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Thursday, September 29, 2005
Market Recap
Well, just when you think the market is going to lull you to sleep, it comes out the next day like a house on fire, ripping through stocks catching the shorts by surprise. A powerful up day today left the indices closing at near the highs on the day. The DOW closed up 79 points today with the NASDAQ gaining 26 points, and the S&P up by 11 points. The market made a statement today of “I am not dead yet”, just when we thought the bulls were going to crawl away and hide, they would have none of it.
Although today was a nice surprise, the market is far from being in the clear. All three indexes still have resistance ahead and it is these types of rallies that will shakeout the weak shorts. Snap back rallies into resistance happen all the time. Whether this rally has legs or not is still far from being decided. The NASDAQ is still below its 50 SMA, the DOW is right up against its 50 SMA, and the S&P closed just above its 50 SMA. This is about as neutral as you can get right now.
RHAT Earnings
Bulletin stocks did very well today and some of the bigger winners were VPHM, SIRF, ENER, CTLM, and BBSE. The big winner of the day was RHAT which was up an amazing 29% on earnings. It is always a gamble to hold through earnings, even though this stock had a beautiful cup and handle chart leading into the news. If you hold, they could gap down just as much. By choosing not to be in on earnings, we risk losing out on the gain like today but I would rather lose what I do not have than lose what I have. In other words, I may not make money and keep what I have, rather than take a chance and lose some of what I have. Earnings are just too unpredictable to play.
Never Fight the Tape
A week ago tonight, we had a commentary on being able to handle an ever changing market. This is one tough market but it can be handled by the prudent trader. Big gains are tough to come by but small consistent gains can be made and are what you should strive for in markets like these. At STHQ, we can only take what the market will give and although the indices looked bearish, we have still been able to find stocks that are making gains, small gains, but nevertheless, they are gains while the market is flat for the year. Do not fight the tape and take only what the market is willing to give. Sometimes it is willing to give nothing, other times it can be very generous. Below is the difference between a successful trader and a lesser trader who will soon wash out.
You Are What You Believe
Beliefs of Successful Traders
1. The market is my friend; it provides a constant stream of wealth building opportunities.
2. If I miss an opportunity, another one will soon follow.
3. If the position is stopped out, I have protected my capital from further loss.
4. I must be flexible and stay in the present moment.
5. I seek a standard of excellence, not perfection.
6. Losing small is part of my trading plan to maximize profits.
7. I cannot win every trade and neither can anyone else.
8. I respect the market and know it will hurt me if I do not.
Beliefs of Unsuccessful Traders
1. I must trade every day.
2. I just cannot afford to lose on this next trade.
3. Those damn Market Makers took out my stop.
4. I must be the unluckiest trader in the market.
5. My broker gives me lousy fills.
6. When this loser gets back to even, I will dump it.
7. The market is my enemy, it is so unfair.
8. I can beat the market, I am better than it is.
Finally, I would like you to remember this quote:
“You will never be happy if you continue to search for what happiness consists of. You will never live if you are still looking for the meaning of life”. - Albert Camus
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...
Thank you all for voting.
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