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well SAID
ira
every TRADER should have this email CLOSE by
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: "realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, October 11, 2001 9:12 AM
Subject: [RT] news
> 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
>
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
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>
>
>
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