Hi YxY,
On a lunch break (of sorts, NY time) and trades going well so ducking in for a moment. Still interested in working on some scans, and owe you a PM - soon.
On books, long ago there were several posted on the thread as "suggested" good reading by a number of folks. Perhaps it's time to update the list, and I'll pull some thoughts together soon myself. Jeff Cooper's Hit and Run II is similar to I, but not a 2nd ed. and can be read on its own. As a devotee of Cooper's (and Conners, Raschke, etc.) I'd recommend reading all of his books. I would distinguish Cooper as CA (chart analysis) and not TA (which is where I'd put Murphy, Morris, Bollinger, etc.). As such, you won't learn about stochastics, MACD, and such from Cooper. He does use ADX and/or RSI to filter stocks but then concentrates on specific trading patterns, generally of about 3 to 5 periods.
If you've a bent for stats, get Encyclopedia of Chart Patterns by T. Bulkowski; IMHO this book is a better recommendation than Edwards and Magee's classic Technical Analysis of Stock Trends.
BMCS doing quite well today and if it can clear 30, the gap to 35 may go quick. The move may be in sympathy with IBM, and BMCS reports today after the bell (it preannounced better than expected results which started this run the other week), so if you're not in, be careful entering. I will be selling at least 1/2 the position that has now doubled (resulting in "free" shares), and the position entered yesterday on pullback may go as well. But there are steady large buys (>25K) still coming in above the ask. Interesting.
Sold yesterday's PSIX at open for 1/8, may reenter if volume surge takes out 3. Still in CYTO (may add on pull back), SBUX, RDRT and TALK.
Peace and Justice --- Patrick |
