一个笨蛋的股指交易记录-地狱级炒手 - 〖期货技术交流〗 - MACD俱乐部_专业的技术分析交流

hefeiddd 发表于 2009-3-12 05:05

hefeiddd 发表于 2009-3-12 05:08

http://stockcharts.com/images/new_logo.gifhttp://stockcharts.com/images/new_logo_print.gif
Symbol Catalog http://stockcharts.com/images/tabsTools.gif

Search the Site:
Tools[*]Market Summary[*]Gallery View[*]SharpCharts[*]Market Carpet[*]PerfCharts[*]P&F Charts[*]Stock Scans[*]Data Adjustments[*]
Charts[*]Your Favorite Charts[*]Public Chart Lists[*]CandleGlance Groups[*]Breadth Charts[*]Dynamic Yield Curve[*]Historical Charts[*]SharpCharts Voyeur[*]Ticker Cloud
Join Now!http://stockcharts.com/images/subbutton.gif

Information[*]About Us[*]Free Newsletter[*]Business Products[*]Privacy Statement
Our Bookstore[*]Monthly Specials[*]ChartWatchers' Bundle[*]Tech. Analysis Books[*]John Murphy's Books[*]P&F Charting Books

You Are Here: StockCharts.com » Free Charts » Gallery View » APSG
Gallery View (APSG)http://stockcharts.com/images/minilink_sc.gifDefault SharpChart | http://stockcharts.com/images/minilink_pnf.gifP&F Chart | http://stockcharts.com/images/minilink_perf.gifPerfChart

Daily Viewdaulnnmy]

Weekly Viewwaulnnmy]

Intraday ViewHACANYAY]

Daily Viewdaclyyay]http://stockcharts.com/c-sc/sc?chart=APSG,uudaclyyay

Weekly Viewwaclyyay]]http://stockcharts.com/c-sc/sc?chart=APSG,uuwaclyyay]

Point & Figure View&pnf=y]http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=APSG,PLTCDANRBO&pnf=y

Other Charts for APSG:http://stockcharts.com/images/minilink_sc.gifDefault SharpChart | http://stockcharts.com/images/minilink_pnf.gifP&F Chart | http://stockcharts.com/images/minilink_perf.gifPerfChart | Historical Data

http://www.adtrader.com/ads/adserve.asp?SN=2084&PN=1&Desc=StockChartsFAT
Financial Ad Trader

Join Now! | Newsletter | FAQ | Glossary | Terms of Service | Privacy Statement
Home | Free Charts | Chart School | Members | Support
Data provided by: http://stockcharts.com/images/footer_datafeed.gif
Unless otherwise indicated, all data is delayed by 20 minutes
©1999-2008 StockCharts.com All Rights Reserved

hefeiddd 发表于 2009-3-12 05:13

hefeiddd 发表于 2009-3-12 05:16

http://investorshub.advfn.com/Images/ih-sitelogo-trans1.gif http://investorshub.advfn.com/images/menu-bottom-icon.gifStreamerLevel 2ChartsTradesPortfolioTop ListsForexCommoditieshttp://investorshub.advfn.com/images/menu-top-icon.gifLogin Home REGISTER FREE! Mailbox Boards Favorites Hot! Tools Other http://investorshub.advfn.com/images/joinup.gif http://usas1.advfn.com/oasis/oasisi.php?s=36&w=728&h=90&t=_blank
Advanced Search Browse By Category

http://usas1.advfn.com/oasis/oasisi.php?s=520&w=408&h=107&t=_blank

RankSymbolNameNo. PostsLinks1. EESO Enzyme Environmental 467http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 2. ERHE ERHC Energy Inc. 250http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 3. IGTP Intelligent Sports I 276http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 4. IDGI Inca Designs, Inc. 340http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 5. SYNJ Syndication Inc 272http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 6. IDCC InterDigital Communi 158http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 7. GNTA Genta, Inc 185http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 8. GRDO Guard Dog, Inc. 195http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 9. WNBD Winning Brands Corpo 165http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 10. SPNG Spongetech Delivery 162http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 11. MODC Modern Technology Cp 178http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 12. NEOM NeoMedia Technologie 130http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 13. ETNL ETERNAL IMAGE INC 147http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 14. CXAC Cross Atlantic Commo 127http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif 15. FVRL FAVRILLE, INC 128http://investorshub.advfn.com/images/forum-icon.gifhttp://investorshub.advfn.com/images/chart-icon.gif

