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Thursday, October 02, 2003
Good evening friends,
A flat market today again as the NASDAQ got very close to that resistance level I spoke of in my morning alert. It failed to get through this as I predicted and backed down after reaching this level. If you'll look at the chart I provided the last time I showed the NASDAQ, you'll see why I want to remain in cash. You'll notice the rising trend line that now sits around 1790 and goes up daily. A small bearish wedge is forming just above this rising trend line. This is a signal for lower prices to come and if we fall below the trend line (1790) now, we will fall hard. This is the reason I want to be in cash. Now really, have we missed anything since we have been in cash? Not at all and we have minimal risk by having only 20% of our cash in stocks right now. In last nights bulletin, we had a trade all lined up for this morning. It was CVM and if you'll look at my comments from last night, you'll see that I said it was very likely this stocks move could come today and it did. I wanted in this stock bad and I was willing to pay for it at the open because I new it was going to go. I rarely buy at the open but there are certain stocks that when you see a chart ready for a breakout, you just have to get in as fast as you can. I did that today and it paid off in the form of a 22%.gain. We could get some selling tomorrow so I don't expect to do much trading. It's been a quite week for us; one of the quietest since the service began. Hopefully things can pick up soon but if not, we'll hold on to our cash and when the blood bath comes, we will not get hurt. This is not a time to be trading just for the sake of trading. I'll see you all Sunday 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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