One last item. I’m also a TC/2000 user. Would you share the Easy Scan and/or PCF code you used to identify your six stocks? Thanks for your input.
Sorry to take so long to respond... but like you I get busy doing a million things and so it takes me some time.
Now to your question.
First of all, I have to tell you that I have changed my strategy in the last 6 months or so and I continue to revise it given the market turbulence we are under. Some successfully, some not.
The scans that I use are several, and I continue to search for "perfect" scans, of course it never works that way and so, I continue with the searches that yield the one or two charts here and there.
I must warn you that I simply follow what it is there already created in the software, lately, because of the market we are under I have added the scans of some of the knighted individuals that seem to make sense. Of course the most important thing is how I interpret the charts that come up as a result together with my past experience in what my eye tells me the chart in question will do.
Finally, whatever selection is left standing, I go through a review of "fundamentals” such as debt, and insider sells or buys, what industry they are in, degree of control of their markets and if they are leaders in their industries/sectors.
In short, I think I do this more as an "art than a science, and yes, I am on the "novice side of things” I would not dare give advice at all.
Remember that I brought up those stocks as examples of what was going on in the market as an alternative to strictly continue holding or considering ORCL. Since we traded ideas first, we have witnessed further erosion in ORCL and I have lightened my position since.
Lastly, I must also tell you that I watch these things closely with mental or actual stops and the minute they falter I am out on to the next... This last detail has been very effective in the market we are under, as it seems that nothing lasts forever...
Look up the reports dated:
August 28 01 (LONG)
August 17 01 (LONGS but oddly, it could also work to find shorts imo. Thsi is so because some of the charts look oveerextended and a retrace is expected)
August 3 01 (LONGS)
There is a scan for SHORTS:
Earnings($Millions) 1 Yr under "rank" 1 -17
Money Stream 3 month range under "rank" 1 - 16
Price under "value" 4.94 to MAX
TSV under "rank" 1 to 8
Volume 1 day-H "rank" 88 - 99
Searching for shorts the best companies are those who have been "pumped" by scam artists of WS... then looking at their fundamentals, you can see that some of the business plans are the result of peyote dreams under the influence of DotBomb mania, or their debt burden is so phenomenal, soon these companies will meet their bankruptcy makers [ggg]. For this, you need to scan the news more than anything.
I do not remember if I have told you this, but one of the best stock pickers I have witnessed for the above category is Michail Shadkin:
Subject 51138
In addition, I would suggest you farm the daily reports, as there are many suggestions, however, each one may appeal to us differently. Lastly, I do not stick to the one or two single scans but I merely search the data base until a chart (or more), catch my eye... depending if I am looking at it under the eye of the SHORT (under current market, it is the path of least resistance), or LONG which at this time I do look for them as "hedges" to balance a short bias portfolio.
Seldom do I use strictly ONE single scan, I collect ideas and stick with the ones my eye likes the best as far as the chart pattern is concerned.
I do not know that this answers your question, or if it makes sense to you... as I said at the very beginning of these posts was just to give an alternative to ORCL. I simply do not feel I have sufficient expertise to actually give a recommendation. I do not feel comfortable with that... I am personally revising my own opinion as to what the market will do next... for now, it seems that the market does want to go lower. ORCL may see single digits, but that is a mere opinion, one that I can change on a dime, the minute I would recognize the market getting stronger. Under present conditions, I do not foresee such strength.
I would not mind seeing some rally here, however I am saying this with the intention of shorting such rally, as it will improve my chances of a better entry on the short side.
Good trading |
