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Mark,
My two favorite books on the stock market are:
Tape Reading and Market Tactics by Humphrey Neill 1931 and
Investment for Appreciation by L.L.B. Angas 1936.
The Neill book is, I am sure, in reprint. It is not too difficult to digest
and its approach is useful on intra day, daily and weekly charts. My first
reading on charts was in Edwards & Magee, Technical Analysis of Stock
Trends. They talked about chart patterns. Generally speacking I don't put
faith in patterns. They are useful for identifying possible trades. But
the price volume relationships must be correct to have reasonably high
levels of assurance of accurate prediction. (In addition you will want
monetary and interest rate conditions to be sympathetic as well. The Angas
book will talk on interest rates.)
The Angas book relates to economic impacts on the stock market and using
them to predict the economic and stock cycle. You may get indigestion
reading it, but it is worth the time. It will help you relate the economic
news to the stock market. To my knowledge there is little literature on
this subject. (If you know of any, I would be interested.)
You must remember, as you start trading, that we are in a treacherous
investment enviornment for going long. The market has been rising almost
non stop since 1975. The euphoria reminds me of the tops in 62, 69 and 87.
It is in the nature of markets at tops that they totally confound not just
the bulls but the bears as well. Market tops broaden, broaden, and
broaden somemore and then broaden again. So that eventhough I am currently
a bear at heart, I would not want to predict that a bear market will begin.
Despite the fact that breadth is poor, the individual DOW charts look
strong to me. That suggest more life to the bull. I suspect the DOW will
rise another 1000 or more points with the Russell and the A/D line going
virtually sidewise.
Best regards, Stuart
MARK LEIBO wrote:
> I am not a day trader either Stuart, I am looking for about the same
> 6 month to 2 year timeframe as u in terms of buying or selling . I am
> trying to read
> quite a bit, can u recommend any great books??
>
>
> Hope to hear from u soon.....Mark
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