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Thursday, September 15, 2005
Market Recap
There is not much to report tonight in the way of a market recap as the indices just spun their wheels like a Volkswagen Bug in 3 feet of snow. The DOW was up today but only 13 weak points. The S&P could not even manage to gain a full point and the NASDAQ lost 3 points. Expect tough sledding tomorrow also with an options expiration day. Those days can sometimes be volatile so try not to be whipsawed out of your trades, should you make any.
Stay Defensive
As we mentioned last night, this market has some legitimate reasons to feel pessimistic, with crude inventories falling more than expected yesterday, the price of oil climbing again, retail sales weaker than expected, and the FOMC meeting coming up next week. Add to that a lot of extended charts and you have the ingredients for a pullback. We have seen that pullback this week and now many individual charts, as well as the indices, have either pulled back to support levels or are just slightly above them. It is possible that a test of these support areas can generate a bounce but I am not convinced of that yet. Instead, we should focus on how stocks are acting and what the charts are doing as opposed to what we think should happen. For now, stay defensive until the market shows its hand, keeping your precious capital safe for the next good chart setups.
Rough Three Days for Charts
Remember, the market and the sector of any stock you are considering for a trade must support the direction of your trade. This gives you the highest probability that your trade will succeed. We have seen a lot of good setups on the strongest stocks fail when the market is heading the other direction. Charts after the past three days have suffered some damage and nice setups are few and far between. If you are having to hunt to find a trade, or cannot get a good read on the market right now, that could be a sign to step aside until conditions improve.
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
Please vote for us once a day at stockcharts.com.
http://stockcharts.com/def/servlet/Favorites.CServ...
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