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Tuesday, December 09, 2003
Good evening friends,
Tonight's commentary will be short and to the point because there just isn't a whole lot to talk about right now in this market. Small cap stocks are taking a beating after a nice run-up and there seems to be a rotation going on into the big cap stocks - for now anyway.
It was an ugly day for the NASDAQ as it closed down 40 points and below the 50 DMA line we have discussed many times. I was hoping for a bounce off that 1920 area today but unfortunately, Mr. Allen Greenspam (no typo, that is an M!) added fuel to the fire and the market went up in smoke. Can anyone ever understand what this guy says? Hard to believe he speaks English LOL. Hopefully the smoke will clear soon and we'll start something resembling at least a relief rally.
I have very few updates in the comments section of the bulletin tonight because there just isn't much to update. Stocks have stalled and many of our bulletin stocks are caught up in this small cap sell off that began the minute the NASDAQ touched 2000. Scans are coming up with very few charts the last couple of days on the NASDAQ so I've had to resort to the AMEX for the last few good set-ups. I have no new stocks tonight and charts on some stocks have been damaged greatly over the last couple of days. It could take a few days for more charts to set up so be patient, this is a time to hold your cash and wait for opportunity. I'll have those opportunities for you as they become available.
Just a heads up notice, for the next couple nights, the Bulletin will be released an hour or two later then usual. Wednesday evening, I have a Christmas dinner to attend at our church and Thursday I have a school play to attend late in the afternoon so I'll be getting a late start on scans that evening. If this market remains the way it is, there won't be many new stocks for us anyway.
Have a great night everyone; I'll see you all Wednesday 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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