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Wednesday, March 03, 2004
Good evening friends,
Market Recap
Yesterday we watched paint dry. Today, most traders watched grass grow as these markets went no where fast. I say most traders because we at TWPD had a very exciting day today. We tend to have these great trading days and we were definitely due. We had some big movers from the Bulletin today. IONA blew past our buy point and was up 12%. AIRN (featured in a chart last night) was up 10% today. EPMN closed up 10% but was up far more than that at mid-day. I should have held the stock but ended up selling to quickly today. In yesterday's Commentary, I predicted EPMN would continue up today, and it sure did, reaching a high of 2.99. ARTX hit our buy point and was up 10% today.
And how about those OTC BB stocks from last night's list? DSNY up 13%, ZKID up 26% , and PKCY up 59%. A few nights ago, I said we could make a living trading these BB's and we sure are at this point. Let's knock on wood so it will continue. These BB's are our aces in the hole while the market is flat.
We sure had a lot to watch today while the market was at a stand still. I have been cautious about entering new positions in this market and I will stay that way until conditions improve. Until then, cash remains King and day trading and OTC bb's are looking like the place to be. Surprisingly, our scans found a few good charts and I have some “new today” stocks on the Bulletin. This was very unusual on such a flat day in the markets but we'll take what the charts give us when they give it.
We've had a number of new members join our family recently. Because of that, we've had some questions coming up on how to use the bulletin and what some of the comments mean. I want to go over that information again, because it's important to our new members as well as serving as a good refresher for our more established members.
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Long and Short Positions
The Bulletin contains both Long positions and Short positions, Long positions are listed with a 'L', and Short positions are listed with a 'S'.
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Type Column
1. Open Trade:
This is a stock that has bought for the TradeRecord and has not yet been sold.
2. Closed Trade:
This is a stock that was previously open, and has been closed that day. A stock will only be listed as a 'Closed Trade' type for that day. After that, the stock will either removed from the Bulletin or will be changed to a 'Watch List' type if we are looking to get back in the stock later.
3. Watch List:
These are stocks that have been selected from TradeWithPizzaDriver's stock scans and being watched for a possible entry point.
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Entry Column
The ‘Entry' column is the price the stock when it is first listed in the Bulletin. The price is recorded as the price at the open the day after being listed on the Bulletin. This price will always be the same.
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Listed Column
The ‘Listed' column is the date the stock first appeared on the Bulletin. This date does not change as long as it stay on the Buletin. If a previous stock returns to the Bulletin, the Listed column is reset and will reflect the new date.
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Price Opened Column
This is the price that a position was taken in a Bulletin stock when the entry is indicated as an Open or Closed Trade in the Type Column. The position can be long or short. In cases where a stock is purchased more than once, the Price Opened will be the weighted average of the two positions. For example, if 1000 shares of a stock are bought at $1, then another 1000 shares are purchased at $1.50, the Price Opened will be $1.25. For entries that are indicated as Watch List in the Type Column, the Price Opened column will contain the Buy Point price (if it has been reached).
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Price Closed Column
This is the price that a position was closed in a Bulletin stock. The position can be long or short.
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Comment Date Column ("C.Date" on the Bulletin)
This is the date the comment was last updated on a Bulletin entry. The commentary is not updated every day. The commentary is typically updated when a significant event occurs such as a new high, a trade, a trend line or support break, ect. If a stock makes a new high, the date will change regardless of whether the comment is updated or not.
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Comments Column
An asterisk (*) at the beginning of the comment for an entry indicates that the stock maybe removed from the Bulletin for various reasons such as, trend or support break, closed trade, lack of volume or movement, or to make room for more favorable stocks.
A (DD) at the beginning of this column indicates that we have doubled down on our position in the stock.
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TERMS
Buy Point
The term ‘Buy Point' is the price that has been targeted as an entry point to enter a position in a Bulletin stock.
The Buy Point is first entered in the Comments column until the stock's price hits the Buy Point. Once a buy point is hit, the Buy Point will appear in the ‘Open Position' column. Importantly, although the Buy Point has been moved to the 'Buy' column, this does not mean the stock has automatically been purchased. There are many factors that will make the decision if a position should be entered in a stock, other than the price only, such as volume, market conditions, changes in the stock's charts, etc.
Important:
Buy Points are based on current chart indicators, market conditions, and many other factors. For this reason, Buy Points are only valid the first time the stock price hits the Buy Point. Once the Buy Point has been moved to the 'Open Position' column, the value of the Buy Point has diminished and should not be factored into your trading decisions.
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Some OTC bb stocks for your watch list are MDPA, CGIH, and DSNY. These were listed here last night, but they still look primed for a move so I'm keeping them here for now. Some others are TMXN, NEOP (up 50% since listed the first time), DNYY and DLGI (up over 200% since I first mentioned it in the Commentary).
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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