SHREVEPORT, La., Sept. 23, 2004 (PRIMEZONE) -- Stock-Letter-Daily.Com (http://www.stock-letter-daily.com -- an affiliate site of StockPickReport (the web's only non-mainstream stock rating service), rates SPDR Trust, Exxon Mobil, Altera, and Corvis.
STOCKPICKREPORT RATINGS:
SPDR Trust (AMEX:SPY) - STRONG SELL http://www.stock-letter-daily.com/rating.asp?format=single&ticker=SPY
Exxon Mobil Corporation (NYSE:XOM) -- STRONG SELL http://www.stock-letter-daily.com/rating.asp?format=single&ticker=XOM
Altera Corporation (Nasdaq:ALTR) -- BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=ALTR
Corvis (Nasdaq:CORV) -- SELL http://www.stock-letter-daily.com/rating.asp?format=single&ticker=CORV
STOCK COMMENTARY:
"Turn That Frown Upside Down!"
Couple days ago, the markets cheered as the "bulls" came "roaring back". As a StockPickReport member, you knew better! Hopefully, you took our advice and upped your stops on stocks you held, by the way. Today, there were frowns all over the world as (gasp!) oil prices rose again (really? no way!), and stocks plummeted.
Like we said, you knew better than to buy the "mainstream wallstreet" baloney. As you know, yesterday we reiterated the "bear case" with this point, "Our official position today is that although two key indicators moved out of 'clearly overbought' to 'slightly overbought', we still are not ready to declare a new 'bull market' is on the move. We need to see MACD reverse course, before a change of any sentiment. But, even then, we will still be, at best, 'cautiously optimistic'. Our advice: Watch stop/losses. If stocks move up, MOVE YOUR STOP/LOSSES, too. We think better prices could still be around the corner."
Yesterday (Wednesday), MACD did NOT change course. It rolled over and now looks, well, REALLY ugly. Now, we have stochastics, RSI, and MACD (our three favorite technical indicators) pointing to more downside ahead.
When you have all three of these indicators pointing in such a strong, and unified direction, we think it's time to PRESERVE capital. That means it's time to adjust your stop/losses and don't try to get "cute".
"Hey, StockPickReport, you are wrong. The markets are about to just scream higher. No way I'm gonna sell anything," you say. Okay, fine. If the markets move up, it's (as they say), "all good". But, if the markets don't move up, uh, you know what that means.
Look, we've been saying now for a couple weeks that the market is overbought. We continue to hold that line. There will be better prices ahead. And, that is a GOOD thing for a patient investor.
So, please, "Turn that frown upside down!" For More Commentary Go Here: http://www.stock-letter-daily.com/index.htm
WHAT THESE RATINGS MEAN:
StockPickReport.Com ranks stocks with technical analysis. These ratings do not indicate a "long term" view. These ratings reflect an opinion for the short term. These ratings may change based on market conditions.
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If the links to our ratings above do not work, please use these:
SPDR Trust (AMEX:SPY) -- STRONG SELL http://www.stockpickreport.com/rating.php?sym=SPY
Exxon Mobil Corporation (NYSE:XOM) -- STRONG SELL http://www.stockpickreport.com/rating.php?sym=XOM
Altera Corporation (Nasdaq:ALTR) -- BUY http://www.stockpickreport.com/rating.php?sym=ALTR
Corvis (Nasdaq:CORV) -- SELL http://www.stockpickreport.com/rating.php?sym=CORV