Go to Jeff Salisbury LWGate Home Page.From: "Tom Worley" <stkguru@netside.net>
Subject: Re: [CANSLIM] Point of View: Why bother with fundamentals?
Date: Sun, 16 Dec 2001 20:24:38 -0500
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Gene,
It all depends on whether you have the time and stamina to day trade, or =
you are trying to invest. If the former, go with WizeTrade. If the =
latter, find something that works beyond a few hours or a few days.=20
I have known a number of day traders over the years, and none used =
fundies, most didn't even know what the company did for business. =
Ignored sector or industry group, earnings (past or future), RS, etc. =
Several didn't even really know how to read a chart, simply relied on =
current momentum. The ones that did it professionally spent upwards of =
10 hours a day in front of their monitor(s). One had 7 different =
monitors and two TVs he tried to watch continuously.
Tom Worley
stkguru@netside.net
AIM: TexWorley
----- Original Message -----=20
From: Gene Ricci=20
To: canslim@lists.xmission.com=20
Sent: Sunday, December 16, 2001 5:23 PM
Subject: Re: [CANSLIM] Point of View: Why bother with fundamentals?
K, thanks for the clarification.
=20
A couple of weeks ago I would have said 'no fundamentals... are you =
kidding me'.=20
=20
I've had several discussions over the past 2-3 weeks and as recently =
as last Thursday, I was told to think 'out of the box' by a VP at =
WizeTrade. I signed up for their 30-day trial (week ago) and was in his =
office 'showing' him the shortcomings of his system. He showed me a sign =
that said... price is determined by buyers and sellers. He went on to =
say that all I had to do was to look at the Green (buy) and Red (sell) =
indicators.... green means more buyers than sellers and red more sellers =
than buyers. The program has charts.... felt better when I found that =
out.... turns out the charts were just time intervals intraday, day, =
week, month.... the lines on the chart were green and red. When the =
green crossed up over red, time to buy.... when red over green it's time =
to sell.=20
=20
From WizeTrade home page or links.
=20
The green line and the red line are summation formulas and not price =
lines or graphs
=20
"No, WizetradeT is not based on "moving averages." WizetradeT =
uses seven key technical indicators to perform its complex "real-time" =
calculations at the rate of 800-1500 calculations per second. The seven =
key indicators are the previous day's closing price, the current day's =
opening price, high, low, every up tick, every down tick - which are =
then exponentially weighted to volume."=20
How can this system work, no fundamentals, stochastic, MACD, =
candlesticks, CANSLIM, etc.?? They seem to take pride in buying =
companies that they don't know much about or what the symbol stands =
for.... they do take pride in the fact that their software tells them =
immediately when there are more buyers than sellers, etc. .... BTW, they =
signaled to get out of ENE at 80+.
I was told that fundamentals were nothing more than a time waster and =
a poor placebo (in a nice way).=20
=20
I'm interested in learning 'the truth'. Certainly would be nice to =
quit looking at fundamentals and all that research as well as spending =
money on DGO/IBD.... etc. WizeTrade also eliminates the need to track or =
know anything about sector rotation.... their buyers and sellers tell =
them all that.
=20
Is it possible that I've been wasting my time looking for data to =
support what I call a good company?
=20
Naw, can't be!
=20
Guess I'll just have to try to understand how and if their system =
works.... over the holidays.=20
=20
Disclaimer: I don't work for them and until my trial is over, I'm not =
even a customer.
Gene
----- Original Message -----=20
From: Katherine Malm=20
To: canslim@lists.xmission.com=20
Sent: Sunday, December 16, 2001 2:55 PM
Subject: Re: [CANSLIM] Point of View: Why bother with fundamentals?
That would mean any selection criteria that depended on something =
other than price/volume/volatility technical indicators.
=20
Katherine
----- Original Message -----=20
From: Gene Ricci=20
To: canslim@lists.xmission.com=20
Sent: Sunday, December 16, 2001 3:14 PM
Subject: Re: [CANSLIM] Point of View: Why bother with =
fundamentals?
Please define "any sort of fundamental analysis"...=20
=20
Thanks,
Gene
=20
----- Original Message -----=20
From: Katherine Malm=20
To: canslim@lists.xmission.com=20
Sent: Sunday, December 16, 2001 10:12 AM
Subject: [CANSLIM] Point of View: Why bother with fundamentals?
Proposed:
=20
If a typical CANSLIM/Intermediate term move in a stock lasts =
only a few weeks, and in good markets, only a few months, why bother =
selecting portfolio candidates using any sort of fundamental analysis? =
Returns in this time period are strictly based on price movement and can =
be maximized based on technical indicators and price/volume action =
alone.
=20
Thoughts pro/con?
