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Tuesday, June 14, 2005
Market Recap
Four up days in a row for the DOW and two in a row for the NASDAQ and S&P but, as mentioned before, volume continues to be light as the summer vacation season begins. The DOW was up 25 points today, the NASDAQ was flat, and the S&P gained 3 points. This is only the start of the light volume summer season so if you plan to trade and watch the market for the next couple of months, you had better take something to keep you awake. I am finding it hard not to nod off during the trading day at times. There is just no excitement in this market right now. Even my favorite stock GOOG is having trouble moving forward.
Lower Priced Stocks
We are going to start placing some lower priced stocks on the bulletin. However, although these stocks have good charts, volume is certainly a concern as many of them are thinly traded. The problem is that I am not finding many lower priced stocks with good enough charts that also have good average daily volume. If you play some of these thinly traded stocks, please make sure you are aware of the risks of not being able to get out at a good price, should something go wrong with the trade.
Smoke and Mirrors
After listening to Alan Greenspan's testimony last week, I brought up his contradictory views on the economy in a commentary. While the White House was lowering GDP numbers, Greenspan was predicting tremendous growth. Not to say that we are always the skeptic, but things certainly seemed amiss when this happened, just one day after the Whitehouse announcement. They seem even more amiss now. Oil prices have been on the rise once again, jumping up over $2 a barrel just yesterday. Couple that with lower retail sales out this morning, and we have got more data to contradict Mr. Greenspan's views. Top that off with a recently released manpower survey and we have got even more data that is not supportive of Greenspan's position. That study showed that some 57% of employers are not willing to start hiring at this time.
So with all of this factual data in our hands, I think that we can conclude that something is amiss in Greenspan's universe. I questioned his thinking last week when he came out and said that he thought a robust economy was going to continue powering forward and that his policy of measured rate hikes would continue in the near future. There is a clear disconnect somewhere here and our economy is going to pay the price if he continues with those marked rate increases, in my opinion.
Paper Trading
Here is a word of caution for new members. No one should be trading real money until they have at least 20 profitable paper trades under their belts, in real time, in real market conditions, before risking any real money. There is nothing that can take the place of trading real money but paper trading is about the closest thing you can do to prepare yourself. There is one important point about paper trading that cannot be overemphasized. Trading on paper has no emotion and because of this, you may take more risks on paper than you would if real money were on the line. By this I mean that you may not sell a loser in a paper trade because there is no money involved. Or you may let your winner's run further than you would if you were trading real money. When real money is on the line, you will be more conservative and cut the loss or take the profit sooner. Knowing this, might skew your paper trading returns. Successful paper trading does not guarantee that you will have success when you begin trading real money and emotions come into play. However, successful paper trading does give the trader confidence that the system he or she intends to use actually works.
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
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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