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Tuesday, January 27, 2004
Good evening friends,
Pass Me the TUMS
Somebody said, “Let go to Disneyland for our TWPD 1st Annual Anniversary get together this summer”. I say, “That's fine”, but we don't have to go all the way to Disneyland to ride a roller coaster. We are having the ride of our life on this roller coaster of a market right now. Up big one day, down big the next… I'm getting motion sickness. Both the Dow and NASDAQ were down big today and closed at their lows for the day. This would normally indicate more selling to come at the open tomorrow. I say “normally” because who knows what will happen in this crazy market. It's a market that hard to trade because it sells off when it should be going higher and goes higher when it should be resting. On Monday, these indexes closed near the highs of the day and looked unstoppable. Today, there was no follow through to Monday's big rally as stocks collapsed. Sure feels good to have lightened up on some positions ahead of time after a day like today. Cash may be king again while this market takes a badly needed break. This should hopefully consolidate recent gains. I talked a little on Sunday about the fact that I thought a minor correction would be coming. This is not intended to scare anyone, but I think today's action might be the start of one. Although it could just be another bump in the road that will last only a day or two, it's tough to say at this moment. The safest play it is to do as I have done for the past 4 or 5 trading days; I've reduced my exposure and raised some cash. I have only a few long positions left and will look to put my cash to work when I see opportunities to buy breakouts or to buy strong stocks pulling back. We have a number of strong stocks on the Bulletin pulling back and these are the ones to keep your eyes on for “dip buying” entries.
Leaner Bulletin
You know by now that when we have market action like we did today, I find very few stocks to list for the next day. Our list has grown a little thinner each day for the last 6 or 7 days. However, I did find a couple that look good and they are on the Bulletin tonight (one really looks primed for a nice move).
Some past bb stocks mentioned on the Bulletin have been doing very well. DLGI is up over 50% since we listed it a few days ago. LCSI that was listed here last night was up 25% today on 10X average volume. OCCM is up 12% on 2X vol. I was a day early listing the other two from last night: UNFY and GTEC. They didn't move today but the charts look good so they remain here again tonight for moves tomorrow. It pays to watch this section of the commentary for OTC BB players. Here are a few OTC BB stocks that look ready for a move: UNFY, GTEC, NEOP, and SKVY
As always, thank-you for your support past, present and future! Have a great night everyone; we'll see you all Wednesday evening.
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