My Trading Desk
Stockscores.com Perspectives for the week ending August 21, 2009
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In this week's issue:
Last week I discussed the Stockscores Trading Challenge tool that is coming to Stockscores this Fall. It will allow you to pick stocks and see how your paper trades rank you against other Stockscores users. It promises to be a fun and stimulating way to improve your trading skills so that you can perform better with your investment capital. If you missed that newsletter, you can read it by going to Stockscores.com and clicking on the Products, Newsletter menu and reviewing the back issues.
We are also building something called My Trading Desk. This will be a customizable set of pages to track markets and sectors that you research, stocks that you are watching, stocks that you are holding and journal the trades that you have made. With the Trading Desk you will be able check numerous charts in seconds to get that quick overview of what is happening.
I know very well what prevents people from doing well in the market. I have made every mistake myself and I have seen those mistakes repeated over and over again by others I have taught to trade. The majority of people who try to trade the stock market eventually fail. I want to help you avoid being part of that group.
Everything that we build on Stockscores is motivated by my own needs. We make tools that I want; things that I think will make me more money in the market. I wanted a way to quickly see what the stocks I hold are doing. I wanted a way to check the stocks that I think have potential, to see whether they were giving the signal that I needed to make the trade. I wanted a way to track the numerous indexes and sectors that I consider when trying to understand the market and its future direction. Finally, I wanted a way to keep a journal of the trades I had done in the past, complete with charts, my comments and performance statistics.
These functions are all part of the new My Trading Desk.
Many of our users are what I call "Minimize Traders". These are people who trade while they are at work. When the boss comes near their computer screen, they minimize the window on their computer. The My Trading Desk tool is for the trader who needs to get information quickly and easily.
What this new tool will do is give you a way to focus on what is important and stay on top of fast moving markets. As we are all aware, markets can move very quickly and it is very important to be able to check on your holdings and the markets you watch. Time is not something that most of us have so we have designed these tools to give you the information that you need quickly.
Plus, we are also building mobile access to some of these tools so that those on the go can access their account from their web enabled cell phone.
What is the cost? Free!
I want to build a community of traders who collectively work together to beat the market. Some will perform well and their leadership will be an example for aspiring traders to follow. You will be able to see the Trading Desks of others willing to open their picks up to the group.
Look for these new tools soon; we will be testing them in the weeks to come and then officially launching them in the Fall.
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The stock market continues to enjoy upward momentum and the buyers remain in control. Many people have been unable to rationalize the gains and have felt that this market is overbought and deserving of short sales. However, we should all remember that trend is the most powerful force in the market and should never be ignored. It may not make sense to you, but the trend is up.
The Sentiment Stockscore can be of help when determining trend. I look for the Sentiment Stockscore indicator to be above 60 when assessing whether the upward trend is intact. For the major market indexes, this has been the case for early April with only a brief lapse below mid July.
So, I continue to look for buying opportunities using the search for stocks trading abnormal volume and breaking through resistance. Visual inspection of the charts determines whether the stocks are breaking from a period of sideways trading and just starting a trend rather than already well in to one.
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1. T.FRG
T.FRG (also FRG on the Amex exchange) is breaking from a pennant pattern with very abnormal volume. It may take a bit of time to get through short term resistance at $5 but the stock is showing buyer enthusiasm. Support at $3.75.
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2. GOK
GOK started to behave abnormally on Thursday and that abnormal volume continued in to Friday. There is quite a bit of resistance at $20 but the very long term downward trend was broken with this recent breakout so I think it has good potential to continue the upward move that began in April.
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References
Get the Stockscore on any of over 20,000 North American stocks.
Background on the theories used by Stockscores.
Strategies that can help you find new opportunities.
Scan the market using extensive filter criteria.
Build a portfolio of stocks and view a slide show of their charts.
See which sectors are leading the market, and their components.
Disclaimer
This is not an investment advisory, and should not be used to make
investment decisions. Information in Stockscores Perspectives is often
opinionated and should be considered for information purposes only. No
stock exchange anywhere has approved or disapproved of the information
contained herein. There is no express or implied solicitation to buy or
sell securities. The writers and editors of Perspectives may have positions
in the stocks discussed above and may trade in the stocks mentioned. Don't
consider buying or selling any stock without conducting your own due diligence.
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