More Hot Boards

RankNameNo. PostsLinks1. BB's Stock Haven 846http://investorshub.advfn.com/images/forum-icon.gif 2. *SCALPSWINGSTRADDLE* 556http://investorshub.advfn.com/images/forum-icon.gif 3. Wealth University 288http://investorshub.advfn.com/images/forum-icon.gif 4. BREAKOUT TRADERS 327http://investorshub.advfn.com/images/forum-icon.gif 5. Naz News, Gappers and FLE's 275http://investorshub.advfn.com/images/forum-icon.gif 6. DAYTRADER'S FORUM 286http://investorshub.advfn.com/images/forum-icon.gif 7. GreenArrowStock 256http://investorshub.advfn.com/images/forum-icon.gif 8. Traders of the Caribbean 231http://investorshub.advfn.com/images/forum-icon.gif 9. .0001 PICKS ONLY 192http://investorshub.advfn.com/images/forum-icon.gif 10. BOUNCE 179http://investorshub.advfn.com/images/forum-icon.gif 11. SPY Technical Analysis 129http://investorshub.advfn.com/images/forum-icon.gif 12. Chart Patterns and Trends 151http://investorshub.advfn.com/images/forum-icon.gif 13. SwingTrade Member Forum 133http://investorshub.advfn.com/images/forum-icon.gif 14. Monk's Den 144http://investorshub.advfn.com/images/forum-icon.gif 15. Pinto Beans and Money Making Stock 151http://investorshub.advfn.com/images/forum-icon.gif

TitleDateDJI - Daily - 3/06/09 3/7/2009 DJI - Weekly - 3/06/09 3/7/2009 SKF Daily Chart 3/2/2009 DJI - Daily - 2/27/09 3/1/2009 DJI - Weekly - 2/27/09 3/1/2009 AWEC Daily Chart 2/25/2009 DJI - Daily - 2/20/09 2/21/2009 DJI - Weekly - 2/20/09 2/21/2009 12345678910...

http://images.advfn.com/imagesnew/2/us/ihubfront/sn_header.gifhttp://www.advfn.com/p.php?pid=stock-spotlight-image&symbol=OMCY&type=2OMCYClick hereOmnicity Completes Acquisition of NDWaveWould you like to see your company here?http://images.advfn.com/sales/sm_pdf.gifClick here for our IR media pack

http://investorshub.advfn.com/images/communitycontest-filler.gif

RankNameLinks1. The the 80's ruled! (1980S) http://investorshub.advfn.com/images/forum-icon.gif 2. CSHD Shareholder Social Forum http://investorshub.advfn.com/images/forum-icon.gif 3. Moderate America http://investorshub.advfn.com/images/forum-icon.gif 4. RAM Energy Resources (RAME) http://investorshub.advfn.com/images/forum-icon.gif 5. *watchlist chart - automotive* http://investorshub.advfn.com/images/forum-icon.gif 6. Yellow Pages Income Fund (YLWPF) http://investorshub.advfn.com/images/forum-icon.gif 7. Amarc Resources Ltd. (AXREF) http://investorshub.advfn.com/images/forum-icon.gif 8. Conolog Corporation (CNLGD) http://investorshub.advfn.com/images/forum-icon.gif 9. THE_ASYLUM (AGH) http://investorshub.advfn.com/images/forum-icon.gif 10. Tanaris resources (TRO) http://investorshub.advfn.com/images/forum-icon.gif 11. Pembina Pipeline Income Fund (PMBIF) http://investorshub.advfn.com/images/forum-icon.gif 12. Floyd Sarver's Plays http://investorshub.advfn.com/images/forum-icon.gif 13. Good Job (3514) http://investorshub.advfn.com/images/forum-icon.gif 14. Omni Medical Holdings Inc (OMHI) http://investorshub.advfn.com/images/forum-icon.gif 15. Smokefree Innotec, Inc. (SFIO) http://investorshub.advfn.com/images/forum-icon.gif
More New Boards

http://ih.fotothing.com/44340.gif
Come join us @ the "Dont Bite The Hand That Feeds You" board where TheInvisibleHand and his team post some of the highest small cap and big board gainers each and every trading day. So, stop by and join us today and remember, Don’t Bite the Hand that Feeds You! #board-12634

*The Invisible Hand = that each individual maximizing revenue for himself maximizes the total revenue of society as a whole, as this is identical with the sum total of individual revenues.

