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Wednesday, September 01, 2004
Good evening friends,
Market Recap
The markets were mixed today with the Dow down -6 points, the NASDAQ up +12 points, and the S&P gaining -2 points. The Dow and S&P continue to trade between their respective 50 and 200 SMA's. Their 50 SMA lines are slanted down, but their 200 SMA lines are slanted up which is a positive longer term. The NASDAQ is still below both of its key averages with both of these lines slanting downward. Both the S&P and Dow traded less than average volume today, but the NASDAQ saw decent volume. Volume on the NASDAQ was slightly less than average but still more volume than it has seen lately and that is a positive.
Market Open
It was certainly an interesting open this morning. Need I say more about not buying in the first 30 minutes? It is not every day that stocks go wild like they did today, but there is still a very good reason not to be buying in the first 30 minutes of trading. I am not sure what caused the charts spike up as they did and immediately fall back. Maybe it was program trading by an institution that went wrong. What ever it was, it did not make sense and I am sure it took some traders by surprise. As a result of the wild start to today's trading, there will be some daily bars that will skew charts. This happens from time to time, and when it does it makes the charts harder to read and predict. Any constructive price patterns have now been altered and may seem invalid because of this blurb.
I have checked all the charts for Bulletin stocks and there is not much to update in the way of comments so very few have been updated tonight. With just two more trading days before the long weekend, I expect volume to pick up a little towards the end of the week. People will want to either 1) position themselves long before the holiday thinking buying will start Tuesday morning when the volume from institutions comes back to the market, or 2) they will be selling so they are in cash for the long weekend. Tough to say at this point, but which ever direction the market ultimately goes, it should be backed by heavier volume than we have seen.
Small Caps
Lately, many small cap lower priced stocks are starting to bounce off possible bottoms. This is where the big money is made if you are lucky enough to be able to spot these before they move. Some of these stocks (less than $5.00) are acting very nicely. Their charts are still very broken but some may be worth a gamble IF this market has truly found a bottom. One stock I find interesting is SCON. See chart tonight. I will look for more of these small cap stocks this weekend and try to come up with some for our bulletin watch list.
OTC BB Watch List
- none
* Here are a couple stocks I found that look decent for moves higher. Normally I would add to the bulletin but I am holding off adding anything for now.
Long: BLKB and TRA
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