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Sunday, December 26, 2004
Market Recap
I hope everyone enjoyed the long weekend. It certainly is refreshing to have a few days off from the markets and spend extra time to with our families.
Thursday's low volume in the markets certainly came as no surprise as many people started their holiday weekend early. The Dow finished the day up +11 points, the Nasdaq finished up +3 points, and the S&P closed up by just a half a point. There is not much analysis we can do on Thursday's action since the volume was light and the trading range was tight. Those that were around Thursday witnessed a huge move by bulletin stock GNLB, a stock that we own in both the short and long term portfolios. The stock was up over 45% on 4x volume and closed near the HOD. After a move like that, I would not be surprised if news to be released this week was leaked out early.
Looking Ahead
Based on history, we should again see slightly below average volume this week leading up to a half-day of trading on Friday as many people enjoy another three day break from the markets to ring in the New Year. Volume should pick back up again in the New Year as institutions, hedge funds, and mutual funds adjust their portfolios for 2005. The charts of the indices and many stocks are certainly setting up for what looks like should be a very nice run in 2005. I have plenty of cash to put to work and my plan is to start increasing my long positions next week in preparation for what is historically a good time for the markets. Of course, we will still buy only the best looking charts that we feel have the potential to make us all some very nice gains.
I have seven new stocks on the bulletin tonight as my search for new bulletin stocks produced some good results this weekend. I also added some new stocks to the OTC Bulletin, which continues to produce some nice winners each week. Just be sure to take those profits on the OTC stocks, as they will often fall faster than they climb.
Watch the Sox
I hate to sound like a broken record but the one index that I continue to watch very closely is the Sox index. However, the news is getting better each day. The Sox closed above the critical short-term 425 price level on Thursday and above the 9EMA. It is also above the longer-term trend line that you will see on the weekly chart of the Sox. A strong move in the Sox should be coming very soon and I believe that the direction will be up. If this index does indeed break to the upside it will no doubt take the Nasdaq with it.
Holiday Season Bulletins
There will be no bulletin on Thursday December 30, because the market is only open for only a half day trading on New Year's Eve.
Holiday greetings from TWPD
From all of us at TWPD, we hope you all have a wonderful holiday season with your family and friends. We would like to wish all our members a very Merry Christmas and Happy New Year. May 2005 be a great year for you and your loved ones.
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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.
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