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Tuesday, April 06, 2004
Market Recap
Today was a mixed bag in the markets, with the Dow closing up 12 points (at the high of the day) and the NASDAQ taking the day off (closing down 19 points). The NASDAQ managed to close off its lows of the day, bouncing near the 2050 level which is minor support.
NASDAQ Pullback
Recall I mentioned on Sunday night that the NASDAQ could pullback slightly. This is the pullback I was talking about, and I do not expect it to be a big pullback at all. That is one reason I have been buying stocks faster then a greyhound at a dog track. Hopefully, the NASDAQ will not fill the gap from Friday's big gap up. Friday's gap is at 2020, and as of tonight, it is also the 50 SMA. When a stock or index fills a gap, it indicates that it is weak and has no power. We do not want to see this gap filled. What we need here is a break away gap and run to show that this rally has some real legs to it. I think it is possible, and I am taking the stance of “let's be long with tight stops, in case this rally is on.”
Looking For the Next Leg Up
The market took the day off today but TWPD was very busy buying stocks and positioning our portfolio for the next leg up, we are now 100% long this market. I think this may be only 2nd time since the service began that we have held so many stocks at one time. If you recall a few weeks back I said the NASDAQ would test the 200 SMA and bounce and that would be the time to go heavy into long positions. We are at that point now; there are many small cap stocks I would like to own but unfortunately I do not have the room in the TWPD portfolio to buy any more stocks unless we use margin. There is zero cash in the official TWPD trade record. I would not rule margin out at this point but it is not used often here, although it has been used on occasion.
Full Bulletin
We have plenty of stocks on our watch list for now so I am not going to run through my entire stock research process tonight. We have two days left of trading this week so let's take tonight to look over current bulletin stocks and prepare for these next two trading days. Friday is a market holiday so there will be no Bulletin on Thursday night. I will be back with full stock research tomorrow night to get us ready to enter the long weekend.
For New Members:
For all the new members with us, please make sure to read the link “How to use Bulletin” at the bottom of the Bulletin page on the website. It is critical you know how to use this trading tool before trying to trade the stocks mentioned. The effectiveness of your trades will diminish if you do not completely understand how the information is presented.
Those OTC bb's stocks keep running.
- WWAT (up over 100% since mentioned last week)
- MOBL (Broke out today and was up 40%)
Some others for your watch list include UNWR, WTEQ, and ECEC
As always, thank-you for your support past, present and future! Have a great night everyone; we will see you all Tomorrow evening.
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