Post by Admin on Jul 22, 2004 2:42:19 GMT -5
Talk about a backlash, it was more like whiplash. Let's create a new word - Greenlash. Mr. Greenspan is about as straight, conservative and non-committal as they come. Yesterday, between his exuberance and blatant honesty, he sounded more like a Wall Street rookie after a 3 martini lunch than the Chairman of the Fed. 
Unfortunately, he stopped just short of what Savant, our Economic and Market Commentary columnist has been saying for weeks, "This may possibly be the best economy we've ever had". If Al could have brought himself to speak the fairly obvious, it might have saved a lot of carnage today.
The markets rallied yesterday, bolstered by his confidence, yet today, after the world had a chance to hyper-analyze every word, they must have thought they had been tricked. Despite positive earnings announcements last night, and again this morning, the markets tanked across the board even though we got off to a fairly good start. Before the markets headed south, the CT Index gave us all a clear heads-up on what was about to unfold. On a % basis, our long positions faired better than the markets overall, and 90% of our short positions finished in the money.
Are we headed down further tomorrow? We're only 9 points away from the NASDAQ low of the year. If we can rally early and sustain it, we might finish the week higher on the back of more positive earnings news. An interesting side note, the Toronto Exchange looks extremely bullish tonight. It's not something I look for, but it just kept jumping out at me....for what it's worth.
You should have received my Member Alert last night on AZMN. Today it traded over 5 times its average volume.
Morningstar Alert
AZMN
07-21-04 09:18 PM
Volume more than twice 30-day average
This stock experienced unusually high trading volume of 286,565 shares today; its average daily volume over the past 30 days was 52,133 shares.
Extreme volume moves are sometimes precursors to equally extreme price moves. Keep in mind my comments last night regarding any significant moves prior to news.
Also newsworthy, DJRT - racingadventure.com announced record profits, the stock soared over 45% and volume was over 3 times the daily average. The one point I have to keep making, is what an exclusive little club this is. With just 100 shareholders total, this is a ride I'm not going to miss. Read today's PR biz.yahoo.com/prnews/040721/clw019_1.html
Tomorrow's a new day >
+ET OMC DOV EPIC XEC ULBI SSHH NCX RNR ESI CACH RAD SAFC
What will you do with your tomorrow? Moses is given credit for writing one Psalm. In that Psalm, he said we should "count each day with wisdom". In other words, we need to make every day count. Life is short, but eternity.........that's forever!
Blessings
CT
Unfortunately, he stopped just short of what Savant, our Economic and Market Commentary columnist has been saying for weeks, "This may possibly be the best economy we've ever had". If Al could have brought himself to speak the fairly obvious, it might have saved a lot of carnage today.
The markets rallied yesterday, bolstered by his confidence, yet today, after the world had a chance to hyper-analyze every word, they must have thought they had been tricked. Despite positive earnings announcements last night, and again this morning, the markets tanked across the board even though we got off to a fairly good start. Before the markets headed south, the CT Index gave us all a clear heads-up on what was about to unfold. On a % basis, our long positions faired better than the markets overall, and 90% of our short positions finished in the money.
Are we headed down further tomorrow? We're only 9 points away from the NASDAQ low of the year. If we can rally early and sustain it, we might finish the week higher on the back of more positive earnings news. An interesting side note, the Toronto Exchange looks extremely bullish tonight. It's not something I look for, but it just kept jumping out at me....for what it's worth.
You should have received my Member Alert last night on AZMN. Today it traded over 5 times its average volume.
Morningstar Alert
AZMN
07-21-04 09:18 PM
Volume more than twice 30-day average
This stock experienced unusually high trading volume of 286,565 shares today; its average daily volume over the past 30 days was 52,133 shares.
Extreme volume moves are sometimes precursors to equally extreme price moves. Keep in mind my comments last night regarding any significant moves prior to news.
Also newsworthy, DJRT - racingadventure.com announced record profits, the stock soared over 45% and volume was over 3 times the daily average. The one point I have to keep making, is what an exclusive little club this is. With just 100 shareholders total, this is a ride I'm not going to miss. Read today's PR biz.yahoo.com/prnews/040721/clw019_1.html
Tomorrow's a new day >
+ET OMC DOV EPIC XEC ULBI SSHH NCX RNR ESI CACH RAD SAFC
What will you do with your tomorrow? Moses is given credit for writing one Psalm. In that Psalm, he said we should "count each day with wisdom". In other words, we need to make every day count. Life is short, but eternity.........that's forever!
Blessings
CT