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Wednesday, September 07, 2005
Market Recap
This market just refuses to go down; we got a good follow through day today on yesterday's nice rally to start the week. We could have expected a little profit taking after such a nice move yesterday but buyers would have none of it. The market forged ahead with the Dow tacking on another 44 points. The tech heavy Nasdaq gained 5 points and the S&P gained 3 points. Not a powerful day when you look at the indices but as we have mentioned, there are so many stocks moving up behind the scenes that we are 110% long in our portfolio, grabbing another couple of positions today. Normally, we would not be this long in a market with such turmoil, but we just cannot layoff some of these super charts. There are so many good set-ups that the number of charts to be shown in the chart section lately has grown significantly.
The portfolio is performing very well in the market under these conditions and we will continue to trade long until the charts tell us we should not. As always, tight stops should be placed to protect profits or to prevent loss in the event of a market reversal. We may get a slight pullback but I do not expect a big one. The charts we showed of the indices last night clearly indicate that the recent down trend has turned up. This is very positive for the markets even though September is the worst month for performance on a historical basis, go figure.
Passion = Boundless Enthusiasm
Most humans spend the majority of each working day working. So why not find something that you absolutely love doing for a living? Something that you have a relentless passion for. Most people believe that you have to work to earn money to make a living and provide the medium of exchange to enjoy the things you love to do in life. Most people are stuck in jobs they cannot stand, they dread getting up and going to work. However, I do not believe you will find a stock trader who hates to trade stocks. If they did, they would simply find something else to do. If you truly pursue work that you have a burning passion for, and pour your heart and soul into that work, you will strive, both emotionally and financially. Whether you are a doctor, accountant, actress, pilot, mechanic, professional athlete or stock trader, it is all the same. If you are doing something you love, you will have the genuine fortitude to become the best at what you do, gain the necessary expertise in your field and survive any learning curve to become a professional.
If stock trading is your passion, you will find the energy to spring out of bed at 5:30 a.m. daily eager to face each trading day. Whatever the case, I believe that your life will be more satisfying if you are pursuing your dreams as opposed to being just a successful person in work meaningless to you. Your work should be a "calling," and not "work." I do not take many vacations and when I do, I find myself working whether officially working or not. I would have to call that a passion for the trade. Once you decide that trading is your "calling," and you have that burning desire to master it, you will discover that it is the most rewarding business on earth! I say this to you tonight because I believe it is a wonderful time to be in the market just because of the many chart set-ups we have been seeing over recent weeks. This is truly the time to be in the market.
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...
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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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