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Monday, November 24, 2003
Good evening friends,
That Monday rally I spoke of for the week of Thanksgiving came right on time and just as forecasted a week ago in this same commentary. I hope you were able to participate as I began to buy first thing this morning with all that cash we have been saving up during the market correction that occurred for the last two weeks.
What a powerful market rally it was, with both the Dow and the NASDAQ closing at their highs for the day. Today I was able to buy AKAM in pre-market for 11.65 and this monster powered up 12% to a new 52 week high and close at 12.83. I had a chart of this stock last night for your viewing pleasure. I also bought NOOF at 8.40. That just happened to be the low of the day in the regular trading session so the pre-market buy turned out to be a good one. I thought for a minute that I may have over paid for it before the market opened but I wanted to take a chance. I felt it would run today, and it blasted to a new 52 week high.
CLHB was a new entry from last night with a buy point of 7.10, I hope you had your buy stop orders in place on this one because it closed at the high of the day of 7.73, up 10% today. ALTI was up 11% from the open price on 3 mil shares and I got some at 1.51 playing the breakout. It closed below our buy point, but with the volume it had today, I think there will be follow through tomorrow.
EAG was a nice day trade for the active trader. I picked up some at the support level of 1.07 I identified in last night's Bulletin and sold for a quick profit at 1.30. I took money out of the market today and that is what you have to do if you are going to do this for a living. EAG could very well move higher and if it does, I still have the block I bought at 1.66 but if it goes lower, I've made a quick trade for profit so it works out for me either way.
This market move today was very powerful, it has comeback pretty far already so I'm not sure how much further it can go on this move. Solid NASDAQ resistance is near 1960-1970 and it could reach that level tomorrow or Wednesday. When it does, we need to be ready to take some profit. Don't get too greedy, this market is acting crazy so we never know what will happen next. Put stops in to protect these gains. Because of today's big rally, I find that a lot of stocks are over extended tonight and I'm not comfortable chasing them.
I've added a couple to the bulletin which are not extended and may be ready to go soon. The list of stocks under $5.00 is growing thin these days friends, and if you'll recall I mentioned a few months back that this would happen. Many stocks have had good rallies and have risen dramatically over the last few months. Pretty soon the only thing left under $5.00 will be junk. Here is an OTC BB stock ready to go – MCTI with a buy point of 1.55. Have a great night everyone, I'll see you Tuesday evening.
Flash back July 1st Bulletin
New Today ONT 7/1/03 Comments = buy point 1.30 see chart..
This stock proceeded up to a high of 4.50 five trading days later, a 300%+ 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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