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Tuesday, October 21, 2003
Good evening friends,
The NASDAQ continues to make progress with another 15 point gain today as the DOW did not fair as well, finishing lower by about 30 points. TXN doesn't trade on the NASDAQ, but most chip companies do and that was the big story today. TXN carried technology today with a great earnings report and gapped up on 33 mil shares. This chip bellwether carries a lot of weight in the tech arena and the NASDAQ followed suite.
A good day for Bulletin stocks as well, with TSCC, CVM, CKSW, AFOP, SIRI and EVCI all making new 52-week highs today. OPLK, BKHM and TWAV all made nice moves today as well. Earnings season is here and so far they have been good but if you own any of the stocks on the Bulletin that are due to release earnings, you are holding at your own risk. I think earnings will be good but I can't guarantee it. A bad earnings report will hit your stock for a 50% haircut easy. Just be aware of that the night before. If you are loaded up on some above and beyond the 10% rule, you may want to sell so you can sleep the night before.
I hold a few that are coming due for earnings reports but I won't get hurt to badly if there is a miss because I am now doing 5% in each trade. Since I have doubled my money in 5 months, I've been trading only 5% in each stock so I can grab more of these movers. 10% leaves me having to limit myself to 10 stocks. For most of you this 10% rule is good when working with limited cash. If cash is not a problem, you can spread out your choices over 20 stocks at 5%. I like doing this in Bull markets since there are plenty of stocks going up these days. As of today, I have 14 open positions with about 27% cash to get another 6 when I choose to. This is why I sold some yesterday, because I was getting low on cash and didn't want to get down to only 10% cash yet. Things are looking good right now and the NASDAQ seems like it wants to move higher. I think some nice basing between 1900 and 1970 is realistic for the next couple of weeks. After that, I think she moves up into new move highs and shatters that 2000 mark we have all been waiting for. Remember to keep a close watch on those earnings reports.
Here is a little something for you all to enjoy off topic. Sent to me today by a very good friend of mine. http://tinyurl.com/rs73 I'll see you all Wednesday night. |
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