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Monday, November 03, 2003
Good evening friends,
Good economic news sent the Dow, S&P 500 and NASDAQ to new 52-week highs today. With the NASDAQ closing nears its highs of the day, we are just 30+ points away from our tech target of 2000 on the NASDAQ. It's a possibility we could touch 1998 as early as tomorrow. I say 1998 because I don't think we are going to see 2000 on the first attempt. There is a lot of resistance at that level and we also have the psychological barrier of a rounded number. I expect to rally early in the morning and then pull back as we get close to 2000. I would like to be wrong and have us rally up and continue right through 2000 tomorrow, but I just don't think that will happen this time. I say “this time” because eventually we will get past this level and once above it, it should act as support for any future pull backs. Then we will be off to the races in this Bull market.
We've said before many times in the last six months that we are heading for a new Bull market with a target of at least 2000 for the NASDAQ by the end of the year. I now believe we can reach 2200 by year's end providing we get above the 2000 level.
As the NASDAQ made new highs today, many bulletin stocks followed into new highs as well. These stocks are: EGOV, GEMS, PUMA, EGLS, EPNY, CAU, GBN, TRPH, EVCI, NOOF, EAG, AKAM, IVAN and EGHT. I hope some of you took advantage of the CAU trade I mentioned in last night's Bulletin. Recall the comments on the chart of CAU last night, I said to buy this stock at 2.01 and ride it up to 2.20 today for a nice 10% gain. I could not have drawn it up better then what it did today. Like clockwork, it went through the buy point and continued up to a high of 2.23. My buy stop 2.01 filled while I was out but I couldn't complete the transaction with a sale so I still hold it. I'll take my profit the next time I can get to my screens during market hours.
Congrats to all who got into EAG at our buy point .66. Some got in even lower and have now made over a 100% profit on this stock. I was not available to trade today, and maybe that was a blessing because I may have had the urge to sell at least ½ my position in the 1.30's for our 12th 100% + profit since our service began. I think this may be the one we have been looking for but it's too early to tell yet. It would be nice if news and hype could take this stock to the 6.00 level for us and give us that 10 bagger we've been looking for. I don't want to be guilty of hyping so I won't do that, but I will say that TRPH and TWAV were both penny stocks just months ago and they are now above 5.00. Many other stocks have also done this. (see yesterday's commentary). It is possible for stocks to make 1000% moves in a few months. Look back at these charts and you'll see what I mean.
I look for strength tomorrow with possible profit taking coming near that 2000 level. If we fail to break through it, you may want to lock in some gains temporarily. I am not expecting much of a pullback but one will be due soon. It should be only minimal and then we should continue up. The trend has been up for some time now and I don't see it changing any time soon. Look at the chart of the NASDAQ and you'll see it pulls back to the 50 DMA and then bounces to new highs again and again. The trend is our friend and we will stay long until the trend changes. I'm pretty sure Mr. Up-trend will be our friend for a long while to come. I'll see you all Tuesday night.
Announcement: I will be at the hospital again tomorrow but I should return to trading Wednesday or Thursday at the latest. The surgery went well and my wife should be released on Wednesday. Thank you for your patients during this unexpected illness. The good news is she is expected to make a full recovery.
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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