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Thursday, November 11, 2004
Market Recap
The stock market continues to climb today as another rally on Wall Street took the S&P 500 to new highs for the year. The S&P was up +10 points, while the Dow gained +84 points, and the NASDAQ powered ahead and closed above the high of late June. This close is very good from a technical stand point. It is very bullish when prior highs are taken out on a closing basis. The NASDAQ gained +26 points and closed above the 2050 area of resistance mentioned before. It is now less than 100 points away from its January high of 2153. I think we will take out that high before the end of the year, setting the market up for a big move in 2005. Oil continues to slide and everyday it falls adds fuel to the stock market.
Looking Ahead
There are a lot of great looking charts right now, too many to list on the bulletin. We will continue to list the market leaders and some small caps that are primed for a big move up. Our bulletin stocks may turn-over faster than usual in this type of market. We only want the stocks that are moving up. If they do not move, we will remove them to make room for others. The market is over bought and due for a rest, but keep in mind, in bull markets, stocks and indices can stay over bought for a long time. The VIX is at its lowest point of the year. This shows no fear in the market as nobody is buying protection. This is normally a sign of a top in the market. However, the VIX can also remain low for a long period of time. I do not think there is anything that indicates the market is headed lower except the occasional bull market correction or pullback.
A Debt of Gratitude to Our Veterans
It is Veterans' Day in the U.S. This is a day to pause for a few moments and be thankful for what the men and women in the armed services do for this country on a daily basis and for what they have done in years past to secure our freedom.
The market is looking strong and now is not the time to shy away from it, but there are times when we need to put the stock market on a back burner and focus more on the important things in life. This summer was a good example of a chance to take a break from the market and remember our families and friends; they should always be foremost in our thoughts.
Always remember our country and the men and women who serve proudly. It is because of what they are doing on a daily basis that we are safe. We are able to sit in front of our computers and make a living trading stocks while these troops are in arms half way around the world in Iraq. I personally know some individuals who are serving in Iraq, some belong to my church and have deployed. There are many other hard working soldiers in the field around the globe. Some of these troops will not be home for the holidays, and even worse, some will never come home.
Take a moment this evening to remember those men and women who have died for their country and for our freedom. We can always think about the markets tomorrow, but tonight, let's think of the troops. God Bless America and the troops who defend her.
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