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Monday, December 22, 2003
Good evening friends,
The Santa Claus rally continues on Wall Street as the Dow powers ahead making another 52 week high and closing at the highs of the day. The Dow is moving like a well oiled machine and it looks like nothing can stop it's upward climb. The NASDAQ continues to sputter making little or no progress these last few weeks although it did manage to squeak out a small gain today. Volume was low as expected and many traders have taken this very short holiday week off, I did very little trading myself today and will probably not trade much for the rest of the week. I think the stocks we have now are good enough to get us through the week.
The Energy sector continues to move up and we have the small cap energy stocks that are making the biggest gains right now. HEC blasted up to a high of 1.36 today, we're up 48% in two trading days as we bought this stock Friday morning at .94. PYR also raced up to a new 52 week high today, reaching 1.29. BCON is another, running up into the close and finished at the high of the day. This one is in the alliterative energy sector and broke out of the wedge I had in the charts last night. If you compare the charts of HEC, EAG and BCON, they all have similar charts and more importantly, their charts are identical to a past big winner we had a few months back called TRPH. We had it on our list at 1.45 and it ran to a high of 6.86. I don't know if these stocks can duplicate that type of run but anything is possible in this market.
Other stocks making 52-week highs on our bulletin today were CRGN, AZPN, OMNI and TGA another in the energy sectors. Volume on the NASDAQ continues to be below the recent trend and the internal correction on lighter volume that we are seeing is a positive. The S&P 500 looks most interesting as it has jumped above a long trend line and could be ready to make a serious move. The Dow and S&P 500 are both setting up for a good run in 2004. The NASDAQ has yet to show any sign that a run may be coming. 2 out of 3 isn't bad for the market but normally, these 3 indexes run together and if they do not, then the overall market isn't as healthy as most would think. With the NASDAQ in stall mode there are very few stocks that are poised to breakout this week. However with a little basing process underway, by earnings season next month there should be quite a few ready to move.
I have no charts for you tonight and tomorrow night's Bulletin will be very short and to the point because there is only a half-day of trade and I expect it to be a very slow day on Wall Street, probably the lightest volume of the year. I plan on taking the day off from trading myself but I'll still be available on the board for part of the day. Some OTC BB stocks that look ready to move tomorrow are PMDX, NMMG, RUBM and TNTU.
Have a great night everyone, I'll see you all Tuesday evening.
Make the holiday's Special: There are many children who won't have a gift to open this year, a toy to play with or a coat to keep them warn while they walk to school. Please see it in your hearts to donate a gift to a child this Christmas. Give a toy to the Toys for Tots campaign this holiday season or you can also donate some warm cloths to the Coats for Kids campaign. Your generous gift will be most appreciated by those who receive them. Thank you and happy holidays from TWPD.
Reminder **Holiday schedule** The Bulletin will be produced on 21- 23 December. The market is open a half day on the 24th and 26th of December. I will not produce a bulletin on Christmas day for the 26th half day of trade. The next bulletin after the 23rd will be Sunday the 28th. I will produce a bulletin on New Year's day for the 2nd of January trading.
Flash back
Aug 21th Bulletin
NOOF 8/21/03 Comments: "I Expect this to pop out of this triangle any day now BP 3.88. This stock went to a high of 9.76 for a 151% gain"
Earnings Calendar.
http://biz.yahoo.com/research/earncal/20031023.htm...
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