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Thursday, August 12, 2004
Good evening friends,
Market Recap
Oil prices hit new record highs today and that had the Bears out in force, taking the Dow down for another triple digit loss. The Bears are in control of this market, there is no doubt about it. The Dow lost -123 points closing near its low of the day. The NASDAQ dropped -29 points and the S&P shaved off another -12 points.
The Dow is nearing support again at 9800 and the NASDAQ is near the 38% retracement level shown in the NASDAQ chart last night. The VIX is rising again and closed above 19 today. Looking at these factors, the market is over sold and we may see some buyers soon.
Our 2004 Trade Record
The NASDAQ is now down -12% YTD while TWPD is up +29% YTD. We are now out performing the market by 41% and on a pace to out perform the market by more than 60% this year. I see no reason why we cannot keep up this pace or even get much better as we move on through the election and to the end of the year.
Short Positions
Our short positions continue to do well. Those that do not are quickly covered for small losses. Over all, in a market where Cash is King our smart trading has been very effective.
Bulletin stocks from our short list making new 52 week lows today include:
- QLGC
- OVTI
- OMC
- FDRY
- FLML
- CAO
- KKD
Our commentary is brief tonight as I have an engagement I must attend. Overall, we will keep shorting stocks until the market trend changes. Have a great weekend everyone.
OTC BB Watch List
- None
StockCharts Listing
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Please tell a friend about our service. We would like to become a referral service only. With your help, we can be. As always, thank-you for your support past, present and future! Have a great night everyone; we'll see you all Sunday evening.
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