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Wednesday, October 08, 2003
Good evening friends,
Today the NASDAQ made a new 52-week high and even though it was very brief, it's always a great sign when this happens. The 5 day winning streak came to an end as I thought it might with some people locking in gains that came over the last week. I think we are in great shape right here. We are in some of the strongest stocks in the market and we have plenty of cash to work with after this brief pullback. Remember, this is the time we want to be buying the dips as well as breakouts. If this were a double top, then the NASDAQ would have failed to make a new high. Double tops usually come up short of the prior high. In this case, the NASDAQ did make a new high before falling back and that gets rid of the double top theory. I still say we will get well over 2000 on the NASDAQ by the end of the year. Today we had more Bulletin stocks reaching new 52-week highs and they were NENG, TWTC, MSSN, TMTA and IVAN. You may recall last nights Bulletin comments I said to “get into IVAN fast” because I felt a break out coming. I was lucky enough to get my limit order filled at the open for 2.73, one penny above the low of the day. I also said SSTR was due to breakout and “it could be as early as tomorrow” today it was up 15% on 2X normal volume. We already own this stock so I did not buy any today. I also expected TGEN to break out of its formation today and it did but only to fall back due to the market falling back from the highs. This stock is going to run so keep watch. I have a chart of the NASDAQ tonight to show you where I think we could be headed. For the full time traders in the crowd, check these stocks out for tomorrows trade NITE, TTMI and SWIR. 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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