Oh yeah, the economy sucks. Yeah right! I am so sick of listening to the media establishment always casting doubt on this great market. The consumer confidence numbers, no matter what poll you look at, would make you think we are in a recession. Hardly; the economic numbers look great, jobs look good, GDP is growing faster than our European brothers, the stock market is heating up, and the deficit is shrinking. What more do people want? I know. They want a housing bubble to pop, terrorist to scare us from traveling, and just about anything to make a Republican Whitehouse look terrible. No matter what your politics are, you should not ignore the great stock market right in front of your eyes.
That is my rant for the day.
The SP600 hit all-time highs, corporate America's earnings are hitting all-time profit highs, the SP500 and Nasdaq are at their highest level since summer of 2001, and housing stocks like MTH keep proving the "top" to this housing "bubble" isnt here yet. All reasons the long side is the right side right now.
Whether this market is going to roll over today or next year, I dont care. The most important thing to know is what the market is doing right now and all trends are UP UP UP. This will end one day but not today Thursday the 28th of 2005.
New Swing Longs: VSEC MINI NTGR MDTL PRST CNQR FLR AACC FLML DRAX BLKB BEAS NWD ENI MTSC PLUG CDN
Swing Longs Outperforming Market (up 5% or more): FOXH NTRI ANSI ERS SSNC CHCI DIOD CUTR NUVA SBAC QUIK WEL GTF
New Swing Shorts: DJO TBL HTCH LZB PGI WMI TTMI KWD
Swing Shorts Outperforming Market (up 5% or more): WOLF GMR
Aloha!!
2 comments:
Hi Josh
Going through your new longs list everyday even though I'm making good progress on chart patterns there are several things not yet clear to me. Today VSEC and MINI are not present in either EasyScan because they both have low volume. Cross-referencing all the new longs with IBD Stock Checkup I noticed there are lots of B (is that becuase on good breakouts and time they can become A?) and quite a few C and D. What is your criteria to get into your portfolio lower quality stocks? Aside from the pure pattern do you look at other things to cross-reference like RS on IBD charts or other tool to confirm that those low quality have potential? Or do you use the lower quality for shorter time holding periods? Your enlightment on this issue is highly appreciated as usual.
VSEC and MINI appear because they are in my IBD scans of IBD 100, Top Composite 200, Your Weekly Review, Mutual Fund New Buys, and Where Big Money is Flowing.
Most of my lower quality plays are in hot sectors and provide excellent gains in markets like the current one.
Nothing is used except the pattern itself. Simple supply and demand. I can just see it easier. It doesnt always work, as you can see. But the risk/reward is worth it. But bottom line it is just the chart pattern.
The same time period applies. They are both for swings IBD quality and speculative. The only differnce is any hard pullback on a lower quality stock will be dumped imediately (90% to 100% of it), no questions asked. A great IBD stock will a lot of times pullback to 200 dma before resuming its uptrend, in a bear market.
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