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Monday, May 31, 2004
Good evening friends,
Market Recap
I hope everyone had a nice holiday long weekend. Considering Friday's lackluster trading session, we could have had a four day weekend. Smart traders had an early weekend and the volume on both the Dow and NASDAQ were far below average. The Dow dropped 16 points and the NASDAQ gained a meager 2 points.
Security Stocks
A point of interest in Friday's trading was the comeback in the security stocks toward the end of the day. My feeling was that they would run up into the weekend, so I loaded up early in the week, but the sudden drop on Thursday was unexpected. The selling continued on Friday, morning shaking out the weak hands before the afternoon rally. These stocks should do well going forward, and I wanted to be long these stocks for the weekend. It is hard to say how these stocks will trade in the short term (this week) but over the summer, I believe they will go up.
Shades of Grey
When I went to school we had just the basic colors. Then people like Martha Stewart came along and your basic blue became “indigo” or “ocean water blue”, but it is all a matter of perception. In the end, it is still blue.
It is important to remember this when being bombarded with stock information. The talking heads on BSNBC, Barons, wall street journal, analysts, and different financial websites, they all tell us that a particular stock is the greatest thing since sliced bread (or not). Everyone is putting their own spin on the stock, and often they are all seeing different colors.
With so many different brokerages covering stocks with many different opinions, it can be confusing. Strong buy, buy, hold, out perform, market perform, under perform, accumulate, so on and so forth. Each analyst interrupts information differently, it is very objective. One might see “indigo”, another might see “glacier blue”.
With chart analysis, there really is not much grey area (or blue if you prefer). The charts and indicators will tell us if it is a buy or a sell; there are no other ratings and opinions to bother with. The charts will give us the best picture and the truest color, by simply studying to determine the direction of a stocks performance.
Since we are short term momentum traders, we need to watch the charts like we watch the weather. When the clouds start to appear on the horizon, we want to watch the sky closely. Keeping a sharp eye on them is the difference between getting caught in a storm, and avoiding it. Remember: the charts tell us things plain and simple, we do not need to listen to everything we hear on TV or read in the papers. By following the charts there are no grey areas. In fact, more often than not you will be seeing green!
OTC BB Watch List
- SPHC
- LINN
- WTER
As always, thank-you for your support past, present and future! Have a great night everyone; we will see you all Tuesday evening.
Numbers
If you super size your fries every day at lunch you'll pay more for French fries than the cost of TWPD service. Dump the fries for lunch in order to trade a bunch.
Notice: No Bulletin on Thursday June 3, 2004
As I will be attending my oldest son's graduation the evening of Thursday June 3, I will not be able to produce a Bulletin.
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