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Tuesday, December 28, 2004
Market Recap
Today was a very nice snap back rally for the markets after some recent low volume selling. The Dow scored a +78 point gain and the Nasdaq followed with a gain of +22 points. The S&P was also up +8 points for the hat trick. As I pointed out in the index chart updates last week, I think we are getting ready for an explosive upward move in the next few weeks. The charts are setting up well and look like they want to go much higher. Yesterday's low volume selling was nothing to be concerned with as buyers stepped in and drove stock prices higher. Remember, in bull markets, low volume pullbacks are a great time to buy or add to your positions, and the bulls followed that pattern today and took advantage of this latest dip.
Tsunami
Over 50,000 people have lost their lives to this horrible tsunami that struck over the weekend. A massive earthquake six miles beneath the Indian Ocean sent waves traveling across the ocean in excess of 500 miles per hour. Waves slow down as the depth of the water decreases and, luckily, they were not traveling at 500 miles per hour when they came crashing on shore. Nevertheless, the devastation is beyond belief, and it will get worse as time goes on due to the unsafe living conditions these title waves have caused.
Wall Street has once again benefited through another unfortunate circumstance. I personally would not try to buy stocks that are blasting off on speculation over the tsunami tragedy. I cannot think about profiting from someone else's misery but this is a trading service and it is our job to find stocks that are moving for our members for whatever the reason. So if you are as uncomfortable as I am about trading these stocks, I would ask that you not do so. I have added one stock tonight to our bulletin that I think still has some room to run. I would ask that if you do trade this stock and make a profit, that you would please donate a portion of your gains to the relief efforts. I am not saying that trading these stocks is wrong but I am personally a little weary of doing so because so many people have been hurt by this disaster.
The charts and fundamentals of these companies were not good to begin with so they are very risky plays. Most of them are junk stocks that are moving solely because of this disaster. I have looked at some of the charts and they did not look good at all before they blasted off on this record volume yesterday and today. Some of the floats are too small. Once the mania dies down, these stocks will be hard to sell because of the low daily average volume. The volume will dry up and return to almost no volume, like it was before this event occurred. Check the charts and the volume on these stocks before the Tsunami. If you play these stocks, make sure you know what you are buying and watch them very closely.
I have been watching the news since the disaster struck, and I have taken some time to think about the devastation and how it has affected so many people this holiday season. I cannot even begin to imagine what those people are going through right now. The death and destruction must be too much to even put into words. I have considered what I can do to help and hope that you will consider it too. I am planning to donate to the relief efforts. These people are without life's basic things that we all take for granted, like electricity or even clean drinking water. Many of these people's homes and everything they own were destroyed; they have nothing but the clothes on their back. It is a terrible situation that I cannot begin to imagine being in. Please see it in your hearts to donate something to the tsunami relief efforts. We have provided a link if you would like to donate to the American red cross. Thank you. http://www.redcross.org/donate/donate.html
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.
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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