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  Trading Calendar

It's perilous to short the market. To paraphrase Keynes, the market can be irrational longer than you can remain solvent.


Topics this page:

  • Analyst Ratings
  • Fundamentals
  • Market Timing
  • Index Futures Trading
  • Stock Picking Criteria
  • Charting
  • Oscillators
  • Trade Signals
  • Momentum Indicators
  • Trading Tools
  • Your comments???

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    Analyst Ratings

      Idea Stock prices move (appreciate or fall) only when the stock (or conditions around the stock) change in an unexpected way,
      This is why a company's stock price paradoxically drops after a massive jump in sales or profits.
      This is also why hot stock tips may not earn you money. By the time you hear about it, the pros have already bid up the price and took away the appreciation you had hoped for.

      Ratings by investment bankers such as Citicorp, Goldman Sachs, Morgan Stanley Dean Witter Chase, Merill Lynch are "tainted" because they need to be self serving since bad ratings hurt the underwriting side of the firm.

      Analyst Fred Hickey, editor of the fiercely independent $120/yr High-Tech Strategist newsletter from Nashua, NH, is called the "king salmon" among "live fish" (Uncorrupted analysts who do their homework) by short hedge fund manager Bill Fleckenstein in his Contrarian Chronicles.

      As part of a 2004 settlement, brokers must now supply investors with second opinions: analysis purchased from outside research firms.

      But more than ever, the most pioneering, market-moving research is going exclusively to big mutual funds and the private investment pools (hedge funds), not to the small investor for whom regulators waged their campaign.

      • stock-analysis boutique, Majestic Research LLC
      • Institutional Shareholder Services is the world's leading provider of proxy voting and corporate governance services for institutions holding corporate stocks.

      • Edgar Online provides corporate SEC Financial Reports
      • Hoover's Online provides a starting point for information on more than 10,000 companies.
      • First call consensus

      Small research firms have a tough time despite charging thousands of dollars because retaliation by companies when negative reviews are issued.

      Caution! Be especially leary of recommendations from unsolicited faxes and mail, which usually come from "pump and dump" scammers who buy up a small issue, tout it heavily, then sell after people who fall for their scheme bid up the stock. Please report such practices to


      Independent Stock Rating Agencies

    • $495/year Weiss Ratings on a stock's fundamentals, valuation , momentum, and risk are the most accurate, reliable, and conservative.
    • $109/year Morningstar identify undervalued and overvalued stocks.

      Many public libraries buy subscriptions so that you can get into these free.

    • $298/year Standard & Poors provides quantitative analysis and analysts' personal opinions.
    • $598/year Value Line rates 1,700 stocks on safety and timeliness
    • Schwab $25 per company
    • Fitch Ratings

      Capital Market Risk Advisors (CMRA), is the preeminent financial advisory firm specializing in risk management, hedge funds and derivatives.

      International Association of Financial Engineers (IAFE)

      Alternative Investment Management Association (AIMA)

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      The Hulbert Financial Digest tracks 165 investment newsletters

      CBS Marketwatch Directory of Newsletters

      Jim Schmidt's $175/yr Timer Digest rates the performance of S&P 500 & gold market timing newsletters relative to consensus signals. Those consistently among the top 10:

    • Christopher Cadbury, Cadbury Timing Service
    • Dan Turov, Turov on Timing
    • Tom McClellan, The McClellan Market Report (of Oscillator fame)
    • Mark Leibovit, provides the Volume Reversal indicator and a $900 semi-annual forcast.
    • Jim Tillman, Cycletrend
    • Doug Jimerson, National Trendlines
    • Steve Todd, The Todd Market Forecast
    • Craig Corcoran, Craig Corcoran Futures
    • Joseph Granville, $250/yr monthly The Granville Market Letter since 1963 (he's 78 now) labeled a parenial pessimist for missing the bull market rise from August 16, 1982.
    • Arch Crawford, Crawford Perspectives
    • Michael Gibbons, Gibbons' Trading
    • Myron Greene, Mutual Fund Timing Guide

      $40 Predict Market Swings With Technical Analysis by Michael McDonald (New York: John Wiley, 2002) credits

    • The Stock Market Profile-How to Invest with the Primary Trend by Jacobs. "gave me my first lesson in the subject of technical analysis."
    • Why Most Investors Are Mostly Wrong Most of the Time by William X. Scheinman "gave me a firm grounding in the theory of contrary opinion."
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      IBD's Relative price strength (RPS) presents the percentile of the stock within its market during the last 12 months.

