Month: October 2004

Three-Year Cup With Handle

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Here’s that 3-year chart of the Cubes (Amex: QQQ) I was talking about the other day. Doesn’t mean anything until/unless we breakout of the 9-month handle. It is positive that volume has picked up on the recent rally. We’ll see what next week brings… A relief rally, especially if we know the winner of the election by Wednesday morning?? We’ll know soon. Cheers!

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On Taking Action

Grand business plans are well and good, but nothing beats dipping your toe in the water.
-Probably said by most successful entrepreneurs

Crude

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That’s the word of the day. This morning the weekly inventory report came out showing that the amount of oil in storage tanks increased for the fifth consecutive week, rising to its highest levels since before Hurricane Ivan tore through the Gulf of Mexico. What does it mean? Well today it meant push the sell button for the oil futures and the buy button for equities. Oil had its biggest one-day loss (5%) since June 2 and closed at a 2-week low. And as shown in the chart above, the Cubes (Amex: QQQ) surged $0.91 on a 57% increase in volume. In fact…

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Walking the Line

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The Cubes (Amex: QQQ) are again trying to muster the troops at the 50-day EMA line. This shows up clearly in today’s hammer-type candle that touched the line and then rallied into the close on decent volume. A more pronounced volume pickup was experienced across the Nasdaq and NYSE, both of which logged respectable advances, especially when you consider that the Presidential election is a week away and most people are just holding their breath until we see how it goes. Conventional wisdom is calling for a relief rally after the election, which would be my call as well, but the chorus singing in unison raises some doubt, as does the weak dollar and high energy prices. We’ll see. Cheers!

Greenspan Virtual Q&A

Here’s a brief and incomplete reaction to Alan Greenspan’s most recent comments on the housing market and the question of if there is a bubble and if there is a housing bubble. The Greenspan quotes and paraphrases are cut out of today’s WSJ article by Joseph Rebello (complete article included below):

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Greenspan Virtual Q&A

Here’s a brief and incomplete reaction to Alan Greenspan’s most recent comments on the housing market and the question of if there is a bubble and if there is a housing bubble. The Greenspan quotes and paraphrases are cut out of today’s WSJ article by Joseph Rebello (complete article included below):

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Another Distribution Day

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Hasn’t been much to report since my last posting about the reversal day last week and the island reversal the prior week. But all that changed after yesterday’s and this morning’s action…

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