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Dick,
I'm going to have to try some more experimenting with IRL.
As to whether what we've experienced is a "correction" or not, I've got no
idea. Today, the DJIA (7753.96) took out Monday's high. But no other major
index did the same. (But the two S&P indices took their respective highs
out on Monday.) The 7765.75 high of 11/5/97 is still out there for the
DJIA. For this merely to be a correction, by definition, the sets of
11/5/97 highs would have to be taken out. The question is: How many runs
can be taken against that 11/5/97 high in the current rally before we get a
correction from the current DJIA rally? I have no idea. And I'm trying to
position myself toward not caring...
The thing that strikes me about today is the divergence in the closes of the
averages (DJIA/S&Ps vs. Nasdaq, and narrowness of the advance witnessed by
up vs. down issues/volume ratio). The Nasdaq composite high on 11/5/97 was
1644.55. On Monday, the high was 1631.46. The Nasdaq high today was
1603.11. Clearly above the support around 1600 but a ways from taking out
1644.55.
My question is this: In this market context what index usually plays the
role of leader? Anyone know? Dr. Roffey?
As for me, I don't have bets on indices. I'm just not smart enough and also
don't have the stomach for it.
It does seem to me that what's going on in the Phil Semiconductor (SOX)
index and semi stocks is important. (It was the stated reason on CNBC for
the Nasdaq weakness today.) I'm watching it closely and have taken
bearish-oriented action vis-a-vis individual issues.
But I'm worried enough that I'm looking for up-movers.
OK. So everyone who's decided to fade me please raise both hands...Great.
I can sleep tonight without reading anything giving me second thoughts
because everyone's got their hands in the air and off the keyboard. <G>
Steven Buss
Walnut Creek, CA
sbuss@xxxxxxxxxxx
-----Original Message-----
From: DickJ <dickj@xxxxxxxx>
To: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>
Date: Wednesday, November 19, 1997 8:46 PM
Subject: Re: Metastock Industry Group Data Management
>Hi again Steven,
>
>I've got IRL, and I've been playing with it for a couple of months now...
>The thing I like about it, is the ability to screen stock groups (using the
>index blue outline indicator that comes as a canned indicator) quickly.
>
>IRL will allow me to view stocks as quickly as I can press the down-arrow
>button, and that's from MS 6.5 files !
>
>Let me ask a question: I've been trying various ways of automatically
>screening the daily IRL index-built, using the metastock explorer. I've
been
>using the ROC and new high explorations.
>
>Also I've been experimenting with the Technifilter 8 point and figure "new
>x" and roc/momentum filtering, and getting pretty good results (although
I'm
>not satisfied with my ability to interpret the results yet)
>
>Has anyone else found a superior way to screen the industry group indexes
>daily, built from the IRL ?
>
>This is a great time to be learning about it, because as you know, the IBD
>industry groups tend to lag the actual market by a couple of months, and
>aren't really useful for finding new/emerging market leaders out of a
>correction.
>
>And I think we can call this a "correction" now, can't we ? <g>
>
>Dick
>-----Original Message-----
>From: Steven Buss <sbuss@xxxxxxxxxxx>
>To: Metastock-list <metastock-list@xxxxxxxxxxxxx>
>Date: Wednesday, November 19, 1997 4:04 AM
>Subject: Metastock Industry Group Data Management
>
>
>>I went out and bought IRL. Nice little product. Saves some time...
>>
>>Basic thoughts from a newbie (me):
>>
>>Stocks within industries move in groups: semis, oil drillers, banks, etc.
>>I've noted before that different publishing organizations have different
>>industry category schemes and place the same stock in different
industries.
>>I have no easy solution for this. I've noted Pitbull Investor as having
>the
>>best comparative matrix on this but it still leaves alot to be desired.
>But
>>this is a larger problem that I have no quick solution for. Anyone else?
>>
>>IRL helps to solve my shorter term problem: I want a way to quickly
browse
>>stocks within industries I'm interested in because the industry is moving.
>>But the Metastock data directories are organized alphabetically by stock
>>name. Getting at these alphabetically organized charts is cumbersome and
>>slow.
>>
>>IRL provides a means of exporting symbols to industry organized Metastock
>>files. Moreover, it also does something else I want: I can export only
>>those stocks within specific industries that have tradeable options. So,
>>for example, with a few clicks of menu choices, I've created 200 some odd
>>Metastock industry organized data directories and symbol files for the
>>optionable stocks within those industry directories.
>>
>>Cool...No muss, no fuss. Saves hours and hours. (I did have to spend 30
>>minutes playing with it and even (gasp) read the manual a bit to figure
out
>>if it could be done. <G> ) But if you want to play industry angles, this
>>thing is well worth the $80 some odd bucks to buy it.
>>
>>The only downside is that one takes IRL's predefined industry groupings as
>a
>>given unless one has the time and inclination to define and create one's
>own
>>industry groups. And I don't quite know yet how the IRL groups compare to
>>the S&P industry groups that come standard with the Metastock data cd.
But
>>this is the larger problem I noted earlier. If I can use the newly
>>organized data structures to trade better then I'll worry about that
larger
>>problem later....
>>
>>Steven Buss
>>Walnut Creek, CA
>>sbuss@xxxxxxxxxxx
>>
>>
>
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