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Thursday, January 08, 2004
Good evening friends,
Raging Bull
The relentless power of this raging bull market continues on today with both the NASDAQ and Dow closing at new 52 week highs. A close on the highs means that we'll most likely see a positive open tomorrow, but I think the train stops there for a small rest (more on that later). Today's bulletin stocks making new highs today were: ENCY, GEB, ORB, CRGN, PYR, SBAC, CPHD, IKN, VNWK, SBYN, and WTER. Small cap stocks continue to go up while home builders are breaking down in a big way. If you want to play both short and long positions, I recommend shorting the home builders. Maybe not just yet, but wait for a bounce back up to trend or support lines and then short them all. I'm short LEN and I am thinking about shorting BZH and HOV as well.
What's Coming Up for the NASDAQ?
Folks, the NASDAQ is at 2100 tonight and we have come a long way up in a short period of time. I love this upward movement but I really think we need to have a little pull back, or at least some side ways trending soon. I'd like to see some basing or some “backing and filling”, at least on the NASDAQ. I would not be surprised if we have a little selling tomorrow. I don't mean to sound like I want the ride to end, but I do think we need some consolidation. Heading into the weekend seems to be a logical time to lock in profits. Don't you love the saying, ”lock in profits”? Believe it or not, I used to hate that statement when I first started trading. Let me explain why. I was buying low and selling lower. I didn't know how to trade, and I was buying stocks going down. Every time the market would rally, my stocks would not participate in the rally, they would either continue to fall or they would at best be flat. Then when the market sold off after the rally, I'd listen to the talking heads on BSNBC; they would say, “The selling is just profit taking” …I'd scream at my T.V., “What profits?! Who's got profits?” I never seemed to have any profits when this so called “profit taking” was taking place. Has this ever happened to you? I learned to hate that phrase. Of course, I love the phrase now because when profit taking does occur I am normally the first one to recognize what's about to happen and I have already taken my profits.
Folks, I have to be honest, there are so many small caps going up right now, you could throw darts at the financial page of your local paper and make money in this market. I have no new stocks for the bulletin because I can't decide which ones to list. I have a ton on my scans and charts are looking so good right now. If selling takes place tomorrow, it's going to set up even more charts. We should all be happier then a hog in mud right now. I fully expect to have a full Bulletin with 50 stocks for Monday. It's going to take me all weekend to get through all these charts. It's like when you found your first true love and you told her “30 hours a day, 8 days a week isn't enough time to spend with you”. There just isn't enough time to get through all these stocks. This brings me to something I hope you'll never forget and that is: spend time with your loved ones. Please don't get so obsessed with stocks that you neglect your spouse or children. I find that I even struggle with trying to find time for my family. Tomorrow is Friday. Guys (and gals!), make plans tonight to take your spouses out to dinner tomorrow night, enjoy yourselves, and relax this weekend with the kids. Monday is just around the corner and stocks will always be there. God bless you and your families. Have a great night everyone, we'll see you all Sunday evening.
Announcement:
The daily Bulletins and Commentary are no longer posted on the member board, unless the website is having an extended down time. In that case, the member board will serve as our backup. This will help us provide better service - files are located in one place and all subscribers use our service in the same way to read/download Bulletins.
Delayed Quotes: NASDAQ no longer allows delayed quotes through their website. TWPD was using their service to access delayed quote information to provide 15 minute delayed quotes for our bulletin stocks. We are currently searching to find a new service to provide us with delayed quotes. We will temporarily remove this feature from web site until a solution is found.
Flash back June 29th Bulletin
Open trades TRAC 6/26/03 Buy Point .80 Comments = “Keeping us waiting but believe me, pay day is near”. This stock went to a high of 3.18 for a 298% gain
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