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Thursday, May 19, 2005
Market Recap
There were no sellers in sight today as the markets were up again on decent volume. The NASDAQ was up for the fifth day straight, and the DOW and S&P were up for the forth day straight. The DOW gained 29 points, the NASDAQ gained 12 points and the S&P gained 5 points. All three of these indices closed at their highs for the day. After this run-up, we would expect to see some selling but it has not happened yet. This is a very good sign for the bulls. Normally we would have seen major profit taking after such a run but the fact that the bulls are holding the gains and not giving at least some back is a very strong statement. The market seems to want to sustain the latest gains and if we can get some sideways consolidation above the key levels as discussed last night, then that would be very healthy for this new bull run.
Looking Ahead
Each one of these indices is very overbought right now so I am not going to chase the market. There is no doubt that this rally looks strong but looking at the charts of these three indices tonight, there is a clearly indication of some resistance ahead. I do not mean to be negative but I have to report what I see on the charts. From what I see, we have not moved firmly into bull mode just yet. As you see in the charts of these indices tonight, we do not want to rush in and buy now because we will most likely get stopped out on the inevitable pullback. There will be a pullback to support prior resistance and that will be the place to enter new long positions. Tomorrow is Friday and it is also options expiration day. With a strong up week so far and the volatility of options expirations, we could see our first down day in a week. No doubt, profit taking could come in before the weekend.
Preparing for the Bull Run
I am getting to the point where I am going to have to close all of the open positions that have become losing trades and dead money. There is no sense in holding these stocks at this point in time. If we believe the bull is back then we need all available cash to be put to work in the stocks that are moving up. In bull markets, I say “if it is not moving up, there is no need to hold it”. Prepare for some sell alerts that will be ugly. Overall, after these trades are closed, are trade record will be down 4% or 5% for the year. Nothing to brag about of course, but it is still better than the markets performance. What we need to focus on is making the most money we can and if it means that we have to close some positions to get us in better ones for the bull run then, as ugly as it may look now, it will be best for our portfolio in the long run.
New Stocks on Bulletin
Okay, if we think the bull is here to stay then we need to place the strongest stocks on the bulletin and tonight I have added many new stocks. These stocks all have super charts and are breaking out. This is not to say that we will buy them all tomorrow, but I want to get them on the bulletin so that we can monitor them and buy them when the market pulls back some. I will also lighten up on the short watch list. I would not get rid of it completely because I still believe some of the stocks we are tracking will go down from here. Let's keep an eye on them, at least for a little while. I want to make sure that the all clear signal is given for this bull run before eliminating any possible short positions.
”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.
http://www.earnings.com
Stockcharts Listing
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