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Monday, September 26, 2005
Market Recap
A very negative development in the stock market happened today. The futures were up big and the market charged out of the gate at the open and remained green until after lunch. The sellers then came in and took the market down into the red. The DOW had been up over 80 points today before the big reversal to the downside. The DOW went into negative territory before rebounding late in the day and ended up closing higher by 24 points. The NASDAQ gained 4 points and the S&P traded flat. Anytime you have a rally from oversold levels and a subsequent reversal of that rally in mid day, it is a very negative development.
This early strength in the market today was a result of both the market being oversold and the fact that the damage from Hurricane Rita was much less than expected, as we suggested in the pre-market alert. The charts of the big three indexes have plenty of resistance ahead and have a lot of work to do to repair themselves before the Bulls can feel more confident. With plenty of resistance ahead, this mornings rally was suspect before it even started and thus we wanted to send a pre-market alert to make sure you did not get caught up in the head fake. All and all, there were some bulletin stocks that did very well today and some good things happened for the STHQ portfolio as well. MYOG and CELG finished good, we locked in 8% on our FWLT trade from Friday and our short positions DGIN and ANF look super right here.
Hurricane Alan
The good news is that Hurricane Rita came ashore much weaker than had been anticipated and word is from the oil industry is that the platforms survived and operations should be back underway quickly. The loss of life and damage to property is not nearly as bad as Hurricane Katrina, thank God for that. Hopefully, we may even begin to see a decline in gas prices at the pump soon which will help with consumer sentiment. All this is good news but the market is still in trouble and we can thank Hurricane Alan for that. The economic conditions simply do not warrant a move up in stock prices and the Fed continuing to raise rates will only negate any small advance stocks may make on relief rallies.
A Little Bull/Bear History
A lot of people wonder where the terms Bull and Bear came from. The origins of these two terms are still not clear, but two of the most common explanations are as follows.
Some believe that the bear and bull markets are named after the way in which each animal attacks its victims. It is characteristic of the bull to drive its horns “up” into the air. A bear, on the other hand, like the market that is named after it, will swipe its paws “downwards” when attacking its prey. Also, bears and bulls were literally once fierce opponents when it was popular to put bulls and bears into the arena for a fighting match in the early centuries.
Another popular belief about how these terms came to pass is that historically, the middlemen who were involved in the sale of bearskins would sell skins that they had not yet received, and, as such, these middlemen were the first short sellers. After promising their customers to deliver the paid-for bearskins, these middlemen would hope that in the near future the purchase price of the skins from the trappers would decrease from the current market price. If the decrease occurred, the middlemen would make a personal profit from the spread between the price for which they had sold the skins and the price at which they later bought the skins from the trappers. These middlemen became known as bears, short for "bearskin jobbers", and the term stuck for describing a person who expects or hopes for a decrease in market value. Just a little history on a lackluster market day. Hopefully tomorrow, we can talk about something more exciting.
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...
Thank you all for voting.
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