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Tuesday, December 02, 2003
Good evening friends,
It just wasn't meant to be today folks for NASDAQ 2000. There was no follow through to yesterday's big gains at all today. The NASDAQ tried to hang in there and make an attempt at the elusive 2000 level but the Dow weighed too much and took the tech's down with it at the end of the day. This was our 2nd attempt to break through 2000 and it failed. I've talked about this before and said I thought it would take 3 attempts before we clear it. Once we clear this level, the buyers should come in to support the rally and hold it above this key level.
Just as 2000 is tough resistance, it will also serve as very good support once we get through it. The good news is, a new 52 week high was made today on the NASDAQ and that is always a positive step. Higher highs and higher lows are what make up trends and we are in a bull market until that up trend line is broke. In my opinion, that line won't be broken for a long while yet.
Just as the NASDAQ made a new high today, so did many Bulletin stocks to include ANSR, CAU, TVIA, NENG, EVCI, AKAM, ARTX, ALTI and UPCS. I did a little selling today just to raise some cash if the NASDAQ decides to turn south on us. It looks as though it may have plans to do so after watching this failure to break 2000 and the reversal into the close today.
I sold half my shares of ALTI for an 87% gain. I also sold ARIA for a small 7% gain and half my HSKA for a 6% gain. These charts still look good but I had to start raising cash sometime during the day in case the selling started. Tomorrow will be a wait-and-see type strategy. We don't want to buy any new stocks yet, but we don't want to do any wholesale selling either. I'll determine our next move once I see how the market reacts to the late day selling today and the economic numbers due to be released in the morning.
We are in pretty good shape right now with about 50% cash at this point and that is right about where I want us to be considering where the market stands. If the market sells off, we'll quickly move to cash, if we break through 2000, we'll still have 50% of our capital to put to work in additional positions.
I still think December will be a very good month for us and the markets. NASDAQ 2000 is just around the corner so don't give up. We'll get there; it's just a matter of time. Hang in there, 2004 is going to be an exciting year and we'll be right there reaping the big rewards of finding breakout stocks in the land of the great bull market that lies ahead of us. Have a great night everyone; I'll see you all Wednesday evening.
Flash back July 16th Bulletin
New Today EAG 7/16/03 Comments = buy point .51.
This stock proceeded up to a high of 2.04, a 300% gain
Reminder: I will not be available for trading on Dec 5th. I will not be on message boards or sending alerts so please pay close attention to buy points in the Bulletin.
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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