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Thursday, November 10, 2005
Market Recap
A simply remarkable showing today for stocks. The market broke out into new move highs today with a powerful rally. The Dow gained 93 points, The Nasdaq gained 20 points and the S&P gained 10 points with all three indices closing near their highs for the day. Many leading stocks got back on track after a brief rest and the bulls have made it clear they are in charge once again on Wall Street. A look at the charts tonight should show you why we have committed to trading from the long side in recent weeks. There are sectors to short as a hedge, like housing stocks and oil/energy stocks. There is a rotation going on out of these former leaders and into the new leaders. These stocks cannot find a bid and oil stocks were absolutely crushed. Those that followed the pre-market update this morning and shorted these stocks made a hefty profit as many of the oil stocks were down $3 and $4 a piece. We also listed some stocks to go long on and some of these stocks were big movers to the upside. IRBT, ISRG, GOOG and HOLX were the big winners today. We have been expecting a pre-holiday run-up in the markets and today's breakout should get that Santa clause rally in full gear.
The Oil Debate
The great oil debate got underway in Washington yesterday. Big oil executives testified before congress on their profit margins. You can tell right off the bat this will be another useless waste of time and tax payer dollars to hold these hearings. The Republicans and Democrats are arguing over whether these executives should testify under oath or not, as if the semantics involved is somehow going to change the testimony and the results. I cannot see any executive preparing to testify and making a last minute decision to tell the truth… “I was going to lie, but now that I have to testify under oath I guess I'll just be truthful.”
The oil companies are showing huge profits at a time when most Americans are wondering how they are going to fill up the tank this week and pay for everything else. Oil companies are often portrayed as the worst offenders when it comes to old boy networks and shady deals that gouge consumers. In this global economy, it is tougher and tougher to turn a profit in any business. So when one industry sees a huge windfall at the expense of consumers, do we think they must be doing something tremendously wrong? And to think all this time, I thought companies where suppose to try and be profitable.
It Must be an Election Year!
Let's be realistic, these hearings are a joke and it is someone's bright idea to try and sell their own constituents on how tough they fought for them. We will not see cheaper prices at the pump after these hearings are over. Prices of oil are dictated by the market through supply and demand. That will in turn dictate the price of gas and heating oil. Oil prices are falling now but it is not because of these hearings. Still, if oil prices keep falling, every congressman out there will claim that they took on big oil and won. Since when do businesses have to pay a windfall profit tax because they are making more money than they did before? The idea is preposterous and will not pass. This is all just a political stunt to look good to the voters in my opinion.
I am not trying to argue that what big oil has done is entirely right. I put gas in my car just like everyone else, and I do feel for most consumers who are getting pinched by these prices. The truth is, big oil is a cyclical business with ups and downs and after this cycle, oil could be back to below $30 a barrel. It was below $10 a barrel 5 years ago and profits for big oil back then were slim. I wonder if the drug manufacturers are in for it next. If a flu pandemic breaks out, I am sure someone in Congress will wonder why drug companies are making huge profits while everyone is home sick. Let's face it, oil companies are profiting now but when oil goes down, they will not profit as much. There are many companies whose profit margins are growing in all different sectors; it is ridiculous to suggest we penalize one group for making money but not others.
Stockcharts 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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