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Wednesday, November 17, 2004
Market Recap
Yesterday's market sell off did not last long as buyers came in this morning and scooped up shares at the open and continued buying through mid day before they slowed down. The indices finished well off their highs but still made good gains. The Dow was up +61 points, the NASDAQ gained +21 points, and the S&P was up +6 points.
Inflation is on the rise and there was more proof of that today. The Consumer Price Index (CPI) number was released before the bell, and it was the largest increase in five months. This news came just after yesterday's higher than expected Producer Price Index (PPI) number that caused yesterday's sell off. This high CPI number should have had the same market reaction as the PPI did yesterday, but the market would have none of it. The stock market looks strong right now with stocks going up even on bad economic news.
With both the PPI and CPI up big, we can expect another rate hike from the fed at the meeting in December. Rate hikes are not good for stocks and neither is a falling dollar, but the market is ignoring these warning signs and advancing anyway. This shows the conviction, determination, and strength of the market. Maybe the institutional investors have said enough is enough, it has been three plus years of bear action and we are not going to take it any more. No matter the news, we will take this market up. I hope that is the case, but right now this market is defying logic.
We lightened up on some positions today. INSP and AIRT were losers for us. AIRT fell out of the bear flag I showed in a chart a few nights ago. My stop filled just below the 33 EMA mentioned in the chart. This turned out to be a good stop, because the stock quickly tanked after falling through this area. With small floats such as this, stocks tend to fall in a hurry once the support is broken and selling momentum starts. INSP ended up selling off for a second day in a row. The analysts attacked this one and there was nothing we could do. There were two downgrades on consecutive days and not many stocks can survive that. It was best just to suck up the loss and free the cash so it could be put to work in another stock.
Most of the recent IPO runners sold off today as well. The momentum traders just decided to exit these stocks. Many of them will bounce back. There are still many charts looking good and I have plenty of stocks with good charts on my back up watch list I can add to the bulletin. I have added four more tonight; they seem to just be lined up for a chance to appear on our bulletin.
OTC BB Watch List
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