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Thursday, September 22, 2005
Market Recap
The stock market found some support today and managed a rally attempt after some early morning weakness that took the NASDAQ below its 2100 support level. The DOW tested the August lows of 10350. Once the NASDAQ was below 2100 and no real panic selling came in on this breach, buyers took notice and stepped in. A reversal ensued and the DOW closed the day up 44 points, and both the NASDAQ and S&P were positive by 4 points.
Day Trades
Our pre-market Day Trade Watch Lists had another super day. Please read this report each morning if you want to capitalize on some quick one day gains. Keep in mind that many of the oil stocks on today's list were up $3 and $4 a piece from the open price to the highs of the day. Although they closed well off of their highs, these moves could have been played if you are a trader that has access to your trades throughout the day. There were big moves up on GOOG, TSO, SUN, VLO, JEC and our Short Watch List saw all three of these stocks make sharp moves down intra day. They were TALX, PLAB and CYBX. OMNI was another big winner from today's day trade alert list. It was up over 50% at one point today and could have been bought at the open and caught most of that 50%.
Please keep in mind that day trading is much different from swing trading. When we swing trade, we normally wait 30 minutes after the market opens before taking a trade. When day trading, we want to jump on these stocks not right at the open, but about 3 to 5 minutes after the open and sell most of the time before the lunch time lull. Sometimes, when the market is good, you can let them run all day and close out your position in the last hour but this all depends on the market. My typical trade for the day will be initiated very close to the open and closed before lunch.
People will Never Change
You buy because you believe that the stock is going higher. Somebody sells because they think it is going lower. 80% of successful trading is based on knowing how to manage fear and greed through discipline, objectivity, and risk management. Whether you are trading in the early 1900s in the "bucket shop" days (Edwin Lefebvre, Reminiscences of a Stock Operator), or trading on Trade Station with a T-1 line, the methods are still the same. The tools are the only things that have changed. Jessie Livermore was buying and selling railroad companies by listening to the buy and sell orders from surrounding brokers. Today, we read supply and demand imbalances through color-coded candlesticks and volume on multiple time frames. Whether fighting with a bow-and-arrow or a Stealth Fighter, although the hardware is more advanced, the people are still the same, they are human beings with the same emotions that they have had for over 100 years in the stock market. This is why Technical Analysis works. Trading patterns of people throughout history have not changed, they are very predictable and it shows up in the stock chart.
Adapting to an Ever Changing Market
It is how you, the trader, enters and manages a particular trade versus another trader that will separate you from the "crowd." If you were to get 10 traders in the same room and give them all the identical trade recommendation, there would be 10 different profit/loss results when the same trade is closed. Why? Because each human being, with their own emotions, will react to uncertainty, risk, market events, pain and greed differently. There will also be a "skill" level difference, with the most seasoned and objective traders outperforming the crowd over the long haul. Does the record high oil prices cause you sleepless nights and uncertainty of whether or not you can out perform the market? If you have the burning desire to do your very best, I know you can consistently outperform the larger group of novice traders in any market, regardless of oil prices or any other circumstance.
There is always someone making money in the market and it can be you if you work hard enough. The longevity of any trader hinges on his ability to understand, interpret and react to the ever-changing market environment. This is one tough market right now with many factors deterring progress for stocks. You must be able to adapt to changing market environments so that you can see what is working and what is not.
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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