Stocks End Mixed, After The Three Day Weekend; Leading Stocks Outperform Again.
January 17, 2007 | Leave a Comment
There was no news to move the market today and I guess because of that lack of news and the ice storm hitting the mainland USA, stocks turned in a boring and choppy non-volatile day with the Nasdaq trading in an 11 point range. When it was all said and done the early morning strength gave way to a mixed close.
At the close, the DJIA was the leader, hitting another all-time high, with a .2% gain, the SP 500 followed with a .1% gain, the Nasdaq closed with a .2% loss, and the SP 600 led the way down with a .3% loss. Leading stocks fared a bit better, with many top IBD stocks making significant gains.
Stocks Finish The Week With More Strong Gains; Nasdaq Follows Through On Thursday’s Breakout.
January 13, 2007 | Leave a Comment
On the back of a bullish retail sales report showing December sales rose .9%, stocks scored more gains with the Nasdaq making it five for five this week with positive finishes. The DJIA hit another all-time high and the Nasdaq inched closer to a new six-year high.
At the close, the SP 600 led with a .75% gain, the Nasdaq followed with a strong .7% gain, the SP 500 gained .5%, and the DJIA finished up .3%. The IBD 100 came in with a .3% gain, unfortunately for leading stocks. However, for the week the IBD outpaced the market with a 3.4% gain.
Oil’s Collapse Helps Lift All Indexes On Higher Volume; Nassy Near Six-Year Highs.
January 12, 2007 | Leave a Comment
Stocks gapped up in the morning, held those levels, and rallied for the rest of the day on the back of another back-breaking decline in oil. This huge 4% drop in oil helped the entire market rally, on Thursday. Oil has now fell 15% in 2007.
At the close, with techs and small caps leading, the SP 600 gained 1.2%, the Nasdaq rallied 1% breaking out above the December highs, and the SP 500 and DJIA gained .6%. The DJIA also hit another all-time high.
Stock Market Indexes Take Off After An Early Choppy Session, Closing Near The Highs Of The Session
January 11, 2007 | Leave a Comment
A day of minor volatility gave way to a nice rally after 1pm EST sending all the indexes in a nice solid uptrend into the close. The possible reason for the rally was a left-over feel good effect off the AAPL news in combination with another drop in crude oil. Today’s 3% drop now brings the yearly damage to 12% for crude.
At the close, the Nasdaq led the way with a .6% gain, the DJIA and the SP 500 followed with a .2% gain, and the SP 600 lagged with a .01% gain. The big winners were the IBD 85-85 and IBD 100 indexes which gained .7% and .9% respectively and the Nasdaq 100 which gained 1.1%. This was the sixth day in a row the Nasdaq and the Nasdaq 100 staged very strong intraday reversals. One look at the daily charts and all those tails shows that any selloff is being bought.
Stocks End Mixed On Heavy Volume; Churning?
January 9, 2007 | Leave a Comment
On a day where a strong IBD/TIPP poll shows that investors are gaining confidence and AAPL releases the new iPhone and Apple TV, stocks decided to churn one in today. The only exciting action came in the SP 600 which turned a 1.1% loss into a gain by the end of the day.
Stocks Post Gains Across The Board, With Choppy Trading; Lower Volume Lessens Impact Of Gains.
January 8, 2007 | Leave a Comment
Stocks were pretty whippy today but a comment from Fed Vice Chairman Donald Kohn helped the indexes start an uptrend off of his dovish comments on the economy. This helped all the indexes finish in the green, with big cap technology stocks shining in the spotlight.
At the close, the DJIA, the SP 500, the SP 600, and the Nasdaq all gained around .2%. However, leading stocks did what they are supposed to and led, with a 1.1% gain on Monday.
Stocks Refuse To Follow-Through On Yesterday’s Gains.
January 5, 2007 | Leave a Comment
Despite strong job numbers that on the surface appear to be bullish for stocks, major market indexes sold off failing to capitalize on yesterday’s impressive performance. Rising hourly earnings and fear of the Fed not cutting rates due to the strong hourly numbers was the spark that lit the fire of the sellers.
At the close, the Nasdaq lost .8%, the DJIA lost .7%, and the SP 500 lost .6%. The bad news comes from two fronts: the SP 600 lost 1.5% and the IBD 100 fell 1.1%. Growth stocks and leading stocks stunk up the joint, today. The action in leading stocks shows that the market is weaker than the big cap indexes are telling us it is.
Stocks Rally As Techs Lead The Way; Traders Who Sold Or Went Short Yesterday Feel The Pain.
January 4, 2007 | Leave a Comment
What started out as a crazy morning, once again, for stocks, quickly turned into a day of steady advances. The treat of the day and the possible cause to this was another fall in crude oil prices. The fall today, after yesterday, brings the two day total to 8.9%. Besides that, however, there was no other catalyst.
At the close, the Nasdaq led by a healthy margin rallying 1.25%, the SP 600 gained .15%, the SP 500 gained .12%, and lagging was the DJIA with a .05% gain. Leading stocks were up .4%, doing better than all but the Nassy.
Stocks Stage WILD Reversal, Keeping Traders As Confused As Ever.
January 3, 2007 | Leave a Comment
What a way to start off the New Year! Today, stocks showed us all why it is silly to have convictions. After gapping up very strong this morning on the back of some strong manufacturing data, stocks continued to rally. However, after the FOMC minutes were released, stocks did the exact opposite and reversed into negative territory. Thankfully, for the bulls, stocks found solid support at 3pm and rallied into the close, giving the DJIA and Nasdaq a positive close.
Strategy
January 2, 2007 | 3 Comments
When I go long stocks I like to seperate my longs (when we are in a bullish market) into two categories:
1. CANSLIM quality
2. Speculative
Within the first category I split them up to perfect and speculative CANSLIM longs.
Before I get into how I seperate the two I want to list what I look for in all longs.
1. Price must be over the 50 DMA
2. The 50 DMA must be above the 200 DMA (day moving average)
3. Volume must be over the 50 DVA (day volume average)
You can find the PCF scans that I have created that I program into TC2007 on my scans section on my homepage.
After a stock fits all of these requirements, it is then in my scan for me to look at. I will quickly move through all charts that do not interest me. When I find a chart that I like, I will flag it and jot it down. Then when I am done looking through the charts by price percent change today, I will go over the list I wrote down.
I then study each chart and look up the fundamentals of each stock. Depending on the beauty of the chart and the quality of the fundamentals I then make my decision if I am going to go long the stock or not. If I decide to go long, then I must weigh how much I will put in the trade. That decision rest upon the chart. The more perfect the chart, the more $$$ that goes into the stock. The less attractive the chart…well you get the picture.
