| Weekend Report |
| October 17, 2004 |
Hi Everyone: Well, it was a tough week. Naz closes 60pts. off the intraweek high. But that can happen when we go up too much, too fast. The Naz 5 day A/D is already deep into oversold bullish territory but moved up on Friday. The 12 day remains neutral but moves down. The Naz New High/Low ratio which has been steadily rising since mid August has flattened out this week in the neutral zone heading slightly bearish. Actually, it was not that bad for the Naz this past week...only down .4% compared to the DJIA and the S&P 500 which were both -1.2%. The AMEX, DJ Utilities and DJ Trans Indices were all slightly up for the week...so we continue to be somewhat defensive. I hate to be wishy-washy but I'm neutral on the Naz direction short term...slightly bullish on the Q's. Candlestick analysis of the Naz reveals a Bullish Harami pattern, however, there was a High Wave on Friday indicating indecision in the market. NEW FEATURES added this week This week we added an ongoing list of the total Nasdaq Short Interest back to December 2002 and some nice Charts and Graphs which you may find interesting. Please take a look. Below are some trading ideas I came up with this morning. They are not recommendations...they are simply offered so that you can do further research if you find any interesting. I received some positive feedback on the Cup w/ Handle pattern, so I am putting up more of them today. Cup w/ Handles: ACXM...low handle ANT...starting handle on weekly chart BDX DPTR...good p/v FCFS GES...forming handle on weekly chart GI HUBG...tried to b/o on Thurs. and Fri. but vol. was low ISSX KWK...high vol on handle LIFC MOT QSND PCO Late Addition...ALVR...watch to see if a handle forms or it keeps going up on the right side From last week's C w/ H list we still have: GWR...saucer w/ handle on daily & weekly chart...vol. starting to dry up CAS...high vol. on handle TKR...handle has retreated too far BZH...vol. starting to dry up on handle NAT...high vol. on handle SHFL ARTC...handle bounced off 50 dma ASPM...problems with handle GTRC...meandering handle DWSN...failed b/o 50 dma moves upward across 200 dma GLNG ISON PDFS SONT TNOX ASA EPD ITG NNN SLE SOV FAX Flat bases/low vol. STSTD CACC ASPM AEOS JOSB VISG MACD histogram goes above 0 this past week Also, all experienced an MACD Crossover AAI BYD NCR MATR ULBI CHKR EXAS MCD INFY JBLU OZRK MACD line crossed above 0 FARO NAVR EASY LCCI ITT KFT WWY PAS WEC MACD crossovers WWY FARO CPT ADTN PWR HYPD NAVR UCBH NWAC NTCT TSCO ACG VPHM BEC Generally bullish short-term technicals CPKI GBIZ BYD BBV SCSC CNVR Sectors/Groups I've been saying that Shipping would tank for the past 2 weeks...and it did at the beginning of the week. But it came back some on Thursday and Friday. I'm through predicting what that group will do. Some of the mining stocks continue to do well as do various transportation groups. Another group, NASD Banking, moved surprisingly well...a surprise to me anyway... finishing on Friday with a White Opening Marubozu candlestick pattern. That in itself is fairly bullish, but it is not known to be highly reliable and requires confirmation. Other banking groups along with Biotech did well on Friday. One of my favorite indices (lol), US Trucking, actually led the way on Friday up over 3%. If you are interested in checking out some of the stocks in this index, which I find about as exciting as shipping, click here http://trimurl.com/JT Sometimes you just have to go where the money goes...the market doesn't seem to care about which groups I prefer. After Hours Friday A/H is usually pretty boring. But here are some that moved well: ISON...Closed at 3.75 to 3.82 up over 11% on over 2.5 million shs traded (Too bad I sold it at 3.16 late Friday). I would report figures but it seems that different sites don't agree...but CNLG and POSS also did pretty good after the bell. Weekend News Northwest Pilot Leaders Endorse Pay Cut Leaders of the union for Northwest Airlines pilots voted unanimously Saturday to endorse a tentative agreement that will cut pilot compensation by $265 million annually. Bankruptcy Judge Gives US Airways Authority to Cut Union Workers' Pay by 21 Percent United Airlines is seeking additional cost cuts from its work force in the face of rising fuel prices, but the union representing the airline's pilots says it has no plans to yield further concessions. New Private Airline in China China's first private airline is due to begin service this year, the government said Sunday. Okay Airways is in the last step of official review, which is expected to end Nov. 20, the official Xinhua News Agency said. Wal-Mart, the World's Biggest Private Employer, Finds Union at Its Back Door Martha Stewart, in Web Site Letter, Says She's Adjusting to Life Behind Bars If you would like to send her an email...go to http://MarthaTalks.com Site Watch Here's a few more sites that you might find useful: Ever wonder what those "5th Letters" mean in a stock symbol?...Wonder no more!!! http://www.wordiq.com/definition/Ticker_symbol Interested in checking out those penny stocks that the Pump and Dumpers fax or email to you? Or perhaps you are actually interested in penny stocks, .OB or .PK stocks in which case you already know about this site. But for those that don't...check out http://Pinksheets.com Want to learn about candlesticks? This site doesn't cover everything, but it is a nice start. http://www.litwick.com/glossary.html Want to find out about Chinese IPO's? Most are not coming out in the USA so you'll have to do a lot of sifting...but this is where I found out about LTON and SNDA last year. http://hk.quamnet.com/fcgi-bin/news.fpl?par2=2&par3=8 ***SPECIAL OFFER!!!*** ...Are you interested in finding stocks that are setting up for potential Breakouts? Our friends at BreakoutInvestor.com have just what you are looking for. I check their site on a daily basis and have found it a real timesaver in my research. Again this weekend, the owner of BreakoutInvestor has been gracious enough to provide our readers with the link to Monday's List at no charge. Please take a look...You will find some stocks well worth adding to your watchlist http://breakoutinvestor.com/monoct18 Also, don't forget to check in regularly at http://FinancialLinksOnline.com We are continually adding sites of interest. These are not stock related but you might want to check them out: Tired of being spammed at you primary email address? There are dozens of FREE web-based email providers(there used to be 1,000's). I remember when I used to get free fax, free telephone via computer, free everything!!! But there still are some freebies around. Use one of these free email addy's to sign up for things on the Net...or use at your groups and clubs. This site is also a directory of many other FREE services. http://emailaddresses.com Want to sound smarter than you really are? Want to always come up with something witty? Check this out...you'll never be speechless again. Some are a bit mushy...but they have different subjects in their TOC. http://www.boardofwisdom.com Earnings Calendar For This Week I posted it at Reed's Forum. You do not have to be a member to view. Just visit http://www.reedfloren.com/forums/index.php?showtopic=32&st=1320 You may have to scroll down a little. Well, that's about it for this weekend...Hope you find something useful. Best To All...Doug aka IIC aka Mr. Breakout |
| Los Angeles | CA | 90034 |