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Thursday, September 25, 2003
Good evening friends,
This morning my first alert to you said not to be excited about the positive open as I expected more selling and more selling is what we got today. It looked good at the open and then again in mid day but it was a different story at the close when the smart money took over and sold it down locking in profits from a great market move the last 6 to 8 weeks. The first sign of trouble was yesterday when the trend line on the NASDAQ I spoke of had broke. Both the NASDAQ and the S&P 500 sliced through their rising trend lines signaling an end to this short market move. I have a chart of the NASDAQ tonight for you to study. For those of you new to the market and to this service, these types of corrections coming up are brutal. Cash can be a very good way to ride one of these corrections out. If you choose to ride it out with stocks, make sure you are in the leading sectors (if you can find any) Energy is my choice right now. Precious metals weakend today so we'll have to re-evaluate that sector again. Margin is a big no, no now. If you are on margin, I would suggest getting out ASAP. We went to cash once before in July and it worked out well. We were ready for the next leg up when it started. By going to cash now, you preserve your capital to trade another day. I know some of you new traders to the service may be anxious to trade but believe me and ask some of the older members, it's better to be in cash in times like these then to trade just for the sake of trading. I have updated the short sheet in the Bulletin for any short players out there. Although it's not too popular with our group, I do short when the opportunity presents itself. It will not appear on the website. Mike has not found away yet to put this part of the bulletin on the site but it is in the member's board on yahoo if you are interested in short positions. Because shorting isn't popular, it is not one of the top priorities on the website at this time. I have some charts of some shorting opportunities tonight also. For you long term holders in the crowd, my advice would be, never place absolute faith in a company just because it's a good company. I thought Worldcom was a good company and had it in my IRA (a lot of it). Believe in your stops not the companies you invest in. Place your stops and stick with no matter what. Cash is king IMO. It's going to be a wild ride over the next 4 to 6 weeks but we'll survive and we will prosper as always. I'll see you all Sunday night. |
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