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Thursday, February 12, 2004
Good evening friends,
Watching the ADX
Not much to talk about on a day when the markets just can't find direction. It was another red day for both the Dow and NASDAQ, with both these indices closing near their lows for the day. Unfortunately, we had no follow through on yesterday's big rally. I mentioned last night we would need to see follow through to confirm the rally, and that follow through did not happen. We will just trade back and forth with no direction until the markets can put together some consistency, and in order for direction to be confirmed, the ADX line must turn up. This has not happened yet.
Tough on Shorts as Well
This market behavior also makes it tough to short stocks. I have covered the shorts I had opened in January, and all of them were for a loss. NEM is the only short position I have left open at this time. The good thing about sideways trending markets is that they tend to shape up charts very nice, and tonight I am finding some very good charts. You would think in a down market like we had today that there would be very few charts looking good, but contrary to that, I have added another 6 new stocks to the bulletin. I'm as surprised as you are that I found so many. Small cap stocks were defying the market today and did surprisingly well. Bulletin stocks making new 52-week highs today were BCON, AIRN, SGI, AKAM, EGLS, ELGX, and INKP. Many of our bulletin stocks are holding nicely, and the charts are not breaking down as we would think would happen on tough market days like this. This indicates we have some good solid stocks on our Bulletin. Our charts are looking good for the most part; I expected we would drop a few stocks from our list tonight after watching this market close but that is not the case. Surprisingly, I only removed one stock tonight. The TWPD Scans took awhile to analyze tonight so this commentary will be brief.
For the active OTC BB player, here are some for your watch list: DLGI, WDPT, MDPA, APLL, UGHO, WIZD, BSIC, GUSH, and NTDL.
As always, thank-you for your support past, present and future! Have a great night everyone; we'll see you all Monday evening.
Reminder: Markets are closed Monday for President's Day; the next Bulletin will be available on Monday evening.
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