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Wednesday, September 14, 2005
Market Recap
The two-week rally off of the August lows came to an abrupt end yesterday and today. There was follow through selling as this market is in a fierce battle with the bulls and bears lately and both are getting whipsawed as the market proves again that it cannot be beat by neither the bulls nor the bears. The DOW dropped 52 points to close back below its 50 SMA. The NASDAQ fell 22 points and it too closed back below its 50 SMA. The S&P lost 4 points but remained 2 points above its 50 SMA.
Another Bear Trap?
We have seen the market drop below its 50 SMA before and thought it was time to open short positions only to have the indices bounce right back and close above these moving average lines. Over the course of the last year or so, we have been faked out several times by this market maneuver so we will not fall for it again. Do not get me wrong, we still need to be aware of these levels, they still mean something, but lately they have not been a reliable indicator of support or resistance like they once were.
Our portfolio remains in good shape but as mentioned last night, stops must be kept tight during this time of market uncertainly. The market had trouble getting through the overhead resistance of the highs of the year and subsequently has fallen back. We do not know yet if it has put in a double top or if it is going to comeback for a second attempt at breaking into new highs. Only time will tell, so we must be defensive in nature and not be afraid to raise some cash when trades show the slightest hint of failure.
Market has a lot on its Plate
With all that the market has to digest lately, there are certainly plenty of reasons for bulls to throw in the towel. Hurricane Katrina, interest rates, rising energy costs, a market double top and in an over bought condition. There does not seem to be a whole lot of reasons for the bulls to stay in the fight.
Even with market internals weak on Tuesday, a good number of leading stocks forged ahead to new highs while other strong stocks bounced off support. Even today, there were a number of stocks that held up well. This is not yet the time to place big bets in either direction, just be cautious and let the events unfold. As we said yesterday, raising some cash here may not be a bad idea.
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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