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

To: TraderAlan who wrote (4878)	10/14/1999 9:23:00 PM
From: dpl	Respond to of 18137

Same here.Tried two trades with "stocks of the day" and got a good scare.Made my money today with the same old stocks. The more one "knows" a stock the more predictable it is. David

To: TraderAlan who wrote (4878)	10/15/1999 8:19:00 AM
From: TraderAlan	Read Replies (3) \| Respond to of 18137

Someone have the dates for the February Expo? My NJ sister is already trying to keep that weekend open as we haven't gotten together for over 2 years. Alan

To: TraderAlan who wrote (4878)	10/17/1999 5:11:00 PM
From: Dan Duchardt	Read Replies (3) \| Respond to of 18137

Alan, I have a list too. I'm far more likely to trade what I am familiar with than something new. My list seems to overlap yours a bit. . . surprise, surprise :). One of the reasons I think this works "better" than jumping on what is hot is our human limitation of being able to process only so much information, and a list of 20 or 30 is about all we can keep up with. By the time we find some new stock of the day, the best opportunities have often passed. There is a case to be made though I think for taking advantage of repeatable patterns in the market that are independent of specific stocks. Ken Wolfe of MTrader and some of those who participate in his chatroom seem to do pretty well identifying a set of "stocks of the day" that tend to follow certain patterns. The names of the stocks often change, but the patterns have proven to be somewhat reliable. I am still intrigued by the possibilities of what could be done with an effective scanning tool, coupled with an effective mechanism for responding to what it returns. For example, I just looked at the few NYSE and Nasdaq stocks that made new 52week highs on Friday. On a dollar cost average they closed over 1% above the previous high, on a pretty miserable down day for the market. If you look at all the intraday highs for the Nasdaq stocks above $5/share, they averaged 4.66% above the previous highs. I've seen days when the numbers are a lot better. These averages include all the stocks that pulled back after making the high; with some stops in place the average could be skewed more positive. (Of course sometimes the ups include gaps, so you can't always catch the new high breakout even with a perfectly automated system.) If I had the tools (maybe something like Eric P's system) I'd love to try to exploit this pattern. For now, I will stay close to my list. Dan