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Thursday, October 13, 2005
Market Recap
The losing streak for the Nasdaq came to an end today (coincidently on the 8th day after 7 days of declines). This was very predictable action as we noted last night. However, this positive close was not “positive”, meaning the Nasdaq was only up 9 points and buyers showed no conviction to take it up over the 2050 resistance area today. The Dow and S&P close slightly in the red with fractional losses each. Since these two indexes could not muster a gain, we have to conclude that the Nasdaq just had a minor oversold bounce in the 8th day cycle pattern of a decline.
We are still looking for the final capitulation sell off before a big bounce and with tomorrow's long list of economic reports being released, we may get a catalyst for that sell off. The CPI is out before the bell, with the Michigan sentiment numbers shortly after the market opens. There are also a few more reports due out during the trading day as well. The market will have to deal with all this news and I cannot imagine they would be strong enough to make the shorts want to cover and the buyers want to come in with any real conviction. We will have to see how it goes, but in any case, the market should be much more volatile than it was today. Caution is still warranted.
CRXL
We bought CRXL today because we wanted to have a flu play to hold through this weekend in case any new cases of the Avian flu are reported. It was also over sold at the time and bouncing off its lows of the day with decent volume. As with most momentum stocks, they tend to bounce and form hammer candles which are very bullish. Our goal with the trade was a 10% gain in a day or two. However, the bounce did not happen and in hindsight, the play did not work. Perhaps even more important is that earnings are due out Monday. We did not know this when we first bought it and is our mistake for not checking. Remember it is earnings season and the earnings calendar should be checked before taking any position long or short. We will probably sell CRXL tomorrow so that we are not left holding this one through earnings. I just wanted to make that clear so you will know why a sell alert comes tomorrow.
There are no new charts tonight since the action today in most stocks was limited and the market basically traded flat ahead of the CPI tomorrow. This being the case, not much has changed since our last report last night and the pre-market update this morning. Depending on how tomorrow's trading goes; we hope to have plenty of charts for you on Sunday night.
STHQ Chart Index - If you go to the chart index in the left side menu, you can review and study charts we have annotated for each stock listed in the past.
Stockcharts listing
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Earnings Calendar
We have added the earnings link for each stock on the bulletin. To access the link for earnings you can either use this 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
For New Members:
For all 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 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.
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