I may not be a happy person and I may have my own problems in life
but, dammit, I live in paradise. 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.