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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Richard Estes who wrote (1644)	7/8/1999 12:32:00 AM
From: Teresa Lo	Read Replies (1) \| Respond to of 18137

I totally agree with your opinion. I subscribe to John Magee's idea of never reading a newspaper or a magazine until it's good and yellow. People need to spend more time learning about the market, how it functions and learn to trade rather than listen to other people's picks, but alas, most people are too lazy and would rather have someone tell them what to do. This way, if the picks don't work out they don't have to blame themselves.

To: Richard Estes who wrote (1644)	7/8/1999 2:14:00 AM
From: Eric P	Read Replies (1) \| Respond to of 18137

Regarding stock analysts: they are wrong 80% of the time. I never read stock news, Analyst's reports, or company reports. They are external to Price. Trades profit or lose on the basis of price movement not attempts to manipulate by the brokers and media. I take it one step further. Whenever I am considering an overnight trade, I will first review the news in the stock. Most times, if I see an analyst recommendation or upgrade in the past 1-2 days, I will specifically avoid buying the stock as a result. The analyst recommendation likely generated many buy orders from "stupid" (or, shall we say "naive") investors which has already artificially inflated the price. Therefore, the stock is likely to be somewhat overvalued immediately subsequent to the recommendation and poised for near-term weakness. -Eric