SHREVEPORT, La., Nov. 18, 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, Viacom Inc., JP Morgan Chase & Co, GoAmerica Inc.
STOCKPICKREPORT RATINGS:
Oracle (Nasdaq:ORCL) -- SELL
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=ORCL
Viacom Inc. (NYSE:VIA) -- SELL
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=VIA-B
JP Morgan Chase & Co (NYSE:JPM) -- SELL
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=JPM
GoAmerica Inc. (Nasdaq:GOAM) -- GOAMNO RATING
http://www.stock-letter-daily.com/rating.asp?format=single&ticker=GOAM
STOCK COMMENTARY:
Thursday, November 18, 2004 StockPickReport Commentary MORE UNCHARTED TERRITORY
Last Friday we said, "You know we are bullish 'long term' (12 months out) and always cautionary 'short term' (a week to a month out). But the VERY short term (read: tomorrow) seems like a potential rocket ride."
Guess the ride wasn't over Friday, right? The market is at a nearly-three-year high, and on a "relative basis", it is VERY overbought right now. This fact, coupled with potential inflation and just a "need" for a short-term round of "profit taking" cause us to be more interested in conserving capital now than "taking chances".
By our estimation, the bottom of the uptrend channel for the S&P's price since 2003 is, currently, 1100. After Wednesday's close of 1181, the S&P is over 7% above that mark (1100). Seems to us that if the S&P pulls back below 1150 over the next day or two, the downside of the recent channel could be tested. The longer the S&P remains above 1150, though, the STRONGER the chance for a continued upsurge!
Please send any questions or comments to don@strikefriday.com.
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:
Oracle (Nasdaq:ORCL) -- SELL http://www.stockpickreport.com/rating.php?sym=ORCL Viacom Inc. (NYSE:VIA) -- SELL http://www.stockpickreport.com/rating.php?sym=VIA-B JP Morgan Chase & Co (NYSE:JPM) -- SELL http://www.stockpickreport.com/rating.php?sym=JPM GoAmerica Inc. (Nasdaq:GOAM) -- GOAMNO RATING http://www.stockpickreport.com/rating.php?sym=GOAM