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Wednesday, December 03, 2003
Good evening friends,
Well the NASDAQ reached that 2000 target today and stayed there for all of about 3 seconds! It attempted reach that level twice today and turned back both times but finally got there on the 3rd attempt about 12:45 while everyone was at lunch. When traders came back from lunch, they started selling into the rally and stocks plummeted, resulting in a NASDAQ close at the low of the day.
If there is any good news about the weak close, it did close just above the 9 DEMA and this may very well act as some support. This failure to break through and close above 2000 is disturbing, and the subsequent sell off that followed was enough to get me selling as well. I was able to sell some positions in the last 30 minutes today to raise some cash and lock in profits.
Here is a recap of the trades I made today: sold SCON @ $6.81 for a 13% gain, sold NOOF @ $8.69 for a 4% gain, sold BCON @ $1.16 for a 1% loss, sold AKAM @ $13.28 for a 2% loss, bought GBN @ $2.40, and last but not least, bought AIRN @ $2.91. With these closed trades, our trade record is now up 168% since starting. We are slowly grinding our way to our goal of 300% in one year. I am confident we'll reach this goal by June 1st, 2004.
There were many bearish engulfing candles on many of the charts today. That will happen on a day like today when everything is up for most of the day until the bottom falls out near the close. Luckily, only one bulletin stock (AKAM) ended up with this pattern and I sold it after seeing this develop near the close.
Most charts on the bulletin are still looking good. It's a good sign for our list of stocks when after a day like today we don't drop any from the watch list. I really expected to remove a few from our list after this negative action near today's close, but there really isn't any that look bad enough to drop tonight. I wasn't expecting to find any new stocks tonight either but I did manage to find 3 new ones to add to our list despite the negative close.
The stocks I sold today still look good and when the NASDAQ wants to cooperate, it's likely we'll be getting back into these winners. I don't expect the NASDAQ to challenge 2000 again tomorrow. It will likely be a flat day unless some real good news comes out to bring buyers back in. Looks like the close above the elusive 2000 level will be delayed until at least next week baring any great economic news.
For the OTC BB players, looks like BKYI could run tomorrow. HPLF has a three white solders candle pattern. Have a great night everyone; I'll see you all Thursday 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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