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Monday, December 08, 2003
Good evening friends,
A very good day for stocks today as the Dow raced forward and closed near the highs of the day - only 35 points away from 10,000. Looks like the Dow will win the race to the next big round number. The Dow opened up and kept on rising throughout the day. However the NASDAQ did not fair as well. It managed to open up but then retreated down sharply to a low of 1927 near the 50 DMA line I talked about last night. It made a nice recovery move near the end of the day to squeak out an 11 point gain.
Although this was a respectable day for the NASDAQ, our bulletin stocks seemed to lag, which is a rare event for the bulletin but it does happen on occasions. I did do some buying today, let's recap what we bought. This morning I bought AAC at .79. Although the buy point was .76, I waited because it opened at .76 and I try not to buy stocks in the first 30 minutes of trading. Finally, after 25 minutes, I went ahead and bought at .79. I also bought ARIA at 7.55 on a pullback as well as two VoIP plays we have had in the past, EGHT at 4.62 and DDDC at 3.20. Admittedly, I was too early on DDDC as it kept falling but the other two were timed very well and I think there is minimal risk in them.
I also sold half of my remaining shares of PMU leaving me with 1/4 of my original position. I may have sold this early but with a 130% gain on this block, I took it. I'll double up on my position if it should rest a bit now. If it continues to run then I have both my “Kate and Edith too”, LOL.
We talked a little last week about opening more then one account if you can't decide which type of trader or investor you are. One account for short term trades that you should be using for this service and another for longer term trades that you don't want to look at everyday. I neglected to mention a key point when viewing charts in your long term account. If you do have a long term account, I recommend only looking at it once or twice a month and when you evaluate your charts, and make sure you set the timeframe to weekly (not daily). We use daily charts for short term trades but if you are holding a stock for the long term, you should not care about short term, daily fluctuations in price. Therefore only view weekly charts. Use the 200 DMA as you gage whether to buy or sell. If your stock is above the 200 Day Simple MA then there is no need to sell it because it remains in a long term uptrend. If it should fall below this average then you must sell it immediately. If a stock falls below a major trend line on a weekly chart then you must also sell the stock. If you continue to hold when one of these factors exist then you are going to be slowly bleed to death as the stock drifts down slowly and steadily, like water from a slow leaking faucet.
Another key point to remember is that we use Simple MA's for long term charts and investments and Exponential MA's for our daily short term charts and trades. I wanted to clear this up because I continue to receive emails on the short and long term account commentary I had last week. I realize that I may at times fail to mention what seems obvious to me but maybe not to all. If I do this, please let me know, as I do not do this on purpose. I want to provide you with as much information as I can in the limited space we have for remarks on the Bulletin and in the commentary each night.
Again, looks like we could make a push for Dow 10,000 tomorrow, but the NASDAQ will not make 2000. Possibly by the end of the week, with good economic numbers and good news from a big bell weathers the NASDAQ may break 2000.
For the active day trader, watch JNPR tomorrow. For the OTC BB players, here are some that may move tomorrow - INVS, NTWO and URMP.
Have a great night everyone; I'll see you all Tuesday evening.
Flash back July 9th Bulletin
New Today XYBR 7/9/03 Comments = buy point .72. Bought today
This stock proceeded up to a high of 2.66, a 270% gain
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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