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Monday, October 24, 2005
Market Recap
It was a tremendous market rally today with the Dow up by triple digits and closing with the biggest one day gain in 6 months. The big three indices closed very strongly and at the highs of the day. The market seemed to like the announcement of Ben Bernanke replacing Alan Greenspan as the next Fed Chairman. As soon as the rumor was out that the Greenspan successor had been selected by the President, stock gains started to accelerate as buyers stepped in and the shorts covered. As a result of this positive news, the Dow gained 170 points, the Nasdaq gained 33 points and the S&P was up 20 points.
Resistance Ahead
The S&P closed just below the 1200 price resistance level and right at its 200 SMA which will be another resistance area tomorrow. The Nasdaq closed above the 2100 resistance level but still has the 50 SMA hovering over head and this will be more resistance to fight through. The Dow, even with this super run today, remains below both its 50 and 200 SMA and has plenty of overhead resistance. We would like to think that this rally is for real but we cannot ignore the resistance ahead. What we have to see tomorrow is a heavy volume continuation rally that will close these indexes above their trend lines and resistance levels mentioned above.
Just to get long in case the rally continues tomorrow, we opened a few long positions today in lesser, slower named stocks that are not too extended. We have been down this road before when the market rallies big one day only to fall apart the next and we get stopped out of our new trades. Hopefully that will not happen again, but just in case, tight stops will have to remain in place since the market is near a tough resistance area.
News This Week
Keep in mind that there is also a lot of economic news coming out this week as well as many earnings reports from some heavy hitters like American Express, Amazon, Dow Chemical, and Microsoft. On Tuesday, we will get housing numbers for existing home sales and the Consumer Confidence numbers are due out. New home sales numbers are due out on Thursday and Friday the GDP numbers are being released. With all this economic news and earnings being released this week, it promises to be another volatile week ahead.
Stock charts listing
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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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