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Thursday, October 20, 2005
Market Recap
It is obvious now that we cannot trust the bulls in this market. After yesterday's big reversal, the bulls just faded away today into oblivion and let the bears have the market back. If anyone still was not convinced the market was dead before today, they should be after today's dismal performance. A huge reversal day yesterday and a big drop in oil today and yet there is no follow through buying on yesterday's rally. Instead, the Dow lost 133 points today and gave back all of yesterday's gains and more. The Nasdaq lost 23 points and the S&P dropped 17 points giving back all of the gains it made yesterday as well.
Some excerpts from Last nights commentary
In last night's commentary, we suggested that yesterday's market rally should be looked at with caution:
“The market is swinging wildly going from bullish to bearish and back to bullish very quickly these days”.
“the market is in gridlock, it will let neither the bulls nor the bears win. This reversal looks good right now, but remember the resistance levels to watch for are 2100 on the Nasdaq and 1200 on the S&P. Believe it or not, you could almost make a case for the bears to be shorting into those resistance levels”
“Maybe the indices will hit those resistance levels mentioned above and stall. It will be interesting tomorrow and Friday with GOOG earnings Thursday and option expiration on Friday. Put on your trading helmets because it could be one rough ride over the next couple days”
Must Read Material
We reiterate these comments tonight because we hope you are reading the commentaries and pre-market updates before the bell. These are must read reports if you want to survive this market. In this mornings pre-market update we said that yesterday's rally was still suspect because of overhead resistance and “it's still a little too soon to call or trust”. Most of the time, these commentaries and pre-market updates can not only make you money but more importantly, save you a lot of money. I have said this many times before but I will say it again: this service is not always about making money but about NOT losing what you already have. Many people are losing money in this market and it does not matter what style of trading they do. Buy and hold investors are just spinning their wheels, swing traders are getting whipsawed. This is not an easy market to trade but it will get better. We are still looking for the capitulation sell off and when that comes, it will be time to buy. I want blood in the streets - that is when the real money is made.
Swing the Swings, Impossible
Swing trading this market is impossible because swing trading really should target holding stocks for 3 to 5 days and even a few weeks in trending markets. If you try to swing trade this market right now, you will be stopped out with a loss every time if you are disciplined with your stops. It has to stop you out of any trade when the Dow gains 125 points one day and loses 133 the next. This is why we continue to say that day trading this volatility is the best way to trade and if you cannot day trade then you should not be trading at all at this time. We have been saying “Cash is king” for awhile now and certainly you can see why.
One More Thing
The greatest growth story ever told in this market has been told here time and time again. Today after hours was all the proof you need. I say again, “GOOG”!!! Congrats to anyone still holding this monster. Latest AH quote as I type this tonight $335.60. (up $32 from the closing price). The call options are going to be through the roof tomorrow. I have been holding these calls for over 6 months. It does pay to be patient sometimes ?.
Stock charts listing
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http://stockcharts.com/def/servlet/Favorites.CServ...
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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.
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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