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Tuesday, December 13, 2005
Market Recap
The FOMC raised rates by .25 basis points for the 13th consecutive time as everybody expected. What was not expected was the change in language from “Policy accommodation can be removed at pace that is likely to be measured” to “Some further measured policy firming is likely needed”. Now I am not the brightest person in the world but this does not sound like much of a change to me. It seems to me, that all they did was change the words around but the meaning is the same. Nevertheless, the market seemed to like the change and rallied. The Dow gained 55 points, the Nasdaq gained 4 points and the S&P was up 7 points. Right after the news was released, the market went nowhere for about ten minutes as if it were trying to figure out what the new language meant. Once it determined that the new language seemed positive the rally began. It was certainly a delayed reaction but at the end of the day the market gave back some of those initial gains. We have updates of the indices charts tonight and they are looking super. Everything looks good for a year end rally so let the games begin.
The Library
There are many books available for us to read on the subject of stock trading. Two of my personal favorites have been discussed on this site: Stan Weinstein's Secrets of profiting in Bull or Bear markets and Trading for a living by Dr. Alexander Elder. I have 71 books in my trading room library. Besides the two listed above, tonight I will list some of what I consider to be the best in my personal collection with a brief description of each. I cannot list all 71, but these 13 along with the two mentioned above should keep you busy for awhile should you decide to purchase them. This list is well rounded to give to the broad scope of many areas of trading and investing.
All are available on Amazon.com. If you can buy them used, you will save a bunch of money. One problem with buying used books is that the shipping charges add up. For instance, if you order them all at once and pay the full price for new books, your shipping costs should be free but the cost of the books are much higher. However, if you choose to buy them used, the books are much cheaper but shipping costs are much higher. Here's why: Amazon has different venders throughout the country. You will pay shipping costs for each book bought and will likely get them sent in separate shipments from different venders. The used books are normally in very good shape but you will pay $3.50 shipping for each used book shipped.
Keep in mind that these books are subject to each individual's opinion. This is why I have always hesitated to list them. They are good in my opinion, but like movies, food and many other things in life, we will not all like the same things. Just because I like this list, does not mean everyone will. Some of these books are pricy so please check them out online or at your local library before you purchase them.
REMINISCENCES OF A STOCK OPERATOR: By Edwin Lefevre. A story based on the life of legendary trader Jesse Livermore who was famous for being short the market just before the 1927 crash and made over 100 Million dollars while 99% of all investors lost their life savings. A truly fascinating story and after reading it, I was a believer that timing the market and individual stock moves can be done with great success. My journey into the world of TA began after reading this book.
TECHNICAL ANALYSIS OF THE FINANCIAL MARKETS: By John Murphy. A must read. Technical Analysis is the heart and sole of my trading style, it doesn't always work but it sure works enough of the time to make very profitable trades. If you trade on T/A, this book is a must.
TECHNICAL ANALYSIS OF STOCK TRENDS: By Robert Edwards & John Magee. For 50 years, this classic has remained the bible on technical analysis. It explains every aspect of charting from basic principles to advanced trading techniques. I love this book.
ELLIOT WAVE PRINCIPLE: By A.J Frost and Robert Pretcher. A clear and easy to understand discussion of the Elliot wave theory. Readers are shown how they can apply the theory to forecast market and stock direction. If you want to study “the wave”, surf through this book.
MARKET WIZARDS: By Jack Schwager. Interviews with some of the world's top traders. A very enjoyable read. It's like talking to the best traders in the world right in your own living room.
THE AMAZING LIFE OF JESSE LIVERMORE: By Richard Smitten. Jesse Livermore is considered by many on Wall Street to be one of the greatest stock market traders who ever lived. This book is about Jesse Livermore's life. It was written after interviews with Livermore survivors and witnesses to the events which took place during his life. A Wall Street classic.
THE BATTLE FOR INVESTMENT SURVIVAL: By Gerald M. Loeb. A timeless classic first published in 1935, this book remains one of the most popular handbooks on investing. It covers such essential topics as market timing, portfolio selection, hedging one's losses, switching stocks, investing in new products and much more.
HOW THE ECONOMY WORKS: by Edmund Mennis. This book covers a vast amount of subjects concerning the economy. Every investor should know how our economy relates to the stock market and our investing and trading.
THE ALL SEASON INVESTOR: By Martin Pring. This book explains a variety of successful strategies for every stage of the business cycle. The business cycle is a very important part of timing the moves and direction of the stock market.
The next list is a little more advanced. Not for beginning traders.
JAPANESE CANDLE STICK CHARTING TECHNIQUES: By Steve Nison. This book has everything you need to know about Candlestick charting. If you are interested in learning Candlestick charts and formations as a short term trading tool, look no further than this book.
TRADING CLASSIC CHART PATTERNS: by Thomas Bulkowski. This book covers most trading patterns and explains the statistical chances of each pattern being successful. Includes a scoring system for each pattern. Whether you believe in the probabilities in the book as they relate to each pattern is not important. The patterns themselves are the heart of the book in my opinion.
THE ENCYCLOPEDIA OF TRADING STRATEGIES: By Jeffrey Owen Katz and Donna L. McCormick. Probably the most advanced book I have every read on the subject of trading. Very complicated reading but once understood, you will learn what methods work and what doesn't. Skip this book if you are a beginner. If you think you know everything there is to know about trading, you haven't read this book yet.
OPTIONS AS A STRATEGIC INVESTMENT: By Lawrence McMillan. This book is pricy but it's a super book. If you have any desire to learn stock options, this a must read. Stock options have very high risks and should not be traded if you are a beginner.
* Bonus Book
YOU GOT SCREWED: By Jim Cramer. Just kidding, I do not own this book but he did write it. Maybe it should be re-titled “YOU GOT CRAMERED WATCHING MAD MONEY”, LOL.
Stockcharts Listing
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http://stockcharts.com/def/servlet/Favorites.CServ...
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STHQ Chart Index
If you go to the chart index in the left side menu, you can review and study charts we have annotated for each stock listed in the past.
Earnings Calendar
We have added the earnings link for each stock on the bulletin. To access the link for earnings you can either use this link below or click the link on the bulletin for the corresponding ticker. Click the online bulletin in the left side menu for access to the earning calendar for each stock listed. It is not recommended to hold a position through earnings. You can always buy the stock back after the dust settles.
http://www.earnings.com
For New Members:
Please take a moment to read the "How To Use The Bulletin" link at the bottom of the Bulletin page on the website. It is critical you understand how to use this trading tool before trying to trade the stocks mentioned. The effectiveness of your trades will diminish if you do not completely understand how the information is presented.
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