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Sunday, September 25, 2005
Market Recap
Last week was a brutal week for the bulls in the stock market. The DOW declined by 221 points, although Friday's loss was only 2 points. The NASDAQ fell 43 points for the week but managed to gain 6 points at Friday's close. The S&P lost 22 last week and traded flat on Friday. This selling came on better than average volume which would signal some distribution. The market continues to be oversold and due for a bounce. How powerful the bounce will be still remains to be seen and could be a chance to add to short positions, considering the current economic conditions. The rough week for the market was likely due to the surprisingly hawkish statement from the Fed at Tuesday's FOMC meeting and the escalated worries surrounding the imminent Hurricane Rita.
Trading Recap
Last weeks market weakness made it difficult to profit from any new long positions and after going to cash early in the week, we decided to stay on the sidelines for the most part until Friday when we opened a couple of long and short positions. We wanted to take these positions ahead of Rita to take advantage of possible moves in these stocks on Monday. With Greenspan and the Fed giving no indication that they plan to stop raising rates any time soon, we will continue to be defensive in our trading, hedging our long positions with some short plays.
Market Fooled by 10 MPH Change in Wind Speed?
Rita tore through Texas and Louisiana this weekend causing serious destruction but the early reports are that the damage caused was less than that of Hurricane Katrina three weeks earlier. The market may see this as good news and rally on Monday. It is amazing what this market will do at times. The market rallied for a bit when Rita was downgraded from a Category 4 to a 3. The downgrade was of course good but really, let's be realistic about it. Winds died down about 10 miles per hour less then they were when it was classified as a Cat 4. Not much difference in wind speed at the time of the downgrade and yet the 10 MPH decrease caused a reversal to the upside and the market went from panic back to complacency in a heartbeat. 10 MPH difference? I always though the market was smarter than that ;) LOL.
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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