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Wednesday, January 28, 2004
Good evening friends,
”Attention Shoppers…”
Did somebody get the license of that truck that hit this market today? It wasn't the Feds, they left rates alone, but the selling came anyway. Buyers fled the scene faster than sailors leave their ships at port call Amsterdam. Stocks fell off the cliff just after the Fed news was announced and both the Dow and NASDAQ closed near the lows of the day. It's not looking good right now. I mentioned in last night's commentary that when the indices close at or near their lows it normally means continued selling the next day. Today the selling continued with a passion as there were no buyers to be had in the last 2 hours of trading. I look at this selling as a chance to buy the pullbacks in strong stocks. Bulls will re-appear on Wall Street soon because we are already getting close to over sold levels. It doesn't take long to get over sold when you have a couple of days with drops like we have seen. Bargain hunters will hit the streets again (like they have been for months now) every time there is a pullback. If you'll notice, every time we have a sell off, it is quickly supported by buyers and I suspect this time will be no different. This is a buy-the-dip market right now so have some cash ready to get back in soon. I sold more positions today to get ready for this bargain hunting that I expect to start in a day or two.
A Dollar a Day
I received an e-mail today from a subscriber who just signed up last weekend and made two trades that have already made enough to pay for his subscription for the next 3 years. I receive e-mails like this all the time. I would like to share a simple concept with you tonight. The value of our service can be broken down in this manner (these are just examples but you can use this with any dollar amount):
We have many small players in our service (hopefully, they will become the big players as they learn and follow our system). As a small player, you buy just $1,000 worth of stock in any one trade, you would need a 36% return in that trade to pay for the service for one year. We have had 61 trades in the last 8 months that have gained more than 36%.
If you are a little bit bigger player and trade $10,000 in any one trade, all you need is a 3.6% return to pay for the service for a year. We have had 160 trades that have gained more than 3.6% over the last 8 months. This is based on a single winning trade. Imagine if you had participated in all 160 winners of more than 3.6%. Should you have any doubts about spending $1.00 a day to stay with us, hopefully this will put it in perspective for you.
Looking Ahead
Because of the drastic drop today, there are many damaged charts, and it will take some time for them to set up again. I would not be in a hurry to buy stocks right now. Cash is king until we see some good entry points. I plan to buy pullbacks as opposed to breakouts. This is our best bet until markets improve. In tonight's chart section, I've annotated what I think are the strongest charts on the bulletin. These are the first stocks I'll get back into when markets improve - providing they don't break down before hand. Although our choices for good stocks are limited with these recent chart breakdowns, I was still able to find some decent new plays for tomorrow. You'll find these on the bulletin listed as New Today'.
Remember that we don't always have to trade. Sometimes it is better to have your cash in hand while the sheep get slaughtered.
Here are a few OTC BB stocks that look ready for a move GMPW, GSPG (not sure when it will move but the chart looks great), GTEC, and GUSH.
As always, thank-you for your support past, present and future! Have a great night everyone; we'll see you all Thursday evening.
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