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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: pavlov2 who wrote (24707)	3/20/2003 3:41:56 PM
From: tool dude	Read Replies (1) \| Respond to of 26752

Weekend at berny's!Did berny wear glasses? yep!

To: pavlov2 who wrote (24707)	3/22/2003 8:17:30 AM
From: lee kramer	Read Replies (1) \| Respond to of 26752

DAYTRADING: The Highs and the Woes 3/22/03 Doc Kronkite is in Keukuk this weekend at a shrink convention. He’s getting an award, kinda like an Oscar: it’s a ten by twelve color print of Sigmund Freud, done years ago by Andy Warhol. The doc has been chosen Shrink-of-the-Year. Miss Tushbumper accompanied him. She’s writing his acceptance speech. Billy Crystal is the Master of Ceremonies. So with little to do I thought I should respond to my legion of loyal readers who send me questions. I have hundreds, ‘nay thousands, of unanswered questions. Slim from Texas wrote and used many nasty words, which I cannot print, as this is a family column, demanding to know why I constantly attack Maria. Is that your real name Slim? And is it true you eloped and married a cow? Well, Slim, I don’t constantly attack Maria. I attack ‘em all over at CNBC. They’re the Archie Bunker of the investment bunch. They’ve got too much air-time to fill and they fill it with cowplop. You know what cowplop is Slim, just look at your boots. They trot in fund managers by the bushel to talk lovingly of their positions, hoping you’ll buy ‘em while they sell ‘em. They bring in CEO’s, the ones not yet indicted, to speak glowingly of their companies while the stock of their company melts 70 or 80%. They pass along every rumor they hear. They cannot, will not help a trader. My regards to Bessie, Slim. Solly from Secaucus wants to know why I use charts. Well Solly, I got tired of using chicken bones. Not because chicken bones don’t work, they do. But it’s just too darn tough chasing chickens. They can really move. They remind me of Walter Payton flowing downfield, leaving cornerbacks and defensive backs standing flat-footed, scratching their noggins; remind me of the Celtic’s Paul Pierce, head-faking and leaving his defender watching while Paul drives the lane for an easy lay-up. Janie from Moose Jaw writes, “Why do you exit the market every day at 4:00 p.m.?” Good question Janie. Sometimes I exit at 3:00, sometimes earlier. My motto for the past two or three years is “Bad Stuff Tends to Happen Overnight.” What bad stuff? Earning warnings, earnings reports that miss by a penny; and the stock opens the next morning down 30%. Analyst upgrades/downgrades/sidegrades; pre-market futures sharply down; a report that the CEO of the company whose stock you own has just boarded a flight to Rio with 200 million dollars of your company’s money and his secretary. The list is endless. Andrew from Davenport writes, “You talk a lot about trading styles. What does this mean?” Fine question Andy. There’s a scurrilous rumor that to trade well, one must wear special trading clothes: that’s there’s a haberdasher in Missouri, run by a chap named Harry Jr. who’s store is called “Trousers for the Trundling Trader.” This is nonsense. But I must report that I have a lucky trading hat; that I always trade with my well-patched bells that I’ve saved from the 60’s’; that when I’m on a trading roll I don’t bathe, shave, change my socks or underwear. Suzy banishes me to the couch for the duration, but I don’t care. She’s not a trader, cannot understand the psyche of a trader, hasn’t been in therapy for ten years with doc Kronkite. I should add that the good doc, now a trader since he jettisoned Mendelbaum-the-Fund-Manager, shares my belief in special trading clothes. His outfit is outstanding. I hear that GQ wants to do a five-page layout on his rags. Gus from Winemucca writes again: “How are your tin plants doing? Mine aren’t doing so well.” Gee Gus, mine are growing like mad. Higher even than corn-in-Kansas. Are you watering them at dawn and dusk? Are you talking to them? They like to hear a gentle voice, urging them to prosper. Do you occasionally fondle them? These are the things you must do if you hope to be a successful tin farmer. Upon reflection, I note that my answer to Andy from Davenport about trading styles may not have been helpful. We all have trading styles; some, like myself, don’t trust the Street and all the noise and prefer to exit by 4:00 p.m. Others aren’t comfortable shorting. Some like to buy and hold, some prefer to buy options, both puts and calls. The list is endless but the conclusion is clear: try to find the style that you find comfortable. It may be the single most important factor in your trading success. And if all else fails, make an appointment with doc Kronkite. He’s a specialist you know Keep those letters coming. I’ll answer ‘em all. Lee Kramer Copyright 3/22/03