Posted by 13 February 2006

February 13, 2006 Stock Market Recap

I can describe today’s action in one word — Yawn! Obviously I’m not the only one who has become disinterested in this market. Shortly after 10:15 or so I noticed that there was just a trickle of alerts firing in my scanner. That only happens on low volume days so I took that as a clue to call it a day early — low volume, range-bound trading is a recipe for losing money, IMHO. Apparently the weather in New York contributed to the lack of volume today. But I also think that people are sitting on their hands waiting for Bernanke’s testimony on Wednesday. So I’m not expecting much action tomorrow either. Zzzz…

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Comments

  1. Posted by clueless on February 13, 2006 at 11:55 pm

    Hi,

    I’m a newbie…could you please explain what kind of a tool you use to scan real-time for possible trade set ups? Do you know of any such tool which is free or almost free? Thanks.

  2. Posted by Michael on February 13, 2006 at 11:59 pm

    I use two scanners, the scanner provided in my trading system, CyberTrader and Trade-Ideas. Here’s some info about free scanners – http://tradermike.net/2005/08/realtime_scanners

  3. Posted by Gary Whitehair on February 14, 2006 at 8:22 am

    Michael,

    Do you have any experience with IVESTools? If so, what is your opinion? Thank you.

  4. Posted by Michael on February 14, 2006 at 9:11 am

    Gary,

    No, I don’t

  5. Posted by Vic on February 14, 2006 at 9:20 am

    Hi Mike,

    How about TC2000? Is TC2000 good for swing trading? Great site.
    Thanks for sharing information.

  6. Posted by Michael on February 14, 2006 at 9:23 am

    Vic,

    I guess you could say that. TC2000 (TeleChart) is ‘just’ a charting & scanning package. It’s definitely useful for swing trading. I’ve used it for years.