cap cyclicals. Right now, the Russell 2000 small cap index is the place to be if you want to be long. This index is the market leader at this point in time, recently breaking into new all time highs.
The Chart Parade
There is no topic commentary tonight because we have a parade of charts to show you so let's get to them.
STHQ Chart Index
If you go to the chart index in the left side menu, you can review and study charts that we have annotated for each stock listed in the past.
For New Members
For all of the new members with us, please make sure to read the link “How to use Bulletin” at the bottom of the Bulletin page on the website. It is critical that you know how to use this trading tool before trying to trade the stocks mentioned. The effectiveness of your trades will diminish if you do not completely understand how the information is presented.
Earnings Calendar
We have added the earnings link for each stock on the bulletin. To access the link for earnings, you can either use the link below or click the link on the bulletin for the corresponding ticker. Click the online bulletin in the left side menu for access to the earning calendar for each stock listed. It is not recommended to hold a position through earnings. You can always buy the stock back after the dust settles.
http://www.earnings.com
Stockcharts Listing
Please vote for us once a day at stockcharts.com.
http://stockcharts.com/def/servlet/Favorites.CServ...
Thank you all for voting.
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