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Tuesday, March 08, 2005
Market Recap
The Dow wants no part of 11000 and we saw this yesterday and today with the down market. Oil prices are near $55.00 a barrel again and that of course hinders an advance in stock prices. I mentioned a couple of nights ago that the Dow and S&P had broken out of double top formations and for you not to be surprised if they both retreated back to these prior resistance areas. This line is between 10850 and 10870 on the Dow. This is where the Dow could return and still be safe, technically. Any lower and it would return to below the double top and would be a negative. So far, it looks like the Dow may be headed in that direction, with a loss of 24 today, on top of yesterday's 30 point loss. The S&P lost 6 points today and is returning to its double top line between 1217 and 1212. This is the area of support that we should see a bounce. This action should not come as a surprise because I mentioned Sunday that is was very possible. The commentary tonight is short because I want to get right to the charts and we have a lot of charts to cover.
Tonight's Charts
Tonight, I have charts of every open position on the Bulletin because I want you to see why I am still holding them. Sunday, I mentioned that Friday's breakout of a double top formation on the Dow and S&P should propel the markets higher but not before we get a pullback to the former resistance double top line, which now becomes support. On Monday morning, I bought several positions because I did not want to be left behind if the market advanced from these double top breakouts without pulling back. In hindsight, I should have waited to make these buys because they did pullback as expected. In the charts tonight, I show you why I am holding these stocks, even as they pullback slightly. Please refer back to the charts from a couple of nights ago with the shakeout theme. If we sell these stocks now, we will have more small losses and might very well be victims of another shakeout.
I will hold these leading stocks until the trend lines are broken. My losses will be more than I would like but we must hold through dips to make money in this market. On the other hand, if we keep tight stops in this market, we will very likely be stopped out on a daily basis. The stocks we own were down on lower volume than they have been trading at lately. I think it is a shake out but one can never be sure.
OTC BB Bulletin
If you do not want to trade the higher priced leaders, I invite you to checkout our OTC BB Bulletin. There are some super gainers on that list and OTC BB stocks trade on their own, regardless of market conditions.
For New Members
For all of the new members with us, please make sure to read the link “How to use Bulletin” at the bottom of the Bulletin page on the website. It is critical that you know how to use this trading tool before trying to trade the stocks mentioned. The effectiveness of your trades will diminish if you do not completely understand how the information is presented.
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