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Tuesday, November 11, 2003
Good evening friends,
Looks like I didn't miss much today except some selling, which brings me to something I have said before many times and I'll say again tonight - please do not play any more earnings releases based on my positions with stocks on the bulletin. For those of you who have been with us for awhile you know this but for all the new subscribers who may not know I must tell you that the earnings calendar is not even part of my TA process. I don't even know when company's report earnings and if I do, it's only because of alert posters on our message board that let us all know. I provide a link for you to check for earnings for your stocks but I do not use the link myself. Our stock plays are based solely upon TA and nothing else. I can hold my own when it comes to TA but I can't hit the broad side of a barn when it comes to earnings plays. It seems like every time I hold a stock through earnings, it drops like a rock and when I sell before earnings, they gap up. I'm one of the unluckiest people in the market on earnings day. So I want to warn you one more time not to play earnings. It is nothing but a gamble unless you have insider information and I am not privy to any of that. Again, play the earnings gamble at your own risk. TRAC burned us again today when I thought earnings would be good. Also got burned on LOUD last week. Just be aware of earnings releases and steer clear, they are not worth the risk IMO.
I was not around to trade today but I wish I would have been so I could have sold TRAC near the open at around 1.55; this would have been only a 10% loss. I still may sell tomorrow. In fact the way the NASDAQ looks now; it may be wise to lighten up on a few positions. Don't panic and sell everything but I will be selling a little tomorrow just to raise a little more cash.
Today was a very low volume day as expected and only 4 stocks on our Bulletin made new highs; they were NOOF, LGF, CRIS and ITIG. I hope you were able to pick up ITIG today. It opened at 4.80 so you had plenty of time to get in. It shot up and out of the small pennant I showed in the chart last night and was up 25% on the day.
I'm going to clean up the Bulletin a little tomorrow and drop some of the stocks that are not moving. I want to do this so that we can make room for stronger movers and be ready to play some bounces if we do revisit the 50 DMA on the NASDAQ. This may give us another chance to buy the dip. Just in case the market plays head games and doesn't do the expected (bounce off the 50 DMA), keep your stops in place and don't let your emotions control your trading. Cash could be King again for me soon if the trend line doesn't hold. Tonight I didn't find any new stocks worthy of a bulletin mention. Let's step back and take a breather tonight and see what is in store for us tomorrow before committing any more cash to new positions. The Goldman Sachs internet index (GIN) is rolling over, this means stocks like AMZN and EBAY could be good short candidates if this market goes south on us. Have a great night and I'll see you Wednesday evening.
Note: For those of you not aware, an * in the “sold at” column on the Bulletin means I have plans to remove the stock from the bulletin the following night unless something drastically changes my mind during the next trading day.
Flash back Aug 25th Bulletin
Open Trade EGHT .93 8/24/03 Comments = Wants to form a triangle and then to the moon
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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