RankNameNo. PostsLinks1. Liberal Free Chat Zone 138http://investorshub.advfn.com/images/forum-icon.gif 2. Zeev's Turnips Talk Politics 90http://investorshub.advfn.com/images/forum-icon.gif 3. Discover GOP Opprobrium 65http://investorshub.advfn.com/images/forum-icon.gif 4. Rants and Raves 44http://investorshub.advfn.com/images/forum-icon.gif 5. Political Discourse 31http://investorshub.advfn.com/images/forum-icon.gif 6. Simply Politics 28http://investorshub.advfn.com/images/forum-icon.gif 7. THE_ASYLUM 15http://investorshub.advfn.com/images/forum-icon.gif 8. Bible 24http://investorshub.advfn.com/images/forum-icon.gif 9. Stockpicks,Football and OT 22http://investorshub.advfn.com/images/forum-icon.gif 10. The House of Pain Economy & Sto 20http://investorshub.advfn.com/images/forum-icon.gif 11. Drummer and Missy's Place 18http://investorshub.advfn.com/images/forum-icon.gif 12. Ihubber''s FUN House 15http://investorshub.advfn.com/images/forum-icon.gif 13. Any Good Jokes? 7http://investorshub.advfn.com/images/forum-icon.gif 14. Moderate America 12http://investorshub.advfn.com/images/forum-icon.gif 15. military 11http://investorshub.advfn.com/images/forum-icon.gif

More Lounge Boards

falcons9 jerrydreamer elysse1kittycat Crafty55 RonnieD outperformers walknmannv PIZZABUSTER1 stingray2 Trading_UP Germboy djr63 Degreed stockauthorata123 mkt_predictor wazup traderdon Blue_Horseshoe Jason0352 teapeebubbles hmp660 unpathedhaunt Netman hortus bella99 gbtjr dumar antcgmn tmcc mwoody garde54 onemaninnj WaS parkwest14 riskybusiness red devon aries4747 Natron oneleg Grumps17 buddybean makapia Renbnz Lancome ToneMan182 juk cottonwhite JCMoney palindromy Yoda0629 hotdog1012 02opida cocktails and dreamz AccipiterQ manysevens FatFinger6 seankonnery

Investors Hub is a fast-growing financial hub that empowers individual investors with real-time insights into the fast-moving equity markets.

Investors Hub has 145,848 members who have written 36,216,937 posts! [*]About Us[*]Advertising[*]Subscribe![*]Privacy Policy[*]Member Photo Gallery[*]Frequently Asked Questions

SWINGTRADE'S Daily DOW Close Contest

Send IH Admin a message to have your contest added here!

