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Wednesday, November 19, 2003
Good evening friends,
The Dow managed to bounce off that trend line I showed in last nights charts and took the NASDAQ with it as many times these indices will trade in the same direction. The slow stochastic indicated an over sold condition, so a bounce was due. Having said this, we are still not in the clear for a major advance. The NASDAQ is still below 1900 and it may even be a good time to do some short selling into this small rally. I have a chart with a NASDAQ update tonight. Meanwhile, we had more Bulletin stocks making new highs today. They were CAU, BCON, NOOF, ARTX, CKSW, RTK and HSKA. I hope you caught my chart of HSKA last night. Both my comments on the Bulletin and in the chart predicted a breakout today. I was buying this stock right away today even though volume was very low at the start of trading. The problem with illiquid stocks is you can't get filled on your whole order when the volume is low. I put in a market order because I knew I wasn't going to get filled at the limit, and I wanted in right away. I normally don't use market orders but sometimes you just have to get in at any price and this was one of those times. Anyhow, even though I placed my order when the stock was 2.78 I didn't get the whole order filled until the stock move up to 3.05. This brought my average price up to 2.92, a little higher then planned but still worked out well.
IVAN got crushed today and I won't show a chart of that because some of you are still holding it. The chart is too painful even for me to look at and I'm not even long any more. I was able to manage a small profit by selling yesterday at 5.84 when I saw the stock tank from a high of 6.70 down almost a buck and still falling. This could not have been a shake out because there was no recovery. If it were a real shakeout, it would have recovered very quickly and closed back up near the high. Take a look a NOOF today to see what I'm talking about when I say “a real shakeout”. It opened at 8.10, dropped to 7.05 and then powered up to a new high of 8.70 and closed at 8.30. This action indicates that this stock has plenty of gas left in the tank. I sold it today at 8.59 but I will get back in this winner soon for sure. It hurts me to think some of you are still stuck in IVAN. Please pay attention to the alerts and the reasons I buy and sell.
Also pay close attention to the comments on the Bulletin in case I am away from my screens during the day and not readily available to make a trade on something hitting a buy point. The buys are not quite as important as the sells. If I'm selling, it's because I believe the stock is going down. It's just like our buys, we buy because we think the stock will rise, most often we're right so why wouldn't we be right most of the time on the sell side?
Tomorrow I expect a little buying in the morning followed by more selling. Please don't get suckered into a false rally. I'll keep you posted as to when to get back in heavy but for now, we need to be in cash with only a few selective strong long positions. Be ready for some possible shorting opportunities coming our way soon. For you OTC BB players out there, here's one on the move (URMP). Last week I listed UNFY at .75 and it closed today at 1.18. These are just trades and by no means should these be considered investments. Have a great night everyone I'll see you Thursday evening.
Flash back Sep 9th Bulletin
New Today BFUN .70 9/09/03 Comments = Looks like it's ready to launch buy now (This stock proceeded up to a high of 3.72 two weeks later, a 400%+ gain)
Reminder: The market will be open a half day on Friday November 28. I will not be publishing a Bulletin on Thanksgiving evening. However I will send out a brief commentary. If I find any hot stocks that may be ready to move, I'll list them in the commentary. I will be out of town and will not available for trading on Friday November 28 so there will be no alerts sent that day.
Note: Friends, there are many people out there who won't even have a meal this
Thanksgiving. Please, find it in your hearts to donate some canned goods, potatoes, rolls or
even a turkey to your local food bank. Let's help the less fortunate to be a little happier this
Holiday Season. Your donations will be greatly appreciated by those who receive them. Thank-you.
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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