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Nick's Last Picks 6/17/04


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#1 TTHQ Staff

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Posted 18 June 2004 - 08:38 AM

THE NICK'S PICKS DAILY UPDATE A Decision Point Publication By TraderNick As of market close 6/17/04 More trading range action today, with only marginal price movement on light volume. The only difference between today and yeserday was that yesterday the Nasdaq was up and the Dow down while today the Dow was up while the Naz was down (on that negative Fibonacci time line I talked about last night). The remainder of the week's trading is really irrelevant, having more to do with options expiration than anything real. Next week, however, will be interesting. Traders will begin placing bets ahead of the crucial June 30 watershed date, when the Federal Reserve will act on interest rates and the Iraq transition will take place. Next week's trading will provide a clue as to what's coming next for the market. I believe the market will enter its summer rally phase once that June 30 date comes. After that, we'll enter the heart and soul of the election process and presidential politics will dominate the markets. That's as far out as I can look, my friends. And on that note I'll leave you. I'm not one for maudlin, weepy good-byes. I just want to thank you for your faith and your loyalty. Good luck in your trading, and good luck in your lives. And never confuse one for the other. Today's Market: S&P 500: Closed @ 1132.05 (-0.13%) Picks Open Positions: (-0.59%) Today's Open Positions: ALCOA (AA) from 33.98, Position Loss of -7.89% in 61 days. Stop: 28.50. Target: 35.00. Today's Last and Change: 31.30, +0.09 (+0.29%). AMGEN (AMGN) from 58.86, Position Loss of -8.31% in 66 days. Stop: 53.00. Target: 62.00. Today's Last and Change: 53.97, -0.43 (-0.79%). AMERICAN EXPRESS (AXP) from 48.86, Position Gain of +5.32% in 33 days. Stop: 48.00. Target: 55.00. Today's Last and Change: 51.46, -0.05 (-0.10%). BED BATH & BEYOND (BBBY) from 38.32, Position Loss of -3.37% in 54 days. Stop: 36.00. Target: 40.00. Today's Last and Change: 37.03, -1.01 (-2.66%). BANK OF NEW YORK (BK) from 29.48, Position Loss of -2.37% in 44 days. Stop: 28.50. Target: 33.00. Today's Last and Change: 28.78, -0.27 (-0.93%). BEAR STEARNS (BSC) from 82.48, Position Loss of -3.73% in 54 days. Stop: 77.00. Target: 90.00. Today's Last and Change: 79.40, -0.75 (-0.94%). CITIGROUP © from 49.18, Position Loss of -4.27% in 54 days. Stop: 45.00. Target: 52.00. Today's Last and Change: 47.08, +0.06 (+0.13%). DUPONT (DD) from 41.54, Position Gain of +5.34% in 89 days. Stop: 42.50. Target: 45.50. Today's Last and Change: 43.76, -0.07 (-0.16%). INTEL CORP (INTC) from 26.46, Position Gain of +4.42% in 40 days. Stop: 25.00. Target: 35.00. Today's Last and Change: 27.63, -0.49 (-1.74%). JOHNSON & JOHNSON (JNJ) from 50.12, Position Gain of +10.83% in 82 days. Stop: 54.00. Target: 60.00. Today's Last and Change: 55.55, -0.33 (-0.59%). JP MORGAN (JPM) from 36.07, Position Gain of +3.47% in 26 days. Stop: 35.00. Target: 43.00. Today's Last and Change: 37.32, No Change. KOHL'S (KSS) from 43.03, Position Gain of +5.81% in 54 days. Stop: 45.00. Target: 50.00. Today's Last and Change: 45.53, -0.52 (-1.13%). LOWES (LOW) from 50.57, Position Gain of +6.80% in 33 days. Stop: 53.00. Target: 59.00. Today's Last and Change: 54.01, -0.14 (-0.26%). MERCK (MRK) from 44.00, Position Gain of +9.82% in 82 days. Stop: 45.00. Target: 50.00. Today's Last and Change: 48.32, +0.24 (+0.50%). MICROSOFT (MSFT) from 26.14, Position Gain of +6.23% in 229 days. Stop: 23.50. Target: 38.00. Today's Last and Change: 27.77, +0.45 (+1.64%). PFIZER (PFE) from 34.29, Position Gain of +2.86% in 82 days. Stop: 33.50. Target: 38.00. Today's Last and Change: 35.27, +0.05 (+0.14%). TEXAS INSTRUMENTS (TXN) from 25.42, Position Loss of -8.54% in 40 days. Stop: 24.00. Target: 30.00. Today's Last and Change: 23.25, -0.91 (-3.77%). WAL MART (WMT) from 54.84, Position Gain of +1.84% in 28 days. Stop: 56.00. Target: 60.00. Today's Last and Change: 55.85, -0.27 (-0.48%). Changes To Open Positions: TEXAS INSTRUMENTS (TXN). Violated its stop today. Reset stop to 22.50. WAL MART (WMT). Violated its stop today. Reset stop to 54. Comments On Open Positions: TXN and WMT violated stops today. I think both these stocks are undervalued and would keep them on. Also, after a couple of years of stagnation, Microsoft (MSFT) is starting to gain some momentum. My parting message is that I love this stock. If you don't own it yet, buy it immediately. If you do own it, double up. Look for it to go to the mid 30s. Recommended Market Exposure: 45% (45% Long, 0% Short, 55% Cash) Trade well! TraderNick