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WJame17842@xxxxxxx wrote:
>
> Mark,
>
> One source for Fundemental Data is www.pcquote.com
> which will provide all data and offers delayed, snap quotes or realtime
> quotes for all stocks. Delayed data is free and snap quotes only cost the
> expense for the Exchange fees charged by each exchange which is only a few
> bucks a month. I used this service several years ago and back then NYSE was
> $4.25/ month
> and fundemental data was provided.
>
NW: William, why would you bother paying for news or quotes since your
a professional trader you probably get this for free on the trading
floor on provided by the money management firm where you work?
Is PCQuote the one that is based in Chicago? I think I used to
trade
with the founder (Morgan?) as he was a market maker in GM options. If I
am right, maybe he remembers the time I walked into the GM pit sold
about
100 in the money calls, the crowd gave me a hard time, so I got mad and
told them that because they had been so inhospitable I would not be back
to back back my calls until three weeks in the future (I gave the exact
date and price I would pay which was about $4 less than where I had just
sold them). I then returned within one day of that date and covered 1/16
higher than where I said I would. There was no news involved that I paid
any attention to.
I will tell you a story about the time I made a bunch of money
because I bot just ahead of way overstated earnings in National
Semiconductor. When I went to buy my position, the crowd ask me if I
knew anything about pending earnings or news when they noticed me
aggresively bidding for calls. I replied with sincere surprise, "no, I
don't know anything about news, is there news coming out on this
stock?" "I will talk to you when I am done trading". When I finished
buying my position, I turned to the several traders who had asked me
about news, and I asked them, "ok, is there news coming out on this
stock, I haven't a clue." They then told me that Goldman Sach was due
to release their estimate that day and that the companies earnings were
due out in a few days. I said thanks for the info and left. Later that
day, Goldman Sach come out projecting 5 cents per share when the rest of
the street had 1 cent per share and the stock started to run. A few days
later, the company announced 5 cents per share, the stock ran a little
more and I exited my position.
I took my profit and then the company later revised their 5 cents per
share down to 1 cent per share. Ooops! So much for fundamentals or news.
This was the same company, only the perceptions had changed. The only
reason I bot the stock was because my Astrological analysis said that
the company would have better than expected earnings but to be careful
becuase they were likely to be exagerated due to the companies
overconfidence (emotions!!!). It was a bullseye. But I am glad to hear
that there are plenty of folks who want to buy on the good news or sell
on the bad news. It makes my job so much easier. News = noose. I try not
to get too hung up on it. <G>
Un-newsingly,
Norman
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