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Thursday, February 03, 2005
Market Recap
The winning streak came to an end today as profit takers showed up after a nice 3 day rally. The Nasdaq closed down –17 points, the Dow finished lower by –3 points, and the S&P close down –3 points. A closer look and you will see quite a disparity in the day's strength between the Nasdaq and the Dow. It is rare to see the Nasdaq down by almost 1% and the Dow almost flat. They will not always trade side by side, but a 1% difference is very rare. I mentioned last night that the Nasdaq was the weakest of the 3 charts and today the market action mirrored this disparity.
Looking at the chart of the Nasdaq, you will see that this index is at a very critical point. We have mixed signals, so this index could easily go either way. The Nasdaq is the laggard of the 3 indices and the chart I have tonight will show you how the Nasdaq has the potential to drag the other 2 down with it. The non-farm payroll number, released before the bell tomorrow, is probably going to be the final ingredient in whether or not the markets resume their bounce for the short term. Based on my portfolio, it is obvious that I believe we will continue the recent bounce after today's sell-off. If I am wrong, expect to be stopped out of our longs and expect the Nasdaq to head down to 2000 rather quickly.
State of the Union
I hope some of you were able to watch the President speak last night. There was a moment during his speech that I will remember for the rest of my life. I am speaking of the moment when the woman from Iraq, who recently voted in their elections, turned around and embraced the mother of one the soldiers that died in Iraq. No words could describe this moment. I thought that President Bush was going to breakdown himself. I certainly could not hold back the emotions and I do not know how he was able to.
No matter what your political views are, or whether you even like President Bush, this moment was one to remember. If you were not able to watch the speech, I suggest you try to catch a re-run of it sometime this weekend just to see this part. We are a stock trading service so, by no means, is this an endorsement of any political party or particular views. I just wanted to share with you what I felt was one of those moments that you will never forget.
Please tell a friend about our service. As always, thank you for your support past, present and future! We will see you Sunday evening.
Do not forget to check your short-term holdings and know when those companies are reporting earnings. Holding a stock through earnings is risky and I do not recommend it. You can always buy the stock back after the dust settles.
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