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Monday, September 05, 2005
Market Recap
Not much action at all in this market on Friday as traders either left early or did not show up at all and decided to start their long holiday weekend early. The volume was non-existent with the indices drifting lower in a narrow range. The Dow lost 12 points, the Nasdaq was down 7 points and the S&P was lower by 3 points. This low volume was expected and is always below average the week before Labor Day. Tuesday morning, traders will be back to start the final four months of trading in 2005 and volume should pick-up substantially. With volume picking up, the moves (up or down) in the market from now on will be more meaningful. When markets move on low volume, the direction is unreliable but when they move of heavy volume, it usually gives much more credence to the move.
So we will look for an increase in volume and give more weight to the direction of the move than we did in the slow volume month of August. We do not want to try and predict market direction from here. The aftermath of the hurricane is astronomical and the human suffering is indescribable. This will undoubtedly have a dramatic affect on our economy for months to come and that reality may set in on Wall Street this week. I would not be surprised if there is heavy selling now that the market has had a week to survey and process the physical and physiological damage. It seems logical for the market to sell off after digesting this damage. Now we wait for the market to react. The big question is, will it react logically or illogical?
The Scorpion and the Frog
A scorpion and a frog meet on the bank of a stream and the scorpion asks the frog to carry him across on its back. The frog asks, "How do I know you won't sting me?" The scorpion says, "Because if I do, I will die too." The frog is satisfied with that answer, and they set out to cross the stream together but in midstream, the scorpion stings the frog. The frog feels the paralysis set in and starts to sink, knowing they both will drown, but has just enough time for one last gasps and he asks "Why?" The scorpion replies: "It's my nature..." Both the fog and the scorpion sink beneath the water and drown. Aesop's Fables
The morale of this story
Every trader has habits that they continue to do over and over even if they know what they continue to do has not worked in the past. If you do not change your bad habits you will be the cause of your own demise when it comes to trading the markets. The key is to recognize those bad habits and have the discipline to correct them. Change from what is not working to something that will. In an upcoming commentary we will cover some things you can do to be a more disciplined trader.
STHQ Chart Index - If you go to the chart index in the left side menu, you can review and study charts we have annotated for each stock listed in the past.
Earnings Calendar
We have added the earnings link for each stock on the bulletin. To access the link for earnings you can either use this 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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http://stockcharts.com/def/servlet/Favorites.CServ...
Thank you all for voting
For New Members:
For all 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 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.
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