Chinese stocks sent lower as government raises a trading tax

May 30, 2007

Hello to all!  During the mid-week, we will be posting market thoughts as well as excerpts from our chat room.  Looking forward to those readers who sign up for the MauiTrader’s BigWave Trading service.  If you read the weekend column you’ll notice his excellent returns and picks.  If you have any questions about the service, please post comments or email me @ marketspeculator@gmail.com

The holiday shortened week saw investors bid stocks higher Friday May 25th only to see those gains continue yesterday.  Price and volume, finally moved higher together yesterday as we continued to see a divergence when stocks pushed higher last week.

Some excerpts from our chat room:

     author_ego: IBD’s daily stock analysis feature’s GSOL for those interested.  maui is making a habit of going long stocks that get featured the next day in IBD

     MauiTrader: Unfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest
     MauiTrader: This hidden debt is the amount taxpayers would have to pay immediately to cover government’s financial obligations. Like a mortgage, it will cost more to repay the debt over time. Every U.S. household would have to pay about $31,000 a year to do so in 75 years.

     daviscal: Maui, should be be prepared though? 6 distribution days for Naz, is it common?
     vivek1263: i agree that is a losers game
     vivek1263: unbiased approach to the market
     vivek1263: first think i have learned  from Josh
     MauiTrader: davis, how do my charts look?
     MauiTrader: i am not looking for a top
     MauiTrader: we have six distro days
     MauiTrader: but until we get real selling
     MauiTrader: i am not looking for a top
     MauiTrader: i will KNOW when we top
     MauiTrader: i am not jumping the gun anymore
     MauiTrader: have we all forgotten Feb 27
     MauiTrader: ?
     MauiTrader: was that that long ago?
     vivek1263: i have stopped panicking on silly moves like this morning
     MauiTrader: when EVERYONE called a top including me
     MauiTrader: i know a lot of smart traders who sold everything then
     MauiTrader: how did that turn out
     MauiTrader: ?
     vivek1263: second thing i have learned
     vivek1263: charts dictate when you sell
     MauiTrader: correct, vivek
     MauiTrader: my charts will crack hard tonight, if we are topping
     MauiTrader: and there will be NO recovery
     MauiTrader: ONLY THEN
     MauiTrader: can we even think of calling a top
     MauiTrader: if i had a ton of money and ran a billion dollars of funds
     MauiTrader: i would be a buyer right here
     MauiTrader: i buy fear
     MauiTrader: and there is fear this morning
      MAHKET: this isn’t even real fear
     MauiTrader: right
     MauiTrader: market

The chat room is a huge component to the Gold Service.  As you can see, we discuss issues of the day as well as trading strategy.  MauiTrader often posts stocks that he’ll be looking to go long after the close.  Giving the chat room a heads up in the afternoon.  Now we only make decisions based off the close but its an added benefit to see what is coming down the pipeline for later this evening.

After the Shanghai sell off, we are not panicking.  It does not pay to sell everything and run.  We saw the same thing happen on 2/27.  Many traders were headed for the hills only to miss out on the follow-through day on 3/21.  The question is, were you the one that was on the sidelines in March when the BigWave Trading service was going long?

Aloha and hope to see you in our chat room!

Market Speculator

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Posted by MarketSpeculator | Filed Under Free Commentary 

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