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Wednesday, September 21, 2005
Market Recap
Katrina, Rita or Greenspan, which of these three slugs are responsible for this market sell off? Stocks continued their downward slide today when follow through selling added to yesterday's big decline as the bulls seem to be throwing in the towel here. The DOW suffered a triple digit loss, down 103 points. The NASDAQ lost 24 points, while the S&P hit the skids for an 11 point loss. The indices all look very weak and they closed at the low of the day on good volume.
Greenspan, Category 5
Rita was upgraded to a Category 5 hurricane today and this storm could be the reason that the markets added to yesterday's losses but I am not sure if Rita or Katrina is the culprit here. Greenspan has been a category 5 pain in the markets' butt for the last 2½ years and I think this market downturn is a direct result of the Fed's decision to raise rates and chose not to lighten up on their policy directive language going forward.
I do not know who or what caused the markets to turn like this but we should all know by now that just when we think the market is going to run, it turns back and slaps us right in the face. It is been this way for a couple of years now. The market just cannot seem to put together a prolonged bull market move without a big correction. This pattern has been repeated over and over for two years and every time we think things are starting to look good, Greenspan shows up right at the wrong time to spoil the party. Greenspan's actions have reminded me of some unpleasant memories of the past. He is just like a pimple, it is as if he knows exactly when to pop up and cause havoc just like the nasty zit magically appeared on my face just before the prom.
Support Should Hold
Meanwhile, day trading continues to work out well and is really the only way to trade on these brutal down days. Stocks from the Day Trade list this morning did fantastic today. Most of the short plays listed were all down. Oil stocks were all up big and they were listed in the pre-market day trade post as long plays for today. Our STHQ portfolio went to cash on Monday then Tuesday and Wednesday were hard down days. A pretty timely move and we hope you did the same. Cash is king right now friends. Day trade's only for now.
If you want to short some stocks, the Retail sector is the weakest right now and can be shorted on any strength. I have listed many of these stocks in the chart section and in the day trade list over the past few weeks. I have updated charts of the indices tonight. The NASDAQ is nearing a support area near 2100. For the S&P, support is at 1200. We should get a bounce off of these levels when reached. If we fall through these support levels, this market will be in serious trouble from a technical stand point. Keep your powder dry and your cash plentiful, it could be a rough ride coming up.
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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