      IBD's Relative industry strength (RIS) grades the performance of a company's industry against other industries.

      IBD's A/D (Accumulation/Distribution) grade A shows a stock accumulating on the buy rather than distributing ask (sells).

      Exogenous shocks are those out-of-the-blue disruptions that jolt economies and markets.

      Endogenous shock are an outgrowth of excesses that build in the macro system for a long time.


    Chinese calligraphy for "Chaos"

    Articles by Brett Steenbarger, author of "must read" books
    Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology and
    The Psychology of Trading: Tools and Techniques for Minding the Markets

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    Events That Move Stock Prices

    • Unanticipated difference in forecasted revenue
    • Regulatory actions, such as:
      • FDA approval of a drug or medical device
      • SEC investigation into back-dating stock options
    • Top management changes (such as merger announcements and Martha Stewart getting sent to jail).


      "The plans of the diligent lead to profit as surely as haste leads to poverty." —Proverbs 21:5
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      Short Options Bear Funds

      The past 10 bear markets have occurred every 2.4 years in the short corrections of 1987 and 1990.


    • Rydex Funds was the first, requiring a $25,000 minimum.
    • ProFunds requires a lower $10,000 minimum.
    • Potomac Funds based on indexes
    • Charlie Minter & Marty Weiner of the Comstock Partners Comstock Strategy A Fund CPFAX and Capital Value A Fund DRCVX (part of the Gabelli family)
    • Charlie Minter of the Prudent Bear Newsletter and fund
    • Leuthold Gizzly Short Fund
    • Robertson Stephens Contrarian Fund has a course on "Making a Living in a Bear Market"

      Chinese calligraphy for "Crisis and Opportunity"
      Every crisis carries two elements, danger and opportunity. No matter how difficult the circumstances, no matter how dangerous the situation.... At the heart of each crisis lies a tremendous opportunity.

      Great Blessings lie ahead for the one who knows the secret of finding the opportunity within each crisis.

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    Fundamental Direction

      Indicators are classified as leading, coincidental, or lagging indicators.
      Coincidental indicators such as the GNP (gross national product) measure how the economy is doing right now.

      Stocks go down a lot faster than they go up.

      Fund Indicators:

    • Performance in up market and down market
    • Alpha estimates the portion of an investment's return expected from its inherent values arising from specific non-market risk, distinct from the amount of return caused by volatility measured by the beta coefficient.
    • A fund with a Beta of 2 has double the volatity relative to the overall market benchmark over the last 3 years. This historical metric measures a fund's sensitivity to market movements.
    • Delta - the textbook definition is how much for a $1 move in the underlying stock price. Traders see this as an approximation of probability the option is in-the-money at expiration. A negative delta expects price appreciation.

    • Theta is the amount of premium decay to the next options due day.
    • Gamma is balanced with Theta.
    • Vega

    • Expense ratio: Annual expenses as a percentage of average total assets for the past fiscal year.
    • Sales Charges ("B" funds are Back-end fees when withdrawn)
    • Portfolio turnover rate
    • Total net assets
    • Technology sector weighting
    • Price / Earnings Ratio. For a stock fund, measures above 25 traditionally suggest an overvalued market.
    • Productivity is a U.S. Economic Statistics (USECON) in EView format from Haver Analytics

      Contrarians believe that the biggest profits come from Trading in "undiscovered" names ahead of the curve. They include Bill Martin, co-editor and founder of real-time service covering small- and mid-cap stocks in the tech, telecom, media and energy sectors. Martin is also founder of

      Coincidental Economic Indicators

      The GNP

      12 Leading Economic Indicators

      History has shown that increases in these measures foreshadow a better GNP.
      1. S&P500 Stock price Index

      2. Money Supply

      3. Short term interest rates (also a lagging indicator)

      4. The monthly Purchasing Manager's Index (PMI) compiled by the Institute for Supply Management (ISM) poll of 400 manufacturing companies how business is going. It's one of the most widely-followed economic indicators.

