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Thursday, June 09, 2005
Market Recap
It was no big surprise in the Greenspan testimony today as he said nothing to indicate that rates will stop going up anytime soon. This news, plus oil prices pushing above $54.00 a barrel today, did not phased stocks at all. The market ignored this news and climbed higher on light summer volume. The DOW closed up 26 points, the NASDAQ gained 16 points, and the S&P tacked on 6 points. Although it may have seemed like a lackluster day, there were several bulletin stocks breaking out on big volume, they included GEMS, GEOI, LIFC, LKQX, and even ESLR. These, plus a couple of stocks from my Day Trade post this morning did very well, GEOI and ABLE.
Someone is Blind and It Is Not Me
Apparently all is well in the little world that Mr. Greenspan lives in. It sure would be nice if the rest of the planet lived inside of this little universe that he calls home. Mr. Greenspan spoke earlier today on the economy. He seems to think that the economy is quite strong, housing is in no risk of a boil over, and interest rates seem to be doing the trick. It looks like we are in for more of these measured increases.
Just yesterday, the Whitehouse came out with revised numbers for the GDP and they were lower. Hmmm, there is a disconnection between what Greenspan told us today and what the Government said yesterday. The Government see's growth but at a slower pace. Apparently Mr. Greenspan disagrees with the Whitehouse' numbers and thinks that the slowdown seen by the Whitehouse either is not there, or is not something to be concerned with.
We are still seeing historically high oil and gas prices. Unemployment numbers took an unexpected dip today and we still have not seen a huge influx of new jobs. With GM getting set to cut 25,000 jobs, how can this be good for our economy? Those 25,000 job cuts from GM are just the tip of the iceberg. That starts a chain reaction because there are many suppliers to GM that will probably have to cutback on production and ultimately on employees as well. A company as large as GM cannot cut 25,000 jobs and not have any repercussions on other areas of the economy. I wish Greenspan would give some specifics on what he is looking at because there is nothing I see in any economic numbers that require additional rate hikes going forward. Is Greenspan blind or am I?
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.
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
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