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> If anyone has a better method of scanning for CANSLIM prospects, I am
all ears.
a. Within Daily Graphs under Reports, scan the foll every
weekend:
- Weekly New Highs report. This carries new highs printed
previous week thru Fri and gives Excel exporatable stats/tables on % off high, %
50 day avg volume etc.
- Top 100 NYSE ER & Top 100 Nasdaq ER stocks-
Stocks moving up in the different non-RS and non-ER ratings
Basically I export all the reports into excel, filter out the
stuff with any rating at C or lower, sort on combined EPS + RS rank, and throw
out stuff under 180. Then I eyeball the remaining list individually to make a
watch list for next week. Takes me thru about 300 charts but is much faster than
the printed product, which I've stopped using.
b. IBD (the print product) boldfaces stocks printing new highs
on 1.5x 50 day avg volume. The boldfacing is not done on the New Highs page but
individually in the NYSE and NASD pages. I write down the list on a pad every AM
over coffee - takes about 20 mins - and cross-verify with the Daily Graphs
pictures.
In a runaway bull market the lists are longer than the
portfolio can accomodate. In an unstable market, the lists are more patchy and
less concentrated per sector. While subjective, the person eyeballing these
lists/charts gets a good feel for the tenor of the tape.
c. There is one other place where - if you trust MyTrack data,
most of the above can be automatically done with a few mouse clicks and
keystrokes:
<A
href="http://www.TradingMarkets.com";>www.TradingMarkets.com (a commercial
site with a free trial for new people) has a couple of places where one can
datamine:
- The Stock Scanner where one can specify the ranges of ER and
RS (and other stuff like ADX, distance from popular moving averages, volume
bursts etc)
- Under Stocks ---> Indicators page, look for Mark
Boucher's Top ER + RS list in the Uptrending section. This gives you what the
stock screener would, if you wanted to do it yourself. For me this page serves
as a crosscheck for the coffee pad list.
If the RS/ER doesn't match IBD's RS/ER, don't drive yourself
too crazy. TM uses a larger, all-stock universe whereas IBD uses an
exchange-specific universe.
Once you have these lists, you go to Daily Graphs &
eyeball the charts. Doesn't take too much time daily, once one sets up the
rhythm.
Like John does, one still needs to setup the buy/stop alerts
in one's datafeed.
I'm sure there are other places (like bigcharts.com) which
list New Highs lists daily.
While at TM, one may want to peruse Mark Boucher's archived
commentary and Trading Courses - as well as those of Kevin Marder & Greg
Kuhn. All of these people run their hedge funds using CANSLIM as the launching
pad of pattern selection, but each has their own little twist to the trades they
actually put on.
Hope this helps.
Gitanshu
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