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I have to chuckle at all the noise made about the published news and
what to do about it. The news is a useless tool in trading as far as I
am concerned. If I am trading I don't watch the TV news, read the
financial pages, Barrons, the WSJ, IBD, or anything relating to the
markets. If you check back through history you will find that the news
did not effect the markets for more then a day or two. It didn't make a
difference if it was a war, an assassination or a rumor. If the market
was going up, you would get your blip and it would continue up and if it
was going down, you would get your blip and it would continue down. I
remember being on the floor when Granville was the guru of the day and
he made his famous announcement that the bull market was over and that
the market should go down X number of points. The market opened down 65
points, which was a large percentage in those days, and then proceeded
to rally and closed up on the day.
Everything you need to know is on the charts. By the time you have read
it someone else has already traded it. It is impossible to read all of
the news that is available about the markets, individual stocks,
sectors, world events, economic news world wide, crop reports, weather
reports, broker reports, upgrades, downgrades, revised earnings reports,
investment advisors, Value Line, etc. There just isn't enough time in
the day to read all that is pertinent and then find time to trade. The
news can't help but give you a bias to one side or the other. In
trading one can't have a bias. One must trade what his system tells him
is happening at that particular time. The old saying still holds,
"Money talks and BS walks". The charts tell you what the money is
saying and the news tells you the BS. So continue your arguments about
the news and its relativity to the markets and I shall watch the charts
and trade what they tell me is fact. Have a good day, Ira
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