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Thursday, October 23, 2003
Good evening friends,
Futures were down substantially this morning indicating a lower open and that's exactly what we got. Japan's markets were down well over 500 points last night and that was the biggest one day drop over there since 9/11. With the futures being down so much, I was looking for stocks to sell in pre-market that were holding up fairly well.
However, the sell off today was not as bad as the futures were indicating it would be. In fact, the Dow finished in the green for the day. When markets can't overcome bearish openings within the first few hours of the day they often move lower by the end of the day, but today the Dow recovered and held up very well. The NASDAQ didn't fair as well and could not muster a close above the 1900 level I was hoping for. I sold some stocks early this morning in anticipation of a real bad day but the damage was minimal and we actually had a few stocks in the green.
The NASDAQ McClellan oscillator is headed down to 40 and it will reach it in a day or two is my guess. This could coincide with the leading averages hitting the rising trend line and 50 DMA I've shown you in the charts of the NASDAQ. We should get a nice bounce when this happens.
We had only one stock making new 52-week highs today and that was AFOP. What a stock it has turned out to be. I first recommended it some time ago at 1.26 and sold it to minimize our losses when it dipped down to 1.14. It continued down from there and went off my radar. Needless to say, I think we got shaken out of that one. It has taken off and proved to be a great stock.
There has been major chart damage to some of our Bulletin stocks tonight and I will be dropping these from the Bulletin tomorrow. Fortunately, they were only on the watch list. We have two stocks on the open trades list that have taken a turn for the worst; they are GEB and XLA. These charts looked great before this sell off but have since gone south and I will be looking to sell these positions as soon as the chance presents itself.
Even though the markets were not cooperating today, I still was able to find two new stocks for the Bulletin tonight. One has been with us before and the other is a thinly traded stock I've been watching for a while now and waiting for the right time to pass it on to you. It's time, as I believe it will run very soon. Volume has picked up and I will buy this stock the first chance I get tomorrow and hope it doesn't run away from us. It has a Bullish-engulfing candle and smart money can spot these charts from a mile away and it usually results in a gap up the next morning. Let's hope we can get it. Find these in the spreadsheet tonight. Other then these two new stocks I think it is best to not take any new positions, tomorrow being Friday.
I will most likely keep most of the remaining positions I have into the weekend, but I just don't feel comfortable with opening any new positions because of the way the NASDAQ closed below 1900. I'm about 40% cash at this point and probably should be even more. Congrats to those who are all cash now, it turned out to be a very good move. Have a great weekend everyone and I'll see you all Sunday night.
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm... |
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