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Thursday, October 30, 2003
Good evening friends,
Very good GDP numbers got the markets off to a good start this morning and the futures were signaling it was going to be a very good day. However, as we saw last week, the futures
tend to be over dramatic sometimes and today was another one of those days. If you recall last week, the futures indicated there would be a big sell off with a gap down at open, but it became evident right after the open that the damage wasn't going to be that bad. Don't believe everything you read in the futures before the market opens.
After the good GDP numbers, we should have gone way up today but again, the market fooled us and did not do what everyone thought it would. By the end of the day, the NASDAQ was in red and the Dow up only 12 points. Tomorrow will be another day for the market to digest more economic numbers. As well, we will receive the Chicago PMI report and the University of Michigan sentiment numbers. Tomorrow also marks the end of the fiscal year for mutual funds. These factors may rock the market so be prepared for a roller coaster day. Mutual funds may end up selling their big winners for this year to lock in gains.
We may also have mutual funds buying some big winners this year just to have the names of the stocks in their portfolio's when the year end books are published for there investors to see (window dressing as some call it). They want to show they have been in these winners this year, even if it's only for 1 day. Yes, they use these tactics in case you didn't know that already. It's a dirty game out there folks. So, with all this big buying and selling, it could be a very volatile day in the market tomorrow. Most of this will have no effect on our stocks because most of our stocks are not owned by mutual funds so don't get hung up on the roller coaster should there be a ride tomorrow.
As the NASDAQ got closer to its 52 week high today (within 10 points) our Bulletin stocks were also making new highs. They included AKAM, NENG, PUMA, EGLS, NXG, WHT, TWAV and PRTL. I've had a few emails suggesting changes to the Bulletin and suggestions are always welcome. One suggestion I really like is to identify the price of the stock when we first listed it on the bulletin. I think it's a good idea because some stocks are bought by some when it first gets on the watch list and not when I make a trade. So I will add a column for this price this weekend. It will take some research to go back and find these prices so it might take me a little time to get them. For example, NENG was on the Bulletin when we began the service on 19 May and has never left. I'll use the price it was at the open 19 May. PRTL is another stock that was on our original Bulletin but it has since been removed and came back. I don't think it would be fair to list the price it was on 19 May so in the case of returning stocks, we'll use the price when it was returned to the list, not the original price. For new today stocks, I'll use the open price the following day as to allow for any AH price action that may happen as a result of news. If I use the closing price and good news gaps the stock up, then our Bulletin entry price will look inflated. The column will be called the “entry price”. Please do not confuse this column with the Buy point column.
Great idea and we are always looking for improvements so keep those suggestions coming. We are running out of room on the bulletin for additional stocks. With tonight's additions, we are now up to 46 stocks. The cap is 50, so when even more stocks start looking good, I don't know yet what we'll do. I don't want to leave any potential movers off our list just because it's full. I'll think of something. Have a great weekend everyone. I'll see you all Sunday night.
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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