Monday, April 17, 2006

Stocks Decline On Higher Volume; Not A Serious Distribution Day Due To The Pre-Holiday Trading On Thursday.

Oil prices was the blame of the day for commentators of stocks. The markets mostly fell but the NYSE and SP 600 were green. The Nasdaq was hardest hit by the selling falling .6%. But the late day reversal showed that there is still support out there for stocks. This day wasn't as bad as it might have seen to some players.

Volume rose across the board but I am not a bit worried about this being a distribution day. It is what it is. But put an asteric next to it, because we are comparing a full market day to a pre-holiday trading session. That kind of makes it easy to have higher volume no matter what. So let's not worry about that.

And here is why we shouldn't worry. The IBD 100 rose 1%, clearly showing that leading stocks in strong groups are doing just fine. Leading stocks with nice charts are still outperforming the averages. Not too mention metal and oil stocks but I am not that interested in this group anymore. Why? Everyone is talking about it. I am getting sick of it. We are probably near a short term top in these stocks. I have taken more profits in some of my gold stocks.

What should we worry about? Nothing!!! But for the bears, I will give you guys something: Breadth was negative on the NYSE today. Put/Call ratio spiked to .94--too bad that is a contrarian signal. Yeah, there is oil, inflation, higher gas prices, a slowing house market, and everything else negative you guys can try to scare me about for the past three plus years. But until the markets rollover, my charts breakdown left and right, yield curve inverts hard, put/call drops to .2, and you guys actually say something positive about the "Bush" economy, I will stay bullish and keep making a ton of money.

How many stocks have I owned the past year up 100% or more? According to my accountant it was 62. How many stocks did the bears short that gave you 100% returns? That is what I thought.

Great luck out there!

New Swing Longs: JOBS VPRT CAMP BDK CTZN -- For more info on longs, go to Investors Paradise and scroll down to Professional Investor Josh Hayes and click on 'longs.'

New Swing Shorts: NONE

Longs Outperforming Market(number is % return after buy--only stocks up 25% or more have numbers): BOOM-444 ERS-330 TGB-106 NXG-147 WIRE-154 SLW-139 MFLX-204 ASF-212 RATE-149 TGC-135 CLG-139 AUY-142 GRS-102 NVDA-98 STRL-40 OMNI-47 ASPV ZEUS-69 VTS-25 RMBS-34 GEMS-33 KDN MERX-44 STX-27 RNWK STMP-54 BAM-30 CYBS LPSN ROK-25 UIC-54 PKE NGPS BEAV-46 TMI FRGB DECK WF HEIA-36 EFII ASVI COGO-36 SEAB MNST-44 ARS-51 MMK-44 QCC SPWR-35 AAU PEIX-86 RBY-25 ENER ANO VGZ-93 KGC-49 GBN-53 SA BGO-50 AGT-37 TXCO-56 NTO-65 ALTI ANX-51 SYKE CDE-42 CCUR STEL VSL EVST-50 BFT MRB-84 ECLG-55 SATC-36 TVIA SIM FC

Shorts Outperforming Market: NONE

Stocks On Radar Screen: HEC

Blowup: BKHM -- Very disgusting. I really liked this chart. Selling the remaining shares with a 13% gain.

3 comments:

Anonymous said...

JSDA?

Joshua "MauiTrader" Hayes said...

JSDA: still a hold, if you are already long. Buy at the 50 dma with a cut loss with a close below that line.

Anonymous said...

wow, so much for the bears today. looks like we're not ready to rollover yet. commodities are getting frothy, i heard people at the gym talking about commodity stocks (that's not a good sign). Amazingly we still havent seem any big down volume days on many of the commodity stocks. OR_kiter