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Wednesday, December 07, 2005
Market Recap
Today's market action is just the exact opposite of yesterday. The market started out lower and kept creeping lower until late in the day when buyers stepped in and recouped the losses on the indices. The Dow had been down more than 80 points at one point but the losses were cut in half, losing 45 points by the close. The Nasdaq was down 9 points and the S&P lost 6 points. After reaching new highs yesterday, the Nasdaq and S&P are pulling back slightly. This pullback is not damaging as these two indices are still in a nice tight basing pattern near 4 year highs. Hardly a case to panic and sell, but we did come off margin today by selling a couple of stocks to get the portfolio down to 90% long and 10% cash. We still believe the market is headed higher. Normally when trying to break through multi-year highs, markets and stocks cannot do it on the first attempt. There will be another attempt soon and we want to be long when it happens.
Our bulletin stocks and portfolio held up very well today when the market was selling off early. Not a single one of our positions broke down on the charts and succumbed to the selling pressure. Those that were down were down on low volume as one might expect from stocks with good technical patterns as the overall market pulls back.
No Risk, No Glory
Loading the boat as we did near the highs does take risk. The risk is that the market does not blow through the old high resistance and pulls back. The market did pullback on us but with the proper risk management, we can be confident that if our strategy does not work this time, we will be out of these stocks quickly with tight stops and protect our capital. We had to go long in case the market did breakout, we did not want to be on the sidelines watching the action. There is nothing worse then missing a big rally in the market and we surely did not want to miss out.
Risk is something that has to be taken in the market - it comes with the territory. You cannot make the big returns without some level of risk. The key to success is how you mange that risk. This risk management should always include stops on your positions and the proper position size. Those that follow a strict risk management plan have a much better chance of being a successful trader. The sophisticated trader and investor knows the value of a good risk management system. Unfortunately many people in the market do not.
Don't Cross the Street, It's too Risky
Most people think investing in the stock market is risky, but it does not have to be risky at all. The reason it is risky is because those people do not know how to handle their investments or trades. The ones who cannot control risk are the future washouts and they will never be able to trade for a living or have their investments work for them. The bottom line is that everything in life is risky. Crossing the street can be a big risk if you do not look both ways first but if someone has taught you how to cross the street then there is very little risk when done correctly.
Stockcharts 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:
Please take a moment to read the "How To Use The Bulletin" link at the bottom of the Bulletin page on the website. It is critical you understand 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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