      5. Housing starts

        Congress Gross Domestic Product, Income/Corporate Profits, Employment, Investment, Prices, International Trade

      6. New orders for non-defense capital goods (heavy machinery)
      7. New orders for consumer goods (both adjusted for inflation)

      8. vendor deliveries

      9. Inventories

      10. Dow Transportation Index. This is the companion index used in the Dow Theory, introduced over a 30-year period at the beginning of the last century in editorials in the Wall Street Journal written by William Peter Hamilton, then the editor of that newspaper, on the basis of conversations he had with Charles Dow, the founder of Dow Jones & Co., the newspaper's publisher. The basic explanation is that if both the Dow Jones Industrials Average ($INDU) and the Dow Jones Transportation Average ($TRAN) jointly reach significant new highs, the stock market is likely to continue rising. Similarly, the market is likely to continue falling if both averages jointly reach significant new lows.

        The Dow Theory has three prerequisites a signal a change in the market's trend. Consider what those three steps must be when the trend changes from bullish to bearish:

        1. Both Dow Averages must undergo a significant correction from joint new highs.
        2. In their subsequent rally attempt following that correction, either one or both of the Averages fail to rise above their pre-correction highs.
        3. Both Averages must then drop below their respective correction lows.

        A Strategic Guide to the Coming Roller Coaster Market, in July 2000. McDonald did not find a correlation between forecasted corporate earnings and stock price, even though the vast majority of investors and analysts believe earnings are good tool for predicting the tops or bottoms of major market moves.

        McDonald found that the very best indicator of major market tops or bottoms comes from data that measure investor expectation/sentiment.

      Consumer Confidence Indicators


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    Market Timing

      Long term cycles (of 40 years or more) are important for their psychological ramifications. It may be just a self-fulfilling prophesy. But I think they should not be entirely ignored.

      Aside from the astrological interpretations, in Austria suggests a 76.6 year cycle for the American stocks:

      76.6 Year Cycle

      Idea This information presents a significant trading wisdom: One is better off shorting the market when long-term trend is downward. That way, the market is likely to goes deeper toward the direction that you had hoped.

      The "Old Model" popularized in the 1970's by Gordon Malkiel's book A Random Walk Down Wall Street assumes a fundamentally unpredictable yet efficient market which self-corrects to true intrinsic (fair) values.

      However, recent analysis such as Gluck's Chaos theory describe feedback loops where a seemingly insignificant trigger builds into an avelanche. An example is the 1962 crash which was not explained by fundamental economic data.

      McDonald points out that unreasonable declines of up to 13 weeks (3 months) can occur because short-term traders account for 30% or more of daily volume.

      Although regulations which put price collars to prevent a repeat of the run-away programmed trading which magnified the 1987 crash.

      Jim Rohrbach's RIX index (Rohrbach Index) announced by his $395/year newsletter is based on the 20 Day Moving Average (EMA). It triggers a Buy Signal when the RIX reading reaches +12.0 and a Sell Signal when the reading reaches -12.0.


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    Futures Trading

      Call Put
      to buy
      to sell
      to sell
      to buy

      Options Volatility and Pricing
      by Sheldon Natenberg
      A "long" trade bets on an increase in price.
      A "short" trade bets on a decrease in price.

      An option is a contract to buy (or sell) something at or before a specific time at a specific price.

      LEAPS (long-term equity appreciation options) strike dates go out to two years.

      A call writer (seller) of an equity option contract is to CALL (buy) or PUT (sell) shares of a stock before a certain time (the expiration) at a certain strike price. The premium is the option price.

      A locked market is when the bid and ask are identical.
      A crossed market is when the bid is higher than the ask.

      An at-the-money option is at the current price.
      An out-of-the-money option is higher/lower than the current price, providing a chance to "win big," percentage-wise, reflecting a premium on time and volatility.

      The bid price is what someone is willing to buy an issue for you to sell.
      The ask price is what someone is willing to sell an issue for your to buy.

      The inside price is the best bid and best offer price currently available in the market.
      The inside bid is the highest bid price.
      The inside offer is the lowest offer price.

      A market maker joins the bid When he enters a bid at the current inside, or high-bid level.
      A market maker joins the offer When he enters an offer at the current inside, or low-offer level.
      A market maker leaves the bid When he removes a bid from the inside, or high-bid level.
      A market maker leaves the offer When a market maker removes his offer from the inside, or low offer level.