hefeiddd 发表于 2009-3-12 05:22

jhjghjkghkk

hefeiddd 发表于 2009-3-13 02:57

Free Zone | User's Groups

Board NameTotal PostsLatest PostMomentum Players 3564693/12/2009 2:54:24 PMTRENDFINDERS 402813/12/2009 2:54:22 PMBB's Stock Haven 14360003/12/2009 2:54:21 PMDRAGONFLYPICKS (DFLY) 490853/12/2009 2:54:16 PMTraders of the Caribbean 581973/12/2009 2:54:13 PMParty Bash 2009 235233/12/2009 2:54:13 PMBREAKOUT TRADERS 2115823/12/2009 2:54:09 PMMonk's Den 400253/12/2009 2:54:07 PMSEASONALITY STOCK REPORTS 449973/12/2009 2:53:54 PMNaz News, Gappers and FLE's 1954793/12/2009 2:53:35 PM*SCALPSWINGSTRADDLE* ($$$) 1205253/12/2009 2:53:30 PMVMC Free-For-All 232023/12/2009 2:53:30 PMDon't Bite The Hand That Feeds You 94733/12/2009 2:53:27 PMThe Golden Lounge (TGL) 1976043/12/2009 2:53:03 PMChart Patterns and Trends 629803/12/2009 2:53:02 PMajtj99's Market Pulse 1422603/12/2009 2:52:56 PMGreenArrowStock 427793/12/2009 2:52:41 PMRollin the Dice 303023/12/2009 2:52:37 PMWealth University 733973/12/2009 2:52:32 PMThe Hunt for the Next 5-10 Bagger 502133/12/2009 2:51:57 PMTraders Cooperative 540783/12/2009 2:51:44 PMShort Term Traders-Listed Stocks 781173/12/2009 2:51:18 PMALERTS FOR ALL STOCKS 20913/12/2009 2:51:14 PMDoog's Dugout 130593/12/2009 2:51:08 PMSPY Technical Analysis 751723/12/2009 2:50:41 PMDAYTRADER'S FORUM 1599583/12/2009 2:49:57 PMLanglui's Big Board and Options Plays 224243/12/2009 2:49:44 PM.0001 PICKS ONLY 247623/12/2009 2:49:02 PMOptions Wonderland 439263/12/2009 2:48:48 PMMostly: Classical 185783/12/2009 2:48:48 PMBOTTOM BU$$TERS 155293/12/2009 2:47:44 PMFor The Love Of Money 37503/12/2009 2:46:20 PMOTCBB ALERTS 2794633/12/2009 2:46:11 PMBREAKOUT BOARD 88973/12/2009 2:46:09 PMMohacsy's Safe Portfolio Member Forum 472433/12/2009 2:46:03 PM"~FAnTA$tic DD ~" 15313/12/2009 2:45:53 PMZeev's Turnips Patch-No Politics (ZEEV) 6167813/12/2009 2:45:04 PMPinto Beans and Money Making Stock Picks 614423/12/2009 2:44:58 PMMos Eisley Stockport 28533/12/2009 2:43:08 PMThe Microcap Kitchen 22523/12/2009 2:42:10 PM"House of Pinchers" (Pinch) 399143/12/2009 2:41:28 PMBig Drop Bounce Plays 2093/12/2009 2:41:26 PMGrass Roots Fertilizer Stocks 27803/12/2009 2:41:21 PMLoss to Profit, let's make your lost money back ! 86453/12/2009 2:41:16 PMSimple's Green Room 200913/12/2009 2:41:14 PMTop Gun Trading 97063/12/2009 2:40:37 PMThe Friendly Money Making Board 356043/12/2009 2:40:31 PMOption Millionaires 189163/12/2009 2:40:22 PMCharts are Coooool 341833/12/2009 2:37:55 PMSwingTrade Member Forum (SWING) 1889303/12/2009 2:36:14 PMVMC Junior Energy 47323/12/2009 2:34:06 PMYour Economy 372183/12/2009 2:32:54 PM3X TREND1 BGU TNA FAS ERX 23073/12/2009 2:25:56 PMSTOCK TALK 15233/12/2009 2:25:37 PMAsus' FREE Speech Money Club (ASUS) 206533/12/2009 2:24:48 PMLIZZY & WIZZY''S PINK & OTC 100%+ gainers 74253/12/2009 2:24:41 PMfreebies reply here to gail's .0001-.0002 flippers 15033/12/2009 2:22:40 PMCASH COW 2339953/12/2009 2:21:57 PMThe House of Pleasure Stock Board 82993/12/2009 2:19:25 PMReverse Splits 73893/12/2009 2:19:09 PMReverse Split Round Up Share Plays 52643/12/2009 2:18:05 PMGot Pennies 1533/12/2009 2:17:40 PM$$ Trading for Dollars $$ 307013/12/2009 2:16:59 PMTECHNICAL ANALYSIS 830273/12/2009 2:15:52 PM20% SHARP SHOOTERS - CHART TIMING 387033/12/2009 2:15:37 PMALL ABOUT THE CASH 182103/12/2009 2:15:03 PMThe Black Box 356843/12/2009 2:14:07 PMGREAT CALLS 47543/12/2009 2:12:57 PMJDZ Nigeria-Sao Tome e Principe 28713/12/2009 2:09:48 PM$$$$$TALKS 297663/12/2009 2:08:57 PMAbet Chichi2 (Chichi2) 356733/12/2009 2:06:50 PMThe Blue Horse Shoe Saloon 453033/12/2009 2:06:20 PMGOLDBUGS 111463/12/2009 1:55:04 PM"Pinks and BB" (PAB) 86913/12/2009 1:52:05 PMThe the 80's ruled! (1980S) 583/12/2009 1:51:05 PMVMC Junior Miners 128383/12/2009 1:45:00 PMThe Hermit’s Hovel 121653/12/2009 1:43:47 PMTsafi 149713/12/2009 1:37:28 PMThe Stock Pond 33433/12/2009 1:32:08 PMShell Stocks, Mergers, Reverse Mergers, Reverse Splits & Forward Splits Plays 41613/12/2009 1:12:44 PMStock Spot 11483/12/2009 1:09:57 PMCocktails, Dreams, and STOCKS 183/12/2009 1:06:03 PMCowboy & Cowgirl StockTraders (COWBOY) 34923/12/2009 1:05:07 PMShort Term Trading Using T A Member Forum 373863/12/2009 12:57:04 PMMMCLUB 118243/12/2009 12:48:23 PMJerUSAlem 80883/12/2009 12:42:53 PMFAT CATS 714413/12/2009 12:41:03 PMThe Treehouse Investment Club / -- ETF -- WORLD 38553/12/2009 12:34:13 PMStocks On Watch 69923/12/2009 12:29:34 PMTSX Venture 43583/12/2009 12:29:31 PMCanadian Stocks 18333/12/2009 12:29:08 PMPromising Longterm Investments 33733/12/2009 12:23:03 PMOnline Investor Penny Plays (OLIPP) 37183/12/2009 12:22:39 PMMagic 458403/12/2009 12:08:00 PMWall $t Banker$$ (BANKZ) 288553/12/2009 11:59:47 AM15-12G Penny Plays 18033/12/2009 11:58:35 AMOn Radar !! 2913/12/2009 11:53:32 AMNIR Group 8453/12/2009 11:46:50 AMDragon's Corner 25373/12/2009 11:37:11 AMProfunds index and sector trading (PRO) 368063/12/2009 11:32:54 AM12345678910...

