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Tuesday, September 23, 2003
Good evening friends,
Nothing to get excited about with today's trading. A rather boring day for the overall markets but we are never short on excitement at TWPD. We had plenty of big gains from stocks on our Bulletin again today. Some of the stocks making 52 wk highs today were SOFO, ASTM, ENMC, MND, BFUN, FNT, ARTX and today's big winner TMWD. We consistently have 8 to10 stocks a day making new highs on our list. This seems to happen regardless of market direction lately. I believe we will still hit our 2000 target on the NASDAQ but it could take some time, as the markets look tired to me. If I'm right, this market move may be nearing its end and traders should be aware of a possible break of the trend lines in the indices. Most of the indexes look good but the NASDAQ could use a rest. It's got a steep ascent right now and if it continues, this will mean a quick and sudden break of the trend line when it happens. I would much rather see a nice basing period for about 2 to 3 weeks before we move up. Most of the stocks on the bulletin lately still look positive however some are acting a bit tired. If I feel we are going into stall mode, I will lighten up on some stocks that are not moving. Of course we'll keep the big winners as long as they keep going up. We went to cash in late June and part of July for a few weeks and we will not hesitate to do so again if I feel the need. Cash is King in a side ways or down market. I'm not saying to go to cash right now. I still believe now is the time to be 100% long this market but things can change and when they do, you need to be ready. Hopefully, we won't have to go to cash. I don't think we will but I just want you to be prepared if we should decide to. One bad break of the trend line could send stocks rippling downward and this is when cash is king. I'm finding many charts looking real good right now but they are badly in need of rest. This means the field for is narrowing fast for now but should shape up soon with some side ways action. This leaves very few stocks to add to our Bulletin tonight. I'll see you all Wednesday night.
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