The past few days we have had a very large swell hit our south shores, right before our winters begin (north shore), and it has been a blast. I only wish the stock market could do the same thing for me. However, when the same trend remains since March, with nary a pullback, it is hard to find a market like this exciting.
What really bothers me (getting stuff off my chest, so I don’t go nuts doing this for a living in a world of CNBC/Bloomberg/FoxBusinessNews blowhards) is all the junk I see people talk about daily with the stock market. These people, despite being on a website or on CNBC, are mainly professional salesman. You do get some great mutual, hedge, or pension fund manager on air, but normally you get a bunch of opinionated crap that honestly does nothing but hinder your ability to make big money in the stock market.
The truth is you do not need more than technical analysis combined with the traits that make up the acronym CANSLIM. This is seriously the most superior method for building great wealth out there, for those of us that like to enjoy life and not stare at a computer monitor all day “daytrading (losing money for most)” stocks. I am a subscriber to Daily Graphs Premium Equity Package and when I use the data on that service to confirm the picks I take from Telechart I can honestly say that is all I need. I don’t need anything else. Give me Daily Graphs, give me Telechart, and give me a realtime broker and I have everything I need.
One thing I DEFINITELY know that I do not need and that is opinions from CNBC, Bloomberg, Fox Business News, the Wall Street Journal, or even IBD (which I believe every new investor should subscribe to–I have outgrown it). The last thing ANYONE needs is the opinions from financial websites from anyone other than a technical analyst. If you are here and you are a value investor, uh, I am not talking to you. So don’t get upset at any of this.
You want my summary of the market: It is in an uptrend, longs are making us good money and some of us a lot of money, and until that reverses on volume with leading and the best stocks reversing, there is nothing to do but stay long and make sure you take some profits on the way up. That’s it. When the turn comes I will know. One hint starting to show up is the amount of stocks showing up in my short scans. Those numbers have been increasing recently and that means we need to be alert for a possible reversal. But until it happens, no worries. Stay chill. Aloha.
Don’t make this harder than it already is and don’t ever tell me this is easy.