      Put/Call Ratio

      The "Put Call Ratio" is a ratio of the number of puts traded versus the number of calls traded on the Chicago Board Options Exchange (CBOE) (pronounced see-bowl).


      CNBC broadcasts PREM -- an abbreviation for the "premium" -- (or discount) of the futures contract vs/ current price of the stock. A positive PREM can signal a time to buy before arbitrage buy or sell programs kick in.

      Volatility is really the only unknown for short dated options of 30 days or less.
      Longer dated options also have interest rate uncertainty.
      Options allow people to hedge prices by transferring risk.

      If a stock moved 1% daily it woud be a 16% Volatility.

      Steve Meisinger Synthetic

      S&P & NASDAQ Index Futures

      The CME created a market for the future prices of leading stock market indexes. They make terrific trading vehicles because they are extremely liquid, and they tend to predict the actual market by a few seconds to a few minutes.

      Version Ticker prefix Option $Multiplier EFT
      Maxi -.. Maxi SP500 (SPY)
      -.. Maxi Nasdaq 100 (QQQ)
      E-Mini EES E-Mini SP500 (SPY) $50 500
      E-Mini SP Midcap 400 $100 550
      ENQ E-mini Nasdaq 100 (QQQ) $20 800
      EQC E-mini Nasdaq Composite $20 800
      EER E-mini Russell 2000 $100 500
      Germany XG DAX $100 500
      Commodities C Corn $100 500
      Commodities YG Gold $100 500
      Commodities QM Crude $100 500
      Commodities LC Live Cattle $100 500
      - US US Bonds $100 500
      - XLU Utilities $100 500
      There are two versions of contracts: E-mini contracts were created to be electronically traded, at one fifth the size of a tradition "big" maxi contract, which on the SP500 are worth $250 per point.

      On March 22, 2004, the Philadelphia exchange began to provide a market for NASDAQ Composite Index full-size (QCX) and mini-size contracts (QCE).

      The ticker symbols for stock index futures four characters (such as "es4z"): The symbol for E-Mini contracts based on the SP500 index are prefixed with "es". The symbol for E-Mini contracts based on the NASDAQ 100 index are prefixed with "nq". E-mini trading symbols are suffixed with one digit for the year (such as 4 for 2004), followed by a letter of the alphabet representing the month of expiration:

      Reminder Contracts expire on the Thursday before the third Friday of these months.

      F = January G = Feburary H = March
      J = April K = May M = June
      N = July Q = August U = September
      V = October X = November Z = December

      Idea Have at least 20 days before the expiration date and one strike out. Risk increases the closer you get to the expiration date.

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    Charting Formats & Tools

      Both "bar" charts and Candlestick (Cdl) formats present open, high, low, and closing prices.

      I like the candlestick format because when an issue closes below its open the body (the "squarish" section of the candlestick) is shown with a solid color. The top of the body then indicates the opening price.

      When the issue closes above its open, the body is empty and the top of the body indicates its closing price.

      The "wick" of a candlestick — the vertical line above the candlestick body — is called the upper shadow and reaches up to the highest price for the period. The lower shadow reaches down to the low point for the period.


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      Oscillators compare the current price of a stock to its trading range over a defined period of time.

    • The trading range is a consistent price pattern characterized by definable resistance and support levels. The stock appears to bounce back and forth between these levels for a period of time.

    • The trendline is a straight line, or two parallel straight lines bracketing highs and lows, indicating the direction in which a stock has been moving, and can be predicted to move.

    • The resistance level is the price where a stock receives considerable selling pressure.

    • A stock that is said to have broken through when it closes significantly and consistently above a price that has hovered for a long time just under a milestone price. This is a breakthrough or breakout.

      Bollinger bands

      Bollinger bands shows support and resistance points (a trading range), defined by the standard deviation, or volatility, of a stock's price.

      Bollinger Bands are a type of envelope plotted at standard deviation levels above and below a moving average. Since standard deviation is a measure of volatility, the bands are self-adjusting -- widening during volatile markets and contracting during calmer periods. Stephen Aechlis, author of Technical Analysis from A to Z, has the following to say about interpreting this indicator: "The basic interpretation of Bollinger Bands is that prices tend to stay within the upper- and lower-band. The spacing between the bands varies based on the volatility of the prices. During periods of extreme price changes (i.e., high volatility), the bands widen to become more forgiving. During periods of stagnant pricing (i.e., low volatility), the bands narrow to contain prices."

