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Thursday, July 21, 2005
Market Recap
A disappointing day in the markets today with the DOW losing 61 points, the NASDAQ down 9 points, and the S&P losing 8 points. The NASDAQ seems to be having a problem trying to get through 2200. With this resistance ahead, the market reversed and sold off a little today. Volume was very high on the NASDAQ and that is a little concerning and many more stocks declined than gained.
Earnings in after hours did not blow the cover off of the ball and that could lead to more selling tomorrow. MSFT missed by a penny and the GOOG earnings are still unclear at the time this commentary was composed. Revenue for GOOG came in almost 50 million above consensus. However, the EPS of 1.19 being reported on BSNBC appears to be a miss. I find it hard to believe that they would miss but nevertheless the stock is getting pounded down to $288 in after hours right now. This company is growing like a weed and there is no reason to panic and sell here in my opinion, however, the stock has no catalyst to move it forward at this point . Blowout earnings were the only chance to get a big gap and run and apparently we will not get that this quarter. If you own any call options that are coming near, you should close out those positions ASAP. Without a catalyst to move the stock up in a hurry, the time premium will disappear very quickly. Options as far out as December will be fine but August or September calls are in trouble at this point and I would recommend that you sell them on any strength. If you own the shares, do not panic. There will be a big bounce when the dust settles, in my opinion.
Because of the market action today, there will be no chart parade tonight as planned. I thought that there would be many charts to show tonight and had planned on a large list of charts however the market spoiled most of the charts that I had planned to show you tonight.
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
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