One of Those Lists That You Should Print Out
Stockscores.com Perspectives for the week ending January 21, 2011
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Tyler Bollhorn at the Vancouver Gold Show
See Tyler Bollhorn at the Vancouver Resource Investment Conference. His presentation, "Is the Bull Market in Gold Over?" will be on Sunday at 3:00 pm. This year's show is at the Vancouver Convention Center, click here for details.
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Watch this weekly episode of the Tradescores Market Analysis. This week, Tyler not only provides his analysis on the market but provides an overview of how to use a trailing stop and how to create a watch list of stocks for day trading. Watch it here
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In this week's issue:
This may be a short commentary for the newsletter but I think it will have a lot of value for all traders. Print it out and read it often.
1. Buying a weak stock is like betting on a slow horse. It is retarded.
2. Stocks are only cheap if they are going higher after you buy them.
3. Never trust a person more than the market. People lie, the market does not.
4. Controlling losers is a must; let your winners run out of control.
5. Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.
6. Have loyalty to your family, your dog, your team. Have no loyalty to your stocks.
7. Emotional traders want to give the disciplined their money.
8. Trends have counter trends to shake the weak hands out of the market.
9. The market is usually efficient and cannot be beat. Exploit inefficiencies.
10. To beat the market, you must have an edge.
11. Being wrong is a necessary part of trading profitably. Admit when you are wrong.
12. If you do what everyone is doing you will be average, so goes the definition.
13. Information is only valuable if no one knows about it.
14. Lower your risk till you sleep like a baby.
15. There is always a reason why stocks go up or down, we usually only learn the reason when it is too late.
16. Trades that make a lot of intellectual sense are likely to be losers.
17. You do not have to be right more than you are wrong to make money in the market.
18. Don't worry about the trades that you miss, there will always be another.
19. Fear is more powerful than greed and so down trends are sharper than up trends.
20. Analyze the people, not the stock.
21. Trading is a dictators game; you cannot trade by committee.
22. The best traders are the ones who do not care about the money.
23. Do not think you are smarter than the market, you are not.
24. For most traders, profits are short term loans from the market.
25. The stock market cannot be predicted, we can only play the probabilities.
26. The farther price is from a linear trend, the more likely it is to correct.
27. Learn from your losses, you paid for them.
28. The market is cruel, it gives the test first and the lesson afterward.
29. Trading is simple but it is not easy.
30. The easiest time to make money is when there is a trend.
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This week, I took a different approach to identifying some market opportunities. Rather than use the Stockscores.com Market Scan tool, I instead utilized the Sectors and Live Lists found in the Chart Watch area of Tradescores.com.
I wanted to find some long term trading opportunities, the sort of stocks that would be held for months or even years and would require less babysitting than a short term trade. To do this, I need to inspect the weekly chart of actively traded companies.
First, I needed to make the default chart time frame weekly. To do this, I entered a symbol in to the symbol box at the top right of Tradescores.com. Once the chart came up, I clicked on the Control Panel link and changed the time frame to 5 years and weekly. This now set the default chart time frame to a long term weekly chart.
Next, I clicked on the Chart Watch tab and selected a group from the Sectors found in the right column. I began with the Dow 30 group and viewed the charts in the Slideshow viewer by clicking on that link above the table of stocks that make up this Sector.
I repeated this process for the Sector, TSX Most Active, found under Live Lists in the right column.
I went through the charts, looking for stocks that were breaking through long term resistance after a period of sideways trading. Here are a few stocks for the longer term trader to consider:
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1. T.PD
T.PD has been stuck under $10 since late in 2008, but this week the stock managed to get through that threshold with good volume supporting the break higher. Support at $9.45.
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2. DIS
I featured DIS in my daily newsletter a couple of weeks ago and it is coming up as a strong stock again. Looks good to continue a long term upward trend, the stock has support at $36.
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3. PG
PG has been building a good pattern over the past four months and is now breaking through long term resistance with support at $63.45.
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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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