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Wednesday, November 12, 2003
Good evening friends,
A very good day for stocks as the Dow and NASDAQ bounced off over-sold levels and closed at or near their highs for the day. I said on Monday that today would be a key directional day for the markets. Today we were either going to get the big sell-off back to the 50 DMA or we were going to get a nice bounce; we got the latter and it was what we wanted to see for sure. Hopefully, this rally can take us back up to near the 2000 level for the second test.
The NASDAQ is in a rising wedge formation so there is always a chance of a break down. Rising wedges are normally very bearish but we can't afford not to be long as this market rises so we will continue to take what it gives us and keep our stops in place. I did some heavy selling today to free up some cash so I could have some readily available for only the strongest movers in this next advance. As long as we stay above the trend line I had for you in last night's charts, it is still safe to be long.
Bulletin stocks making new highs today included CKSW, OCPI, CAU, EPNY, LGF, NOOF, EGOV, CRIS and ITIG. The trade record now stands up 148% in the last 6 months. Someone posted today there was a spreadsheet in the files section with a cumulative gain of 363%. I have not looked at the file yet but plan to later tonight. I would love this figure to be the case. Anyone good with spreadsheets out there, can you tell us if the information is correct? My spreadsheet calculates gains based on 5% of my total capital after each closed trade. This is what I use for reporting taxes each year so I am pretty sure it's correct. I may have the formula set up wrong, and if that is the case, Mr. Tax man is going to be knockin' at my door because I might owe him more money LOL. Let me know if anyone would like to toy with this formula to see if it's right. I would appreciate a 2nd set of eyes to have a look.
I noticed a few players on the boards today making some serious cash playing the BB stocks. I won't put any on the bulletin because I rarely play these stocks but for those interested, I have a few for you to check out tonight and I'll list them here. They are EDIG, FEEC, TIDE and UNFY. All look good for higher prices. I'm not recommending these so enter at your own risk. I just thought I'd list a few because there seems to be enough interest in them. Again, I do not play these and they are not going to be part of the Bulletin. I might list some in this section each night if it becomes popular enough to do so. Let's see if we can get close to 2000 again tomorrow on the NAS, we are only 27 points away again. Have a great night and I'll see you Thursday evening.
Note: For those of you who are 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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