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Monday, January 26, 2004
Good evening friends,
A very strong showing for both the Dow and NASDAQ today as we begin what looks to be another very good week for the bulls in this market. The NASDAQ squeaked out another 52 week high and the Dow is only a few points below its 52 week high. I was cautious last week; I sold some positions just in case our over extended market decided it needed to drop. That is not the case today as this raging bull continues higher, and luckily, we didn't sell the farm last week. I wanted to play both sides of the street last week because I wasn't sure which way we were headed. Over bought? Yes. But Bull markets can remain over bought for long periods of time and this chart of the NASDAQ appears to be saying there is still much more upside to come. What long positions we do have left are doing okay but they could be doing better. I'm a little disappointed in some of these stocks that have stalled out. If they don't start moving soon, we'll have to dump them and move on. In this type market, there is no excuse not to be in only those stocks that are going up.
Today's market action has repaired some charts that started to look a little weak towards the end of last week. Many charts tonight are setting up with nice wedges or pennants during this mending action, and that is very good news for us. Strong stocks form these bullish chart patterns while backing and filling during pauses in the market. Many roared back today after pulling back last week so things are looking good again for now.
For you animals that buy stocks over $100.00 check out TSAR. It formed a nice pennant on the chart and today broke out and is now going parabolic. It's a one trick pony with no competition and the product is in very high demand. This is the reason the stock is going nuts. It's up to $134.00 today and the shorts are getting their heads handed to them on silver platters. This is enough to make a short sky dive out a Manhattan high rise without a parachute if you know what I mean. TASR was at $3.00 a year ago, it's made many new millionaires out of a lot of investors in less then a year, remarkable. We can only hope that one of our $3.00 stocks has this kind of run in 2004. Just one, that's all I ask, just one out of 40 or 50! That's not asking for much is it?
Here are some OTC bb stocks that look ready for a move UNFY, GTEC, LCSI and OCCM
As always, thank-you for your support past, present and future! Have a great night everyone; we'll see you all Tuesday evening.
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