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Thursday, January 29, 2004
Good evening Friends,
The Thunder Rolls
Well, we survived the sell off and the correction - it really wasn't that bad was it? By selling most of our positions in advance of this sell off, we are now in position to capitalize on this new opportunity. We have plenty of cash to work with once new charts set up and we decide to buy again. The markets pulled back as we were expecting, and with the close today it looks like this pullback could be just about over. The Dow finished up 45 points and closed near its high, a 100 point swing from the lows of the day. NASDAQ didn't fair as well, it closed in the red by about 9 points. However, it did have a nice comeback from its lows of the day. The smart money stepped in and took control in the last hour of trading, scooping up cheap shares. We noted last night that this buying would take place in a day or two, and it started late this afternoon and should continue on Friday. Tomorrow should be a very good day for stocks, I think the selling is over for now and it's time to continue with the longer term up trend. As I've said before, if you are in a stock for the longer term, there is no reason to panic when we have these pullbacks. I choose to sell before hand because I want to maximize my gains by timing the market. If you are a more conservative player, you can do very well just buying most stocks on the bulletin and holding them for many months. All the stocks listed in the Bulletin are in long term up trends so there is nothing to worry about if you don't look at your bottom line every 16 seconds.
Gold is done. If you are still long on these stocks, take heed. It collapsed today and closed under $400.00. I had said a few weeks ago, that it was time to get out of gold and if you're an aggressive trader, you could have even shorted it at that time and made a nice profit. Turns out that would have been a very good move as these stocks are now taking a dive.
Many stocks are also dropping off our bulletin at a rapid pace because of chart damage. I will be removing many stocks this weekend unless they can mend themselves tomorrow. This does not mean I think the market has failed. It means these particular charts have failed, but the market will thrive and we'll have better charts once they rebuild. The Bull rides on!!!
NT is up big in after hours (AH) on a blow out earnings report so this should float all boats in the telecom sector tomorrow as well as optical networks. This great news should move the tech sector tomorrow, and stocks that could move on this news are JDSU, CORV, LU and BKHM just to name a few. ARGY is an OTC BB stock that looks ready for a move. I could not find any stocks tonight worthy of our Bulletin. Many charts are broken and will need some time to setup again. Hopefully I'll find some potential movers this weekend. I did buy LU in after hours today. If you left your screens at the close, you probably didn't catch this alert. NT's share price shot up soon as their news was released. I wasn't about to chase it so I went for its American competition LU. I hope it runs in tandem.
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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