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Tuesday, May 10, 2005
Market Recap
The streak is over and with vengeance today. The markets had rallied back 6 out of 7 days until today when it hit a brick wall at the resistance area's that we have been showing in our charts. The DOW lost over a hundred points and closed down 103, while the NASDAQ took a similar beating and lost 17 points. The S&P closed down 12 points. In a flash, this sell off erases a lot of the gains that have been made in the prior rally. Remember, markets go down much faster than they go up. All of the work the bulls did last week to rally the markets got blasted in one day. The volume today was not heavy so that is good news for longs but the volume during yesterday's small rally was not strong either.
The bear charts of the indices are still in tact, thanks to this selling today. Charts of our short positions also are looking much better tonight as stocks like CLF and SGTL fell out of the bear flags that we have been showing. Our short positions suddenly do not look so bad. I am not a patient trader and I hate holding losing positions but in this case, when caught short in a bear market mini rally, it paid to trust the charts and wait for a re-test of the lows. Once the market tests the recent lows and they hold, we may have a possible double bottom. That will be the time to cover our shorts and go long.
As far as bulletin stocks, I am convinced that we are following the strongest stocks in the market. You know this when our stocks are holding up, and some even making gains, while the overall market sells off today and has been in a down trend for months. In contrast, our stocks on our long watch list have been in up trends during the same period and 11 of them were green today, while the market was a sea of red. This is a sign of very good relative strength. Today, we were able to close out two positions for 10% gains each, FORD long and SGTL short. This will be our goal in this market until things improve and we can let the winners run.
CSCO, Who Really Cares?
CSCO beat by one penny, what a surprise!!!!! You can set your clock by CSCO earnings; they beat by one penny every single quarter. The only thing that ever changes is the guidance, but regardless of their guidance, CSCO is a has-been tech stock that can no longer move the markets with a blink of an eye. Their earnings will have no bearing on market activity tomorrow.
”My Notes”
We would like to introduce a new feature on the website, “My Notes”. This link is located in the top right corner. It is an area where you can store notes for yourself in an organized manner. Just click on this link and a note pad will come up, allowing you to save any trading notes you may have. I use this feature myself and it is quite handy. A big thanks to Mike Tojo, our webmaster for creating this tool.
STHQ Chart Index
If you go to the chart index in the left side menu, you can review and study charts that we have annotated for each stock listed in the past.
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.
Please Tell A Friend
Please tell a friend about our service. As always, thank you for your support past, present and future!
Earnings Calendar
We have added the earnings link for each stock on the bulletin. To access the link for earnings, you can either use the link below or click the link on the bulletin for the corresponding ticker. Click the online bulletin in the left side menu for access to the earning calendar for each stock listed. It is not recommended to hold a position through earnings. You can always buy the stock back after the dust settles.
Stockcharts Listing
Please vote for us once a day at stockcharts.com.
http://stockcharts.com/def/servlet/Favorites.CServ...
Thank you all for voting.
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