=20
Katherine
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<BODY bgColor=3D#ffffff>
<DIV><FONT size=3D2>Gene,</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=3D2>It all depends on whether you have the time and =
stamina to day=20
trade, or you are trying to invest. If the former, go with WizeTrade. If =
the=20
latter, find something that works beyond a few hours or a few days.=20
</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=3D2>I have known a number of day traders over the years, =
and none=20
used fundies, most didn't even know what the company did for business. =
Ignored=20
sector or industry group, earnings (past or future), RS, etc. Several =
didn't=20
even really know how to read a chart, simply relied on current momentum. =
The=20
ones that did it professionally spent upwards of 10 hours a day in front =
of=20
their monitor(s). One had 7 different monitors and two TVs he tried to =
watch=20
continuously.</FONT></DIV>
<DIV> </DIV>
<DIV>Tom Worley<BR><A=20
href=3D"mailto:stkguru@netside.net">stkguru@netside.net</A><BR>AIM:=20
TexWorley<BR></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: =
0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:genr@swbell.net" title=3Dgenr@swbell.net>Gene =
Ricci</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:canslim@lists.xmission.com"=20
title=3Dcanslim@lists.xmission.com>canslim@lists.xmission.com</A> =
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Sunday, December 16, 2001 =
5:23=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] Point of =
View: Why=20
bother with fundamentals?</DIV>
<DIV><BR></DIV>
<DIV>
<DIV><FONT face=3D"Comic Sans MS">K, thanks for the =
clarification.</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">A couple of weeks ago I would have =
said 'no=20
fundamentals... are you kidding me'. </FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">I've had several discussions over =
the past 2-3=20
weeks and as recently as last Thursday, I was told to think 'out of =
the box'=20
by a VP at WizeTrade. </FONT><FONT=20
face=3D"Comic Sans MS">I signed up for their 30-day =
trial (week=20
ago) and was in his office 'showing' him the shortcomings of his =
system. He=20
showed me a sign that said... price is determined by buyers and =
sellers. He=20
went on to say that all I had to do was to look at the Green =
(buy) and=20
Red (sell) indicators.... green means more buyers than sellers and red =
more=20
sellers than buyers. The program has charts.... felt better when I =
found that=20
out.... turns out the charts were just time intervals intraday, day, =
week,=20
month.... the lines on the chart were green and red. When the green =
crossed up=20
over red, time to buy.... when red over green it's time to=20
sell. </FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">From WizeTrade home page or=20
links.</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV> <FONT color=3D#330099 face=3DArial size=3D2><EM>The green =
line and the=20
red line are summation formulas and not price lines or=20
graphs</EM></FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV>
<TABLE border=3D0 cellPadding=3D2 cellSpacing=3D0 width=3D"100%">
<TBODY>
<TR vAlign=3Dtop>
<TD align=3Dleft width=3D"98%"><FONT color=3D#330099=20
face=3D"Arial, Helvetica, sans-serif" size=3D2><EM>"No, =
Wizetrade™ is not=20
based on "moving averages." Wizetrade™ uses seven key =
technical=20
indicators to perform its complex "real-time" calculations at =
the rate=20
of 800-1500 calculations per second. The seven key indicators =
are the=20
previous day's closing price, the current day's opening price, =
high,=20
low, every up tick, every down tick - which are then =
exponentially=20
weighted to volume."</EM></FONT></TD></TR></TBODY></TABLE>
<P><FONT face=3D"Comic Sans MS">How can this system work, no =
fundamentals,=20
stochastic, MACD, candlesticks, CANSLIM, etc.?? They seem to take =
pride in=20
buying companies that they don't know much about or what the symbol =
stands=20
for.... they do take pride in the fact that their software tells them=20
immediately when there are more buyers than sellers, etc. .... =
BTW, they=20
signaled to get out of ENE at 80+.</FONT></P></DIV>
<DIV><FONT face=3D"Comic Sans MS">I was told that fundamentals were =
nothing more=20
than a time waster and a poor placebo (in a nice way). </FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">I'm interested in learning 'the =
truth'.=20
Certainly would be nice to quit looking at fundamentals and all that =
research=20
as well as spending money on DGO/IBD.... etc. WizeTrade also =
eliminates the=20
need to track or know anything about sector rotation.... their buyers =
and=20
sellers tell them all that.</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Is it possible that I've been =
wasting my time=20
looking for data to support what I call a good company?</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Naw, can't be!</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Guess I'll just have to try to =
understand how=20
and if their system works.... over the holidays. </FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Disclaimer: I don't work for them =
and until my=20
trial is over, I'm not even a customer.</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS">Gene</FONT></DIV></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; =
MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:kmalm@earthlink.net" =
title=3Dkmalm@earthlink.net>Katherine=20
Malm</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:canslim@lists.xmission.com"=20
title=3Dcanslim@lists.xmission.com>canslim@lists.xmission.com</A> =
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Sunday, December 16, =
2001 2:55=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] Point =
of View:=20
Why bother with fundamentals?</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial size=3D2>That would mean any selection =
criteria that=20
depended on something other than price/volume/volatility technical=20
indicators.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Katherine</FONT></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; =
MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- =
</DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:genr@swbell.net" title=3Dgenr@swbell.net>Gene =
Ricci</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:canslim@lists.xmission.com"=20
title=3Dcanslim@lists.xmission.com>canslim@lists.xmission.com</A> =
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Sunday, December 16, =
2001 3:14=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] =
Point of View:=20
Why bother with fundamentals?</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3D"Comic Sans MS">Please define "any sort of =
fundamental=20
analysis"... </FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Thanks,</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS">Gene</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; =
MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- =
</DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A href=3D"mailto:kmalm@earthlink.net" =
title=3Dkmalm@earthlink.net>Katherine=20
Malm</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
href=3D"mailto:canslim@lists.xmission.com"=20
=
title=3Dcanslim@lists.xmission.com>canslim@lists.xmission.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Sunday, December =
16, 2001=20
10:12 AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Point =
of View:=20
Why bother with fundamentals?</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial size=3D2>
<DIV><FONT face=3DArial size=3D2>Proposed:</FONT></DIV>
<DIV><FONT face=3DArial size=3D2> </DIV></FONT>
<DIV><FONT face=3DArial size=3D2>If a typical =
CANSLIM/Intermediate term move=20
in a stock lasts only a few weeks, and in good markets, only a =
few=20
months, why bother selecting portfolio candidates using any sort =
of=20
fundamental analysis? Returns in this time period are strictly =
based on=20
price movement and can be maximized based on technical =
indicators and=20
price/volume action alone.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Thoughts pro/con?</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial=20
=
size=3D2>Katherine</DIV></FONT></FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></B=
LOCKQUOTE></BLOCKQUOTE></BODY></HTML>
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