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Monday, October 06, 2003
Good evening friends,
We got faked out of the market last week folks and I am now convinced that this is a new Bull market and that we need to buy every dip that comes our way. As a result, you will be seeing more limit orders on the Bulletin in the future. In bull markets you buy the dips, I'm talking about the ones that take us down to support lines, trend lines and the 50 DMA line. We had a good shakeout in the last 2 weeks when the NASDAQ broke the steep rising trend line but if you look at the chart, the lower rising trend line was never breeched. We had a solid bounce of this line and it hasn't looked back since. This tells me that the trend is still up and we need to get long again but not panic buy. We will take our time and buy the dips on strong stocks and of course keep buying the breakout candidates also. Now we have a couple different ways to attack the market. I will be looking for more of these buy the dip plays in the coming weeks. We can maximize our returns but buying near support for a bounce and apply tight stops just under these support areas. Remember a few Bulletins back I talked about taking money out of the market everyday? I'm going to give you an example of a trade I made today. Today I bought 2000 shares of SPRT at the buy point 12.26 with a buy stop order. I did not alert you of this because this was a stock I had planned to sell right back today for a quick profit. I sold it at 13.50 for a quick $2,500 profit. For you subscribers who are starting to trade for a living full time (and I know we have some now) this is what you need to do everyday. For others that have jobs, you can't do this very well so I don't recommend trying. I trade like this on a daily basis because this is how I make my living. I bring this up tonight because I received an email from a subscriber complaining that I am not sending out enough alerts and thinks there are more trading opportunities then I am releasing. He's right, there are plenty everyday and I take advantage of them and so should you. I have been doing this the whole time and I thought everyone knew I was, after all, I do trade for a living. Why no alert when I do this? Here's why, When I know I'm going to buy and sell a stock the same day and I know this ahead of time, I will not send an alert. The reason for this is, I do not want the service to be what some have called a pump and dump service. We all know this is not the case but I'm not going to give anyone any ammunition against us. This service was never intended to report every day trade I make. If I were to send an alert on a stock and then sell it the same day, people could think I'm pumping and then dumping and report us to the SEC. All it would take is one disgruntle subscriber to be unhappy with the service and this could be the result. I'm not willing to risk that and never have been. The Alert service I provide is not for day trades and it never has been. I want to make sure everyone understands this. When I alert you I'm buying a stock, I plan to hold it for at least a few days. What I'm trying to do with an alert is capture the breakout and ride it up for as long as we can, normally more then 1 day. If we time it just right, we will most likely hold it for 3 days and bail. Timing breakouts is very difficult to do and I am sometimes early because of this. Most of the time, when I send an alert, I plan to hold that stock for at least a couple days or longer. I can't be accused of a pump and dump if I hold the stock. There have been cases when I have sold the same day when sending an alert but I think out of 180 trades, I may have done this twice and it was because we had an astronomical gain of 100% or more in a day, I believe one was BCON. Any person in their right mind would have to lock in a gain like that but those are rare occasions. So remember, I am trading every day and taking money out of the market on most days. When a stock on the Bulletin has a buy point, it's there for a reason. I will set my buy stop ahead of time at just above the buy point and when it fills, I'm immediately focused on these stock(s) and zeroing on my profit already. I have a target price and when it's hit, I sell and take my money out of the market. Please follow these buy points, that's what they are there for. For the longer-term trader who can't trade everyday because of your job, these stocks are still good. You can buy them at the buy point and hold them, you can even set a sell stop order for a certain target price and when you're at work, it may fill and when you get home, you'll have a nice surprise profit. Use the Bulletin to your advantage every day by following the Buy points. Just because you don't get an alert from me, doesn't mean you shouldn't buy. I send alerts out on stocks I think are going to make enormous gains and these are the ones we will hold for a few day/weeks maybe months until we get the large run up I want. These will be mostly the smaller priced stocks. The higher price stocks such as SPRT today, are buy points I may be buying and selling the same day, thus no alert. I want to keep the service legitimate by limiting same day sales. This will preserve the legitimacy of our service and protect it from being perceived as anything less then professional. This is a must as our subscriber base grows. I hope you concur. Tonight I have charts of every open trade on the Bulletin. I wanted to update you on them and show you why we bought these stocks and why we are holding them. I'll be periodically doing this from time to time. I'll see you all Tuesday 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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