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Tuesday, September 13, 2005
Market Recap
Today's market move was not for the weak of heart. Lately, the markets have been trading in a narrow range intra day with virtually no volatility at all but today all of that changed and did it ever. The market was an extreme roller coaster ride today with two savage reversals. This morning, the bears were in complete control from the start, taking the DOW down 85 points and then, from out of nowhere, buyers flooded the market and washed the bears away with a tremendous buying spurt that took the DOW all the way back up close to positive territory. Then again, from out of the blue, a devastating reversal caught the bulls off guard and the selling was relentless. It very quickly dropped the DOW right back down to near the lows of the day. The DOW closed down 85 points, with the NASDAQ down 11 points and the S&P down 9 points.
This is the Market, This is the Market on Drugs
The market was smokin' today but the question is, what was it smokin'? This was the reversal that we had expected to come soon but we had no idea that we would have that last gasp effort from the bulls in the middle of the day to keep this 2 week rally going. This was a double head fake and when I saw the bulls fight back to rally the market after the morning lows, I felt that we were going to bust through resistance and make new highs today so I started to buy some stocks. I was early and never expected this second reversal to the downside later in the day. My hat is off to Mike Serven, who correctly called the second market reversal and said that the market would close near the lows when it was rallying up, undoubtedly, the call of the year so far in my opinion, brilliant foresight.
This double reversal is not good news for the bulls and the market should now be poised for some overdue downside. We are 90% long with the market at resistance, not our normal strategy but so far our portfolio has held up well and is green at this point. Although the indices took a licking today, there were many bulletin stocks that still managed to have a good day KNDL, KOPN, BCSI, JOYG, MYOG and PRTL. Keep your stops tight and so will we. A move to cash could be wise if there is any follow through selling tomorrow.
Alan (Tech)
I am not sure how many know this but Alan went to the hospital today to have some test done. I want to wish Alan the best and hope he recovers from his illness very soon. God bless you Alan, we miss you.
PRTL Buy Alert
I am being told that there was no alert sent on the PRTL buy today. I am not sure what happened but we purchased this stock at the buy point in the bulletin ($1.02) and sent the alert. Apparently the confirm button that actually sends the alert after the position is opened in the trade record was not pressed to fully complete the alert. This has happened before just two or three times in our haste to send the alerts, however we quickly re-send the alerts if we notice right away. Today I was working alone without the benefit of Alan's second pair of eyes and the error went unnoticed until after market closed and by then it was too late to send the alert.
The Bulletin clearly stated the buy point was $1.02 and that is where we bought it and thought the alert went out. If the buy point was not listed in the bulletin, this trade would be scratched since there was no alert sent. But since the buy point was listed and everyone could have bought when it broke through the $1.00 resistance level, we are electing to keep the trade in the portfolio. I apologize for the error. Everyone should always read the bulletin for buy points and do not rely solely on the alert system for your trading activity. Please remember, this is the first time in 2 ½ years that we have had an open position in the portfolio that was not followed by a buy alert. We will work hard to make sure it does not happen again.
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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http://stockcharts.com/def/servlet/Favorites.CServ...
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