hefeiddd 发表于 2009-3-13 03:12

[*]http://www.yahoo.com/]Yahoo![*]http://my.yahoo.com/]My Yahoo![*]http://mail.yahoo.com/]Mail[*]http://docs.yahoo.com/docs/family/more/]More Yahoo! Services [*]http://news.yahoo.com]News[*]http://sports.yahoo.com]Sports[*]http://entertainment.yahoo.com]EntertainmentMake Y! My Homepagehttp://toolbar.yahoo.com/?.cpdl=ushdl]Get Yahoo! Toolbar
Account OptionsNew User? https://edit.yahoo.com/config/eval_register?.done=http://finance.yahoo.com%2fq%3fd%3ds%26s%3dBAC%2bBBT%2bBK%2bC%2bCMA%2bFITB%2bJPM%2bKEY%2bNCC%2bPNC%2bSTI%2bSTT%2bUSB%2bWFC%2bZION&.src=quote&.intl=us]Sign Uphttps://login.yahoo.com/config/login?.done=http://finance.yahoo.com%2fq%3fd%3ds%26s%3dBAC%2bBBT%2bBK%2bC%2bCMA%2bFITB%2bJPM%2bKEY%2bNCC%2bPNC%2bSTI%2bSTT%2bUSB%2bWFC%2bZION&.src=quote&.intl=us]Sign Inhttp://help.yahoo.com/l/us/yahoo/finance/]Help

http://finance.yahoo.com]http://l.yimg.com/a/i/us/uh/bt2/fin_logov1.gif Yahoo! Searchweb search

