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Sunday, December 05, 2004
Market Recap
Intel came out with a rosy mid quarter update on Thursday evening after the bell and the markets were set to open up big on Friday morning as a result. However, a disappointing employment number was released before Friday's opening bell and that dampened the positive sentiment on Wall Street. The futures plummeted and the markets traded basically flat for most of the day, despite Intel's wonderful guidance. The negative jobs news washed out the positive Intel news and the markets went nowhere. The final tally was Dow up +7 points, NASDAQ up +4 points, and the S&P up a fraction. I was hoping the NASDAQ could close at a new 52 week high but that did not happen. The S&P and RUT have already closed at new highs recently so all we need is the Dow and NASDAQ to cooperate. The NASDAQ is just 6 points away from its January closing high and the Dow is just one big day away from a new 52 wk high. It needs another 160 points to take out 10750 which I pointed out last week would be the next resistance level.
Many Charts Ready to Explode Higher
There are a ton of solid charts building up for a strong advance. I have many stocks on the bulletin back-up watch list that look solid and can be added to the bulletin. With this many charts setting up, I have to believe the NASDAQ will take out its 52 week high very soon. I have over 40 charts I am tracking in addition to the over 40 on the bulletin now. Many of these stocks are getting ready for a serious advance soon.
Notice: Limit Orders in a Bull Market
I have listed many limit orders in the bulletin to try and buy stocks on pullbacks in areas I believe are support areas where stocks should bounce. However, I believe this is a bull market, and in bull markets, sometimes you just have to buy stocks or you will miss the moves. They may not return to those limit prices you are waiting for. If at anytime, I feel I need to be in a stock, I will enter them regardless of the limit price listed in the bulletin comment. In bear or flat markets, I will stick to the suggested limit prices but in a bull run, the rules are much different in regards to waiting for a stock to come back to my price.
OTC BB Watch List
- CYME: New today 2.45
- GNAC: New today 1.32
- GPSN: New today .19
- PRCY: New today 1.44
- ALMI: New today .34
- PYDS: New today .33
- UGNE: Listed here at 1.80, this is just about ready to move up big.
- VSNI: Listed here at 1.71, keeping it here, after a rest it should move again.
Stockcharts Listing
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As always, thank you for your support past, present, and future! Have a great night everyone; we'll see you all tomorrow evening.
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