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A long time ago I was a broker and later bought a seat on the CBOE. I
agree that sponsorship is important, but there are sponsors, and then
there are sponsors. Back when I was on the floor I would never trade
against Goldman Sachs, Openheimer or Solly (SB). I've kind of gotten
away from watching what these firms are doing now but have the feeling
that Goldman Sach is still at the top of the heap.
That Florida firm, Raymond James, has a technician that appears on CNBC
once in a while and my ears perk up when he comes on. He really knows
what he is talking about IMHO. John Murphy, CNBC's own technician is a
waste of time. He loves to tell you about a breakout or a move after it
has taken place. I wish he would get ahead of the curve and start
forecasting moves ahead of time.
When CNBC merged with that other business channel 3 or 4 years ago
(can't think of its name) they ended up with their own technician,
Murphy, and John Bollinger, the technician from the other channel.
Murphy got the permanent job and Bollinger appears only once a week to
my knowledge. As far as I'm concerned Bollinger was the better man.
This other channel whose name I can't remember also had a man by the
name of ED Hart. He was an old geezer like me, not too pretty, but sure
knew what he was talking about. Don't hear anything about him now. If
you ain't pretty and are over 40 CNBC isn't interested in you. Get damn
tired of all those 30 year olds spouting nonsense when they aren't dry
behind the ears yet.
Anyway, since I'm eating up a lot of bandwidth with this nonsense I
might as well mention something that I like and works for me. I
download once a day the hourly prices of all of Fidelity's Select
Funds. Comes on a spreadsheet. Using these funds I can keep track of
about 35 or so industries. By using stochastics and MACD on the charts
I create from the data I can get a good feel as to the condition of the
overall market and the groups that are moving or lagging. Takes me
about 5 minutes a day to get the data and prepare my charts.
Some have been looking for an indicator that won't swing them in and out
of positions like stochastics and to a lesser degree MACD does. I also
use a program called Livewire in conjunction to DTN. DTN supplies the
data and Livewire does the charting real time from the data (when the
data comes in the chart changes.) Livewire has an indicator called
On-Balance True Range that I swear by. Livewire gives little info about
it. When you select this indicator you get a five item choice list:
1) Seed, # Points (1-250) 10 is the default value.
2) 1st MA # Points(1-250) 10 is again the default
3) 1st MA Type (S,E,W) E is the default.
4) 2nd MA # points (1-250) 10 is again the default
5) 2nd MA Type (S,E,W) E is the default
Obviously MA means moving average. I'm guessing S,E,W means Simple,
Weighted or Exponential. Thats it. I'm new to MegaStock but I haven't
yet found this in their list of indicators. If someone knows where it
is let me know. Any way, it works. It keeps you in a stock thats
moving and tells you when to get out. Has two lines like stochastics
but it stays with a trend unlike stochastics which will give numerous
buy and sell signals along the way. Anyone else heard about this?
--
Bob Doeden
Chicago
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