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Monday, November 01, 2004
Market Recap
It was a slow day today for a market that is on hold awaiting the outcome of the presidential election tomorrow night. The Dow was up +26 points, the NASDAQ gained +5 points, and the S&P was up a fraction.
The Pigskin Theory
If history is to repeat itself, the incumbent will not be elected this year. This is according to the Stock Market Theory that the Dow is lower now than it was the day the republican convention ended. There is also the Pigskin Theory. Football fans in Washington D.C. know this one very well. It goes like this: the weekend before the presidential election, if the Washington Redskins win their game, the incumbent will win the election, if they lose their game, and the incumbent will lose the election. This theory has worked 16 out of 16 times. The Redskins lost this weekend. If both the stock market theory and the Pigskin Theory hold true, they are certainly favoring Kerry. Will these theories continue to correctly forecast the winner of the election in advance? In the last couple of weeks, we have seen two big streaks come to an end. The Red Sox finally won a World Series after being denied for over 80 years, and the New England Patriots lost for the first time in 22 games this weekend. Both of these streaks have ended, will the Stock Market Theory and Pigskin Theory streaks end Tuesday night also? It will be an interesting evening for sure.
Election Day
Tomorrow is Election Day; the day we decide as a nation who will govern the U.S. for the next four years. It has been a long road for the candidates, and I think it has been an even longer road for Wall Street. The Street is tired, and the relief from the election results cannot come soon enough. Once the elections are over, I think we will see an initial surge in volume to spark a rally. If the results are contested by either party, then we can expect a major sell off. I doubt that will happen again after the debacle four years ago but one never knows. If we have a clear cut winner, the only selling I think we will see are those people selling positions that are not favorable given the choice on Tuesday.
The speculation and uncertainty should be over and the market should head higher based on the good earnings news we have received over the last few months. Hopefully, oil will continue to decline and that will add fuel (pun intended) to the stock market rally.
Powerful Bulletin Stocks
TZOO was up $19.00 today to a new 52 week high, closing above $88. It is up $38 since we showed a chart and predicted a bounce off the $50 support level. I wish I had bought for the service, but I did not expect it would bounce to this degree after the ANALysts down grade three weeks ago. This is another testament why ANALysts should not be followed. They scooped up what would now be real cheap shares at the $50.00 level after the dumb money sold on the down grade. Congratulations, if you played this bounce when we showed the chart. What a great trade. RIMM is another power house in play after blasting through its 52 week high again today. AIRT is a low float stock and it does not take much volume to get it going. Today it was up over $5.00 and closed at its high. These powerful stocks are the stocks to be in if this market rallies. I want to be in the leading stocks and these stocks are the leaders.
My Favorite Charts for Wednesday morning
You probably noticed from the lack of Alerts that I did not do much trading today ahead of the election tomorrow. I will concentrate on the strongest stocks in the market and look to buy them right after I see the reaction of the herd on Wednesday morning. It should be a wild open regardless of who the next president is determined to be. I have posted charts tonight of all my favorite charts. These are charts of the strongest stocks on the bulletin right now or stocks with good bases from which they can advance once a rally starts. These are the stocks I am looking to open a position if I do not already own them. In my opinion, these are the ones you should focus on after the open on Wednesday morning.
OTC BB Stocks
None
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