      John Bollinger On Bollinger Bands (New York: McGraw-Hill Professional, 2002)

      "BandAid" is the nickname for Market price relative to its Bollinger Bands. Readings of 2.25 and -2.25 are considered to be overbought and oversold, respectively.


      A stochastic refers to the location of a current futures price in relation to its range over a set period of time (usually 14 days).

      In an 1984 article George Lane observed that as prices increase, closing prices tend to be closer to the upper end of the price range. In down trends, closing prices tend to be near the lower end of the range. Because it has slightly wider overbought and oversold boundaries, Stochastics is a more oscillator (indicator of volatility) than the RSI.

      RSI (Relative Strength Index)

      The Relative Strength Index quantifies a security's price momentum by measuring the price of a security against its past performance in order to determine its internal strength.

      First described by Welles Wilder in his book New Concepts in Technical Trad-ing Systems (Trend Research, 1978), the RSI compares the power of up days versus down days over a lookback period, which is 14 day (half of a 28 day cycle most prevalent of short term markets). Calculated using five columns on a spreadsheet, the Wilder formula includes the magnitude of price changes. (on CBS Marketwatch)

      On a scale from 0 to 100, a RSI above 70 is a sign of an "overbought" condition and a sell signal.
      A RSI below 30 signifies an "oversold" stock and a buy signal.

      According to Stephen Achelis in his encylcopedic (but not in-depth) book $12 Technical Analysis from A to Z, 2nd Edition (McGraw-Hill Trade; October 2, 2000) "A popular method of analyzing the RSI is to look for a divergence in which the security is making a new high, but the RSI is failing to surpass its previous high. This divergence is an indication of an impending reversal. When the RSI then turns down and falls below its most recent trough, it is said to have completed a "failure swing" — a confirmation of the impending reversal."


      The Stochastic indicator compares where a security's price closed relative to its price range over a given time period. The Stochastic indicator is displayed as two lines. One line is called "%K." A second line, called "%D," is a moving average of %K. According to Stephen Achelis, these are the three popular ways to interpret stochastics:
      Buy when the Oscillator (either %K or %D) falls below a specific level (e.g., 20) and then rises above that level.
      Sell when the Oscillator rises above a specific level (e.g., 80) and then falls below that level.
      Buy when the %K line rises above the %D line and sell when the %K line falls below the %D line.
      Look for divergences. For example, where prices are making a series of new highs and the Stochastic Oscillator is failing to surpass its previous highs.

      Parabolic SARs

      Parabolic SARs define resistance and support levels by taking into account previous volatility and trading patterns.

      In a Business Week article, Granville was quoted as saying “I put all my stress in reading the market through parabolics. A parabolic is a curve that's not only going up, but the angle of its rise becomes increasingly acute until the rise is going vertically. When you see that, you know that's the top.”

      McClellan Oscillators

      Sherman and Marian McClellan developed their Oscillator in 1969 and wrote about it in their book Patterns For Profit. In 1995 son Tom launched their Market Report ($195/yr. twice-monthly or $600/yr. daily) featuring a Summation Index of 10% and 5% moving average oscillators on NYSE breath, volume, and DJIA prices.


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    Trading Signals

      Breath of Advances vs. Declines

      Breath is the difference between the number of advancing issues (stocks that closed higher) subtracted by the number of declining issues (stocks that closed lower). A 2:1 ratio positive breath signals a sustainable rally. On the NYSE, "good breadth" is +500 or so, and Very good breadth is +1000.


      The TRIN (Trading Index) was developed by Richard Arms in the late 1960s, so it is also sometimes called the Arms Index. It is calculated by taking the ratio of two numbers, each of which in turn is also a ratio:

      • The numerator is the breath ratio of advancing issues to declining issues.
      • The denominator is the ratio of the volume of advancing issues to the volume of declining issues.

      High TRIN readings over two consecutive days is bullish.

