Nasty Selloff Hits Stocks Thanks To Misses By GOOG And CAT; Overall, There Is Not That Much Damage
July 21, 2007 | Leave a Comment
Some big misses by two heavyweights weighed heavily on the indexes as the stock market suffered its second distribution day in as many days. GOOG and CAT were both nailed with 8% losses before the opening bell, after both issued poor earnings that missed estimates. However, as the day wore on neither of these issues saw much more selling and both found solid support at their 50 day moving averages, giving some comfort to the bulls. But, for the day, the damage was done.
Nasty Selloff Hits Stocks Thanks To Misses By GOOG And CAT; Overall, There Is Not That Much Damage
July 21, 2007 | Leave a Comment
Some big misses by two heavyweights weighed heavily on the indexes as the stock market suffered its second distribution day in as many days. GOOG and CAT were both nailed with 8% losses before the opening bell, after both issued poor earnings that missed estimates. However, as the day wore on neither of these issues saw much more selling and both found solid support at their 50 day moving averages, giving some comfort to the bulls. But, for the day, the damage was done. Read more
Two New Very Speculative Long Positions For Monday
July 20, 2007 | Leave a Comment
new very speculative long positions: DGSE POSH
DGSE is breaking out of a flag pattern and closing at a new 52-week high, on very strong volume. This has been a very pretty chart since the move in June started. The intraday daily price action, huge accumulation, and max green BOP helped to create this pretty chart. The base was made on very quiet volume and with BOP staying max green the stock was looking pretty perfect. But on today’s breakout the BOP fell from max green to green. However, I guess with the RS line hitting a new high with price it is pretty much a break even event. The fundamentals are not very good, with EPS growing 33% this quarter after seven quarters of mixed results, sales grew 5% this quarter after an 18% slowdown last quarter, and ROE is 10%. Fund ownership stands at only 1 for the past four quarters. So obviously there is not a lot of interest in this stock, besides management which owns 79%. It is just a pretty chart. This is not a good long for newbie investors due to the poor fundamentals, non-perfect chart, and the low average daily volume. Cut your loss with a close below the 3.58 level, if the stock does not move higher immediately. Read more
No New Short Positions For Monday
July 20, 2007 | Leave a Comment
If this was a bear market, all of these stocks would make good shorts. ALL of them!
Another Day Of Impressive Gains Ends With A GOOG Selloff After-hours
July 20, 2007 | Leave a Comment
It was another day of impressive gains for the market as leading, tech, and small cap stocks led the way higher. The IBD 100 was the top performing index today with the Nasdaq and SP 600 with a .8% gain. This outperformance continues to baffle market commentators as the battle between the bulls and the bears continues.
No New Short Positions For Friday
July 19, 2007 | Leave a Comment
If this was a bear market, ALL would make a good short.
ALL Read more
One New CANSLIM Long Position, One New Speculative Long Position, And Four Stocks I Am Adding To My Existing Positions
July 19, 2007 | Leave a Comment
new CANSLIM long position: GPOR
GPOR is breaking out of a two-week tight base on base pattern, on very strong volume. This chart is very pretty since mid January when the stock started to move higher on heavy accumulation. Since then the stock has moved constantly higher, finding support above the 50 day moving average the whole way. The BOP since mid January has been green to max green for much of the way higher making this chart very pretty. However, what would be better would be if the BOP was green the entire way from mid March and if BOP was still max green on today’s breakout. The fundamentals are very strong, with EPS growing between 14% and 999% the past five quarters, sales growth between 83% and 999% the past four quarters, a ROE of 27%, and YOY earnings estimates for 2007 and 2008 for gains of 71% and 38% respectively. Fund ownership is not really growing, going from 31 to 32 funds the past four quarters. Cut your first and the majority of your loss with a close below the 21.37 level and your final loss with a close below the 50 day moving average, if the stock does not move higher immediately. Read more
Excellent Late-Day Reversal Sends Stocks Well Off Their Lows, With The Nasdaq Closing Above Its Open; Hard To Call Today A Distribution Day
July 18, 2007 | Leave a Comment
Today’s market action, overall, to me, was very positive. The action that I expected to play out did play out today off the bad earnings from GOOG and INTC last night. The selloff did last longer than I thought it would on an intraday basis but the eventual dip buying did show up, sending stocks well off their lows. Breadth still remained poor throughout the day and new lows beat new highs by an almost 3 to 1 margin which is a reading I have not seen since the start of the February selloff.
No New Short Positions For Thursday
July 18, 2007 | Leave a Comment
There were no stocks in my short scan, of 80 candidates, that would make good shorts in a bear market.
Three New Speculative CANSLIM Long Positions And Two Stocks I Am Adding To My Existing Positions
July 18, 2007 | Leave a Comment
new speculative CANSLIM long positions: SYNO DST SVU
SYNO is bouncing off recent support and breaking out of a long flat base to a new 52-week high, on very strong volume. This chart is very pretty with all the green to max green BOP on this chart since early October, all the very strong accumulation since then, and with all the strong support this stock gets at the 50 day moving average. What would make this chart much better was if there was more max green BOP like October and December in the chart now and if the RS line was hitting new highs with or ahead of the price. Still though, it is a very nice chart. The fundamentals are getting better, with EPS growing 140% and 250% the past two quarters, sales growing 7% and 11% the past two quarters, and 2008 YOY earnings estimates for a gain of 68%. Fund ownership has increased from 18 to 21 during the last four quarters, showing growing interest by the smart money in this stock. Newbies should not get too crazy with this one and make sure you use a limit order as it only averages 56k a day. Cut your loss with a close below the 50 day moving average, if the stock does not move higher immediately. Read more
- No New Long Positions For Thursday’s Stock Market Session
- Two New Short Positions For Thursday’s Stock Market Session
- No New Long Positions For Wednesday’s Stock Market Session
- No New Short Positions For Wednesday’s Stock Market Session
- No New Short Positions For Tuesday’s Stock Market Session
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