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Thursday, January 22, 2004
Good evening friends,
The NASDAQ dropped again today and continued its pullback from the overbought condition I mentioned early in the week. It closed at the low, and normally that would be bad, but if you'll notice, it closed very close to its 9 DEMA. That area should provide support tomorrow. Coupled with the fact that Mr. Softy raised its revenue guidance for the upcoming quarter should help the NASDAQ tomorrow. Remember, earnings reports is a reflection of past performance. It is the forward guidance that moves a stock for the next quarter. In my view, the MSFT news tonight and the INTC news a couple weeks ago is what is going to move this market forward in the months to come.
I continued the selling I started yesterday by selling a few stocks today. This selling is not a lack of confidence in the market; it is simply a maneuver to better position our portfolio going forward. We know that the market will pull back from time to time, and this week it did. My guess is as follows: now that we are close to visiting the 9 DEMA on the NASDAQ, we'll start to head back up again. Bulletin stocks making new highs today includes NAVR, ISO, LGF, ALTI, VC, and MCLD. IPVO had a good move today as well. I had a chart of this stock two nights ago and I'll re-visit that chart with you tonight in the chart section.
Stocks were dropping out of good flags and pennant formations today folks. Normally these are very good set-ups for further advances in price, but since they are falling out, this could be signaling the market is in for a rest. I think it was more of a shakeout if anything. The MSFT news after the bell was very good and this could take these stocks right back up tomorrow and repair these charts very quickly. It could have just been a shakeout today knowing news from the tech giant would be positive. Let's see what happens tomorrow at the open. Some of you may remember my pre-market alert the morning after INTC released earnings. I advised not to chase stocks into that gap open. Sure enough, the herd rushed in at the open as the market gapped up but quickly sold off, leaving the crowd hanging again (like always). The crowd is almost always wrong; the smart money really knows how to play this game and is always two steps ahead of the crowd. Should we gap up tomorrow, be patient and DO NOT rush in with the sheep. There will be plenty of new opportunities going forward. One good thing about a market sell-off from overbought areas in an ongoing up trend is that it helps set up the charts for further advance. In a few days, more charts will be ready to breakout.
We are requesting a favor from our subscribers tonight. We have created a poll on the members' message board asking how you originally heard aboutTradeWithPizzaDriver. We are asking this in order to evaluate our current marketing methods and determine what is working and what is not. Your response to the poll is very important. Please take 30 seconds to vote. Responses are anonymous and we do appreciate your answers. Thank-you in advance.
For the active OTC BB trader, here are some to watch for tomorrow: DLGI, EFSF, and NXUS. For active day traders who play a little higher priced stocks, these are what I'm looking to day trade tomorrow, RHAT w/ buy point of 21.60 and NANO w/ buy point of 23.10. I am holding off on adding any new stocks to the bulletin tonight. I want to see how charts shape up after tomorrow's trading and review them this weekend for the best set-ups. As always, thank-you for your support - past, present, and future! Have a great night everyone; we'll see you all Sunday evening.
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