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Strategies & Market Trends : Technical Analysis - Beginners -- Ignore unavailable to you. Want to Upgrade?

To: Robert Graham who wrote (7925)	1/21/1998 5:24:00 PM
From: Richard Estes	Respond to of 12039

I don't own the Chande book, but did a good scan-read. I believe he and I agree on most things presented. It would be a good book to read if you aren't already familiar with the idea of systems and testing. I keep TRIN, TICK, VIX, P/C ratio, and about 12 indexes on the screen. It can hurt more than help sometimes, as the market was going down 123, I had 4 stocks up over 4%, at end of day they were up nearly 2% more. Should I have sold them, because of the market? Yes there are tools for prediction like those you mentioned and I used them. I spend about 98% of analysis time on stocks, 5% on "market". I know how to go to cash. The important thing is the stocks you are in. If you think you can predict the dow, why not the stock? If you can tell when market is bad, you sure ought to be able to tell if a stock is in trouble. Can the market affect your stock? Sure. But a million things can, from the millions of decisions made each day.