      Volatility Indexes VIX & VXN

      The VIX is calculated by the weighted average of the implied volatility from 4 calls and 4 puts on the S&P 100 index (OEX) traded on the CBOE (Chicago Board Options Exchange)

      Idea If the VIX closes 1.75 points or more higher than its open, there is a downward bias for tomorrow's stock market opening. If the VIX closes 1.75 or more lower than its open, there is an upward bias for tomorrow's stock market opening.

      VIX above 35 signals a bottom in the stock market and a VIX below -5 precede a sell-off.

      VXN is the symbol for the implied volatility index of the NASDAQ 100 index.


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    Momentum Indicators

      Analysis of momentum follow trends.

      Moving Averages

      In my charts I display both a 20 day and 200 day moving average.
      Aggressive investors prefer to use 50 day (13 week) moving averages.
      Conservative investors prefer to use 200 day moving averages.

      MACD (Moving Average Convergence-Divergence)

      Divergence is when two indicators that usually move up and down together are now moving in opposite directions, not confirming each other. This is a signal.

      Each MACD line illustrates by how many multiples the 12-day EMA (exponential moving average) is leading the longer 26-day EMA. The red "Signal" (or "trigger") line is the 9-day EMA plotted on top of the MACD.

      According to Stephen Aechlis (as quoted from his book Technical Analysis from A to Z)

    • there is enough momentum to buy when the MACD trend rises above 0 or rises above its signal line. MACD lines dipping below 0 may indicate a stock becoming oversold (a good time to buy while it's cheap).
    • there is enough momentum to sell when the MACD trend crosses 0 or dips below its signal line. MACD lines rising above 0 may indicate a stock becoming overbought (a good time to sell before prices return to more realistic levels).

      A indication that an end to the current trend may be near occurs when the MACD diverges from the security. A bearish divergence occurs when the MACD is making new lows while prices fail to reach new lows. A bullish divergence occurs when the MACD is making new highs while prices fail to reach new highs. Both of these divergences are most significant when they occur at relatively overbought/oversold levels.

      MFI (Money Flow Index)

      Measures the volume of money flowing in and out of a security, According to Stephen Achelis: "Look for divergence between the indicator and the price action. If the price trends higher and the MFI trends lower (or vice versa), a reversal may be imminent. Look for market tops to occur when the MFI is above 80. Look for market bottoms to occur when the MFI is below 20."

      tool TrimTabs tracks the daily cash flows of roughly 500 mutual funds in 90 mutual fund families that collectively control about $1 of about every $7 invested in U.S. stock funds.

      Price ROC (Rate of Change)

      This illustrates the difference between the current price and the price x-time periods ago. The difference can be displayed in either points or as a percentage. According to Stephen Achelis: "The 12-day ROC is an excellent short- to intermediate-term overbought/oversold indicator. The higher the ROC, the more overbought the security; the lower the ROC, the more likely a rally. However, as with all overbought/over-sold indicators, it is prudent to wait for the market to begin to correct (i.e., turn up or down) before placing your trade. A market that appears overbought may remain overbought for some time. In fact, extremely overbought/oversold readings usually imply a continuation of the current trend. The 12-day ROC tends to be very cyclical, oscillating back and forth in a fairly regular cycle. Often, price changes can be anticipated by studying the previous cycles of the ROC and relating the previous cycles to the current market."


      Represents the number of shares transacted for the price period. For example, if A sells 100 shares to B, the volume is 100 shares.

      Volume +MA

      Represents the number of shares transacted every day. In addition, a 13-day volume EMA overlay is used to provide additional information on the volume trend.

      Williams %R

      The Williams %R indicator seeks to measure overbought/oversold levels. According to Stephen Achelis: "Readings in the range of 80 to 100% indicate that the security is oversold while readings in the 0 to 20% range suggest that it is overbought."

      Parabolic SAR

      Also known as the "Parabolic Time/Price System," this indicator is used to set trailing price stops and is usually referred to as the "SAR" (stop-and-reversal). Stephen Aechlis says: "The Parabolic SAR provides excellent exit points. You should close long positions when the price falls below the SAR and close short positions when the price rises above the SAR. If you are long (i.e., the price is above the SAR), the SAR will move up every day, regardless of the direction the price is moving. The amount the SAR moves up depends on the amount that prices move."

      A gray triangle indicates the date of historical splits events for a stock.


