SHREVEPORT, La., Oct. 4, 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 Oracle, Fannie Mae, Nextel Communications Inc. and Schering-Plough Corp.
STOCKPICKREPORT RATINGS: Oracle (Nasdaq:ORCL) -- BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=ORCL Fannie Mae (NYSE:FNM) -- STRONG BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=FNM Nextel Communications Inc. (Nasdaq:NXTL) -- BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=NXTL Schering-Plough Corp. (NYSE:SGP) -- BUY http://www.stock-letter-daily.com/rating.asp?format=single&ticker=SGP
STOCK COMMENTARY:
Monday, October 4, 2004StockPickReport Commentary
"Bluff Called"
Thursday morning we said, "An S&P close over 1130 would signal to us that a trend since back in January had been broken. Now, if that were to occur, and if RSI, Stochastics, and MACD pointed higher, we'd be ready to 'jump in'."
We saw 1130 as a key number. Then, Friday, the S&P closed at 1131.
!!! 1131 !!!
There was a bit of subdued laughter around StockPickReport. It was as if the market heard our challenge and responded with a bit of humor -- by closing just 1 point above our "benchmark" of 1130.
So, we are impressed. Technicals like RSI, Stochastics, and MACD all suggest more upside. What we need to see now is ANOTHER CLOSE HIGHER. In fact, we are now more adamant than ever about our belief in the use of stop/losses.
Some key numbers have been hit. Trendlines broken. Volume increasing. And, all of this in the face of "bad" news on the war, oil, and domestic economic numbers. So, if this rally is to get any "traction" and extend further, we believe the S&P MUST continue to close above 1100 and for us to remain REALLY bullish, it must remain above 1130 -- CONSISTENTLY. If this rally breaks down, it could be a severe correction. So, again, we are HAPPY about the move higher and CAUTIOUS about a pullback.
We hope you are, too. Yes, we are ready to embrace a rally, but we also know that numbers don't lie. Our S&P targets are good numbers to watch.
For More Commentary Go Here:http://www.stock-letter-daily.com/index.htm
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If the links to our ratings above do not work, please use these:
Oracle (Nasdaq:ORCL) -- BUY http://www.stockpickreport.com/rating.php?sym=ORCL Fannie Mae (NYSE:FNM) -- STRONG BUY http://www.stockpickreport.com/rating.php?sym=FNM Nextel Communications Inc. (Nasdaq:NXTL) -- BUY http://www.stockpickreport.com/rating.php?sym=NXTL Schering-Plough Corp. (NYSE:SGP) -- BUY http://www.stockpickreport.com/rating.php?sym=SGP