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Thursday, January 15, 2004
Good evening friends,
After a morning of selling, the bulls stepped in and the markets came back with a vengeance. The NASDAQ reached a new 52-week high again as a result of this buying pressure in the afternoon. However, by the end of the day when all was said and done, the market was basically flat with the Dow up just 15 points and the NASDAQ down 2 points. Bulletin stocks making new highs today were IKN, VC, CRGN, UPCS, ANSR, LGF, AIRN, TGA, CORV, ISO, AMWS, and AMCC.
Gold Prices Find Gravity
Gold prices are crashing back to earth and looks like they might be going lower. There was heavy selling at the close so look for it to continue going down tomorrow. This dump of gold caught me by surprise, but when gold stocks bounce a little, we may have to take some short positions. I have added some shorts to the short sheet watch list, and I have a chart of NEM tonight to show you what I'm looking at. If you are holding gold stocks, you may want to think about locking in your profits soon. A talking head on BSNBC a month or two ago said, “Gold prices will reach $1,000 this year”. It looks like he's missed his target by just a little. LOL. The way these charts have broken, I doubt that prediction will ever happen, let alone this year. Tomorrow is also “options expiration” Friday. Notice how they took gold down so that a lot of the options coming due tomorrow would be worthless. Funny how that works isn't it? This is not a zero sum game folks (but that's a whole other commentary). Some night when it's slow, remind me to talk about the so-called “zero sum game” that keeps Wall Street in business.
What Burns Pizza
The short-term trader in me locked in some gains today. I would love to just hold some of these great stocks for the long haul but I can't seem to break the habit of selling for profit. LOL. Seriously though, I've been preaching that we should hold for the big run-ups of 500%-1000% instead of the smaller gains, but friends, that is easier said than done. I really want to hold but I'm a profitholic. Just like alcoholics, if a drink (read: a profit) is sitting in front of me, it's hard not to take a chug. Today I sold CORV for a 57% gain, ALTI for a 32% gain and TGA for a 25% gain. These are all strong stocks and I will look to get back in them all once they have rested a bit. ALTI doesn't need a rest, it has been resting and I may be back in that very soon. I was also shaken out of TGAL for a 7% loss, right after which they took my shares they stole and run it back up to a 52-week high. Oh well, I hate it when that happens, but what can you do? The only thing that burns my butt more than what TGAL did today is a 3-foot flame. Ouch! These trades bring our total returns up to 193% since our service began and an amazing 26% since January 1, 2004.
Locked and Loaded
There is no shortage of new stocks available these days, that's for sure. We have a full compliment of stocks on the bulletin tonight to take you into the weekend. Please remember that I will not be available for trading tomorrow so I will not be on message boards and will not be sending alerts. The market is closed on Monday in observance of Martian Luther King day so the next Bulletin will be out on Monday night. Have a great weekend everyone, we'll see you all Monday evening.
Announcement:
As a part of our marketing campaign, we have been sending out a commentary each Sunday to our free board members. The mini-commentary is a scaled down version of the member commentary that is meant to give free members a small taste of what is available to subscribers. Selected stocks charts are also being posted to the public forum once a week as part of this campaign.
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.
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