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Tuesday, February 10, 2004
Good evening friends,
Market Recap
Although it was a bit of a roller coaster ride, it was a decent day for the market. Only a 15 point range for the NASDAQ as it bounced up and down all day. The good news is that it closed at the high of the day. The Dow finished up 34 points but didn't quite get back to its high at the close. We have had a good couple of days while the market traded flat. Yesterday's big winner (TPPP) ran out of steam today, so we sold half of our position for a 33% gain. EAG finally released the long awaited IBM news, and it blasted up 25% to close above 2.00 (a very good sign) on 33 mil shares. This big volume was the most it has traded since the big breakout from .66 back in November 2003 (That was the first time we had it here for a 200% gain). This big up volume is very positive for the stock. With a double position in this stock, it will do wonders for a portfolio if it can take off and be the performer we expect it to be. Other than these two big winners, there hasn't been much for us to talk about the past few days. TWPD Scans are yielding very few stocks these days. This is because of the nasty sell off over a week ago that did a lot of damage to many charts. These damaged charts aren't ready to be placed on the bulletin right now.
Looking Ahead
Alan Greenspan will be making his semi-annual testimony in front of Congress this week, and this usually moves the markets. Right now, the US economy is interest rate sensitive. Therefore even a hint of higher interest rates by Greenspan will have a negative impact on the market. Being an election year; will the Fed do anything to hurt the chances of President Bush being re-elected? I don't think so. I think there not be interest rate hikes until after the election. This is just my gut feeling, but Greenspan has sometimes been known to surprise us. Dell computer comes out with earnings on Thursday after the bell. Even though this is a big cap company, I don't think DELL's earnings will affect stocks like INTC's earnings did. MSFT released earnings, and that really didn't do a whole lot to effect the markets, so my guess is that if MSFT can't move the NASDAQ, neither can DELL.
Woof!
Ok, come on be honest, how many of you jumped up and down, and got all emotional when the EAG news hit the wires? It's okay to be happy, there is nothing wrong with that, just don't let the emotion effect your decision to trade the stock. Enough on the emotional aspects of trading, we covered that thoroughly on Sunday night.
For the active OTC bb player, here are some for your watch list GSPG, SWYC, BIPH, and RMDC.
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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