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Thursday, September 11, 2003
Good evening friends,
I thought we would get a nice rally today to make a statement to the terrorists but what we got instead was a ho hum day with nothing much at all happening. We got off to a slow start this morning on both the DOW and the NASDAQ, then things picked up and a nice rally happened for a while. The Dow's rally fizzled out but the NASDAQ held on to most of its gains. As you well know by now, stocks move quickly on the NASDAQ as you can see by today's action. Keeping tight stops in place at all times is important but can hurt on a day like today when we dropped fast at the open (dumboberries selling at the open again) and the smart money buying up their shares like a hog at a mud sale. It's hard to get a reading on what is happening at the open because it's so fast a furious. That is why I always say, never buy at the open, just sit back and watch and see how things shape up. This I believe is the key to surviving these NASDAQ whipsaws. I still think employing stops has more pros then cons. They advantages out weigh the disadvantages IMO. Stops can take you out of a bad trade before you lose too much or protect some of your profit on many of the stocks that have ran up for us lately. Stops are a crapshoot but I would rather error on the safe side then be stuck in 50% losing trade because I failed to sell for a smaller loss. Recapping today's trades, I sold IVAN for a 10% gain (I may be back in this one soon); I sold KRY for small 5% gain and sold CNET for an 8% loss. I also bought GEB, CORV and TXCC I have two of these charts for you tonight. Lets see what tomorrow brings ahead of the weekend, your guess is as good as mine as to weather we sell off some more or rally hard. I'm 50% cash and 50% stocks right now so that should tell you, I don't know which way we're going. It is a time to remain neutral. Have a great weekend everyone, I'll see you all Sunday night
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