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    Trading Tools

      Find the best Retail MMF rates from

      tool Think or Swim offers an AJAX web platform with fast execution times with low fees (especially important since they are favored by futures traders) and free training. What's not to like?

      At the low end is the $10/month Livecharts Basic service from, which gives quote data plus a lot of market analysis, commentary, and company data. through finance.lycos

      tool $59/mo. each day analyzes and assigns VST-Vectors to over 8,000 individual stocks. The program rates each stock with a vector consisting of 3-forces, each to a scale of 0.00 to 2.00:

      • When Relative Value falls below 1.00, it's better to buy AAA Corporate Bonds.
      • When Relative Safety is above 1.00 reflects low debt to equity ratios, above average price stability, and a propensity to rise in price.
      • Relative Timing above 1.00 reflects rising stock price.
      Dr. Bart A. DiLiddo's maintained his VectorVest Composite index (VVC) of stocks since April 1991. The program makes Buy, Sell, Hold recommendations with a suggested Stop-Price.

      Caution! If you rely on stop orders, you would sell at the worst possible (lowest) price because due to volatility there is a high chance of an issue just touching a price.

      Caution! Don't submit a market buy (at open price), but at least a few minutes after the market opens. This can be done using the thinkorswim platform.

      tool 297.50/yr TC2000 displays Indexes live and from a CD-ROM databank. The product includes training by father and son team Don and Peter Worden plus others on ther TCNet.

      The Wordens created a proprietary technical graph they call Balance of Power (BOP). Green is used to illustrate the extent of 'systematic' accumulation (buying) with rising prices. Red is used to illustrate the extent of 'systematic' distribution (selling) with lowering prices. Yellow or Blue is used to illustrate neutral ("flat") trading activity.

      Idea After a period of heavy selling (illustrated by red bars), prices may reach a temporary low -- a "selling climax" when most or all selling pressure is temporarily exhausted. This can and many times will soon result in a 'technical bounce'.

      To get E-Mini futures in real time, traders pay $10 a month to the CME (Chicago Mercantile Exchange).

      More serious trader use real time charting packages such as Qcharts or eSignal.

      Real-time stock quotes start at $79/mo. for the basics with Data Broadcasting Company's eSignal (formerly StockEdge/Signal Online) offers training and wireless alerts for technical charting of options, futures and foreign markets. It works with their
      tool Equis MetaStock system "the world's most popular technical analysis software."

      DBC's Quotrek system sends FM band signals to a device resembling a walkie talkie, with an LCD display. You can customize quote feeds to give you a personal real-time ticker for stocks you watch. Alerts and alarms of all sorts can be set. The battery lasts 8 hours. The one-time receiver charge is $295 plus a $125 setup and connect fee. The basic monthly charge is $90.

      Carl Swenlin's Decision Point has tutorials and breath charts going back to 1926.

      tool $49.95/mo. MarketEdge provides technical analysis of 5,000+ stocks.

      tool The-Gears focuses on sell signals.

      tool $150/yr Market Radar predicts stocks about to make significant moves. 30 day free trial.

      PC Quote is very similar in description and price to StockEdge/Signal.

      S&P Comstock offers to consumers its vernerable professional product

      DTNiQ, at under $1,500/year, prepaid, is the price leader. But no wireless feeds and not as many newswire or research/ commentary.

      Mobeo (800-328-0870) sends quotes and faxes to pagers with a full keyboard, so it claims better geographic coverage and faster response. all for $399 + $25 to get started, plus $125 a month and modest exchange fees. Mobeo waives the initial $399 charge if you buy a 2-year subscription.

      tool Omega Research claims to be the "world leader in strategy backtesting,"a backbone of statistical analysis. You can acquire the package as part of a suite that includes direct-access stock and option trading-an "integrated" trading platform.


      webpage article Elite Trader specializes in training: free and paid tutorials to a complete training course, a store of books, software, and PC hardware.

      webpage article Teachdaq offers five-days of hands-on simulations for $1,000 in New York.

      webpage article DTrade SyeNet offers "an online community for active stock day traders and investors." It features a Day Trader's Virtual Trading Room, Information Center with a Tutorial, Toolbox, Best Practices reference, and market-simulations.

      webpage article E-Trade starts you with $100,000 to invest in your trading game. Winners get $1,000 in real money. for the serious day trader is probably the largest chat room.

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