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Wednesday, October 01, 2003
Good evening friends,
Don't you hate it when the market goes up and you are in stocks that are not moving or you are sitting in cash? Yes, that is a bummer but it doesn't happen often at TWPD. We missed a 2% move today on the NASDAQ but we to remember that we didn't get hit hard last week like the NASDAQ did and lose all our September gains either (like the NASDAQ did). You have to take the good with the bad sometimes. For me, there is less risk in being in cash then reward for being long on a 2% up day. What stocks we do own lagged the market today also. That is going to happen from time to time but more often then not, our stocks out perform the market many times over and our older subscribers can wholeheartedly confirm this. Today was a great day for the market but I can't get excited until I see us back over the critical 1850 area on the NASDAQ. You'll see why when you review tonight's chart. I bought a couple of stocks today and one of which was very disappointing. I didn't expect a sell off as CORI broke out this morning on good volume and had the expected volume I predicted it would in my early morning post. I said “it will have between 800K and 1 Mil shares by close” and it did. However this is not good when a stock closes at the low of the day. We'll have to see tomorrow what will happen. A 10% stop loss would be around 3.70 so keep them tight and stick with them. I am sorry for not noticing this late day sell off but I was preoccupied with another issue and I wasn't aware it was selling off. I expect to test the 1850 level on the open tomorrow and we should see selling in that area. If we break above that and close on the high of the day then to me, that would be the all clear to start picking up some selected strong stocks and start putting your cash to work once again. I'll see you all Thursday night.
* REMINDER- I am coaching in a fall baseball tournament in Nevada on the 16-18 Oct. It's a five-hour drive so I will be leaving Wednesday night the 15th. Because of this, only a quick Bulletin will be issued the 15th. I will issue a full Bulletin from Nevada Thursday evening from the hotel providing I have connection. If not, there will be no Bulletin for that night. I will not be on the boards Thursday or Friday the 16th and 17th but will view all posts in the evenings from the hotel. This is the final baseball tournament of the season.
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