|
PureBytes Links
Trading Reference Links
|
Lionel,
I find the groups to be a great help and would suggest you pursue doing
this. It is a problem using Selects since they have such a turnover in
stocks and only give the top ten holdings quarterly. The groups must have
good correlation to the actual fund or it can be very misleading. One tends
to forget they are dealing with a surrogate and not the real McCoy. The
Rydex Sectors show remarkable correlation and are the few changes they make
are easily dealt with.
If you have MetaStock there is a third party program, of which I don't have
the name, that can accomplish taking the top ten holdings and constructing a
Surrogate that is like an Index with O, H, L, C and volume just like a
stock. I'm sure a phone call to them would produce the name, price etc of
the program.
I use AIQ for this purpose and just import the result daily into MetaStock.
AIQ is excellent in giving reports on Groups and Sectors as to their
Relative Strength, Trend Score etc.
In MetaStock I view Layouts of Money Flow, OBV, and Arms EquiVolume weekly
and daily. In addition I have a Layout of Relative Strength of the
Surrogates against and Index of all of the Surrogates. I look at this for
Weekly and Daily. Weekly is used to pick the Surrogate with the best RS and
Daily to time the buy (in general) I could use the actual Fund here since
only Price is involved but there is just not enough data. With Surrogates I
can go back as far as I want for backtesting purposes.
I will post this to the List in case someone may have an interest. I would
recommend this approach wholeheartedly. I know this has no direct
application to FastTrack but many members use MetaStock as well.
I got the idea of building Surrogate Groups first from David Vomuth of AIQ,
so it is not original with me.
From: Lionel and Gail Issen <lissen@xxxxxxxxxxxxxxxx>
To: Bill Saxon <bsaxon@xxxxxxxxxxxxxxx>
Date: Wednesday, November 18, 1998 11:40 PM
Subject: Re: Fidelity Select Energy Services
>Bill:
>
>How do you create your surrogate groups. Do you use the top 10 holdings of
>a fund. Where can I get the information that will enable me to develop my
>own surrogate groups?
>
>Thanks
>
>Lionel
>-----Original Message-----
>From: Bill Saxon <bsaxon@xxxxxxxxxxxxxxx>
>To: fasttrack@xxxxxxxxxxxxxx <fasttrack@xxxxxxxxxxxxxx>
>Date: Wednesday, November 18, 1998 5:33 PM
>Subject: Re: Fidelity Select Energy Services
>
>
>>Tom,
>>
>>For mutual funds I use weekly charts, and though they do sometime result
in
>>short term turn around by and large I hold for a month or longer. With
>>stocks I am more short term oriented. I didn't say I bought on the
>>breakout. Unfortunately it was on 10/27 and I found I was down 11% when I
>>looked at the records. When I wrote the Email I was away from my Charts
>and
>>spoke off the top of my head. It went down in the interim since I had
>>access to the charts.
>>
>>I don't put stops at a percentage loss but more by support and resistance
>>levels. I use Surrogate Groups and therefore have O,H,L,C and volume to
>>work with. I use Volume Candlesticks and go a lot by Relative Strength to
>>the entire Rydex Sector group. RyEnerServ looked good when I bought but
is
>>decidedly slipping now. Also the On Balance Volume doesn't look too good.
>>
>>Right now the fund is right at a 50% Fib support. Since that is about the
>>normal retracement I will probably sell if it breaks that with authority.
>>
>>
>>-----Original Message-----
>>From: tpoliphant <tpoliphant@xxxxxxxxxxx>
>>To: fasttrack@xxxxxxxxxxxxxx <fasttrack@xxxxxxxxxxxxxx>
>>Date: Wednesday, November 18, 1998 4:02 PM
>>Subject: Re: Fidelity Select Energy Services
>>
>>
>>>Bill Saxon wrote:
>>>>
>>>> I am holding Rydex Energy Services. I am down about 8%, but intend to
>>hold
>>>> it until the breakout point at 10/16 is more decisively broken. That
is
>>>> about another 2% down. I agree with the fundamental appraisal but I go
>>most
>>>> by what the charts tell me, without being shaken out too soon. I am
>>trading
>>>> this on an Intermediate Term.
>>> Bill-
>>> what parameters/ methods do you use for "intermediate term"
>>> trading. and if you were buying the 10/16 breakout, it appears it
>>>took you a few days to get in, else you wouldn't be down 8% now.
>>> Ryvix appears to have the weakest 5 day relative strength in
>>> rydex (using Ftools) and oil prices are going down.
>>> I've seen positive comments on drillers fundamentals on
>>> another board - which fundamental view are you refering to, and if
>>> its negative, i take it you aren't letting it affect your chart
>>>reading. If the fund just goes sideways, without hitting your apparent
>>>stoploss of about 10%, what TA might cause you to abandon the
>>> trade?
>>>
>>> thanks for any comments.
>>>
>>> Tom oliphant albany NY
>>>
>>>-
>>>To unsubscribe: mail majordomo@xxxxxxxxxxxxxx with
>>>unsubscribe fasttrack <email>
>>>in the body of the message, substituting your actual
>>>email address for <email>
>>>
>>
>>-
>>To unsubscribe: mail majordomo@xxxxxxxxxxxxxx with
>>unsubscribe fasttrack <email>
>>in the body of the message, substituting your actual
>>email address for <email>
>>
>
>
|