Thu, Mar 12, 2009, 3:11PM ET - U.S. Markets close in 49mins Dow http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 2.90% Nasdaq http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 3.06%
[*]http://finance.yahoo.com/]Home[*]http://finance.yahoo.com/marketupdate?u]Investing [*]http://finance.yahoo.com/marketupdate/overview?u]Market Overview[*]http://finance.yahoo.com/actives?e=us]Market Stats[*]http://biz.yahoo.com/r/]Stocks[*]http://finance.yahoo.com/funds]Mutual Funds[*]http://finance.yahoo.com/etf]ETFs[*]http://finance.yahoo.com/bonds]Bonds[*]http://biz.yahoo.com/opt]Options[*]http://biz.yahoo.com/ic/]Industries[*]http://finance.yahoo.com/currency]Currency[*]http://finance.yahoo.com/education]Education[*]http://biz.yahoo.com/top.html]News & Opinion [*]http://biz.yahoo.com/topic/us-markets/]Markets[*]http://biz.yahoo.com/topic/investing-ideas/]Investing Ideas[*]http://finance.yahoo.com/expert/index/]Expert Advice[*]http://biz.yahoo.com/special.html]Special Editions[*]http://biz.yahoo.com/topic/earnings/]Company Finances[*]http://biz.yahoo.com/apf/]Providers[*]http://finance.yahoo.com/personal-finance]Personal Finance [*]http://finance.yahoo.com/banking-budgeting]Banking & Budgeting[*]http://finance.yahoo.com/career-work]Career & Work[*]http://finance.yahoo.com/college-education]College & Education[*]http://finance.yahoo.com/family-home]Family & Home[*]http://finance.yahoo.com/insurance]Insurance[*]http://finance.yahoo.com/loans]Loans[*]http://finance.yahoo.com/real-estate]Real Estate[*]http://finance.yahoo.com/retirement]Retirement[*]http://finance.yahoo.com/taxes]Taxes[*]http://finance.yahoo.com/how-to-guide/index]How-to Guides[*]My Portfolios [*]Sign In to Create/Edit My Portfolios[*]Free trial of Real-Time Quotes[*]Tech Ticker

[*]Get Quotes[*][*]http://us.js2.yimg.com/us.js.yimg.com/i/us/fi/pf/images/200701191530/btn-get-quotes.gif[*]Finance Search

http://ad.doubleclick.net/clk;210518298;31961542;g]http://ads.yimg.com/a/a/mo/monika/td_pri_fee_x24_q108_120x60_0.gif http://ad.doubleclick.net/jump/N3382.yahoo.comOX2562/B3321285.32;abr=!ie4;abr=!ie5;sz=120x60;ord=1236885031585326?]http://ad.doubleclick.net/ad/N3382.yahoo.comOX2562/B3321285.32;abr=!ie4;abr=!ie5;sz=120x60;ord=1236885031585326?http://ad.doubleclick.net/clk;210657465;32258296;m?http://personal.fidelity.com/products/trading/index_content.shtml.cvsr?immid=00262&imm_pid=32258296&imm_aid=a210657465&buf=99999999]http://ads.yimg.com/a/a/fi/fidelity08/072308_at_v2_120x60.gif
streaming quotes: ON http://us.i1.yimg.com/us.yimg.com/i/us/fi/yfs/img/yfs_onoff_opt1_20060615.gifhttp://us.i1.yimg.com/us.yimg.com/i/us/fi/yfs/img/yfs_onoff_opt2_20060615.gifTurn OFF
http://us.js2.yimg.com/us.js.yimg.com/i/us/fi/pf/images/200710011514/icons/question_mark.pngView: Summary | Real-Time | Basic | DayWatch | Performance[New View] Summary BK OF AMERICA CP (NYSE:BAC)Last Trade:5.71Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 0.78 (15.82%)Prev Close:4.93Open:4.92Bid:N/AAsk:N/A1y Target Est:12.19Day's Range:4.84 - 5.7752wk Range:2.53 - 43.46Volume:384,390,719Avg Vol (3m):297,383,000Market Cap:36.55BP/E (ttm):10.34EPS (ttm):0.55Div & Yield:0.04 (0.80%)http://ichart.finance.yahoo.com/t?s=BAC 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
BB&T CP (NYSE:BBT)Last Trade:18.17Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 1.11 (6.51%)Prev Close:17.06Open:16.97Bid:N/AAsk:N/A1y Target Est:21.14Day's Range:16.65 - 18.2852wk Range:12.90 - 45.31Volume:7,628,117Avg Vol (3m):11,700,200Market Cap:10.16BP/E (ttm):6.71EPS (ttm):2.71Div & Yield:1.88 (11.20%)http://ichart.finance.yahoo.com/t?s=BBT 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
BANK OF NY MELLON CP (NYSE:BK)Last Trade:24.46Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 1.93 (8.57%)Prev Close:22.53Open:22.76Bid:N/AAsk:N/A1y Target Est:30.30Day's Range:21.99 - 24.5252wk Range:15.44 - 47.38Volume:15,824,453Avg Vol (3m):13,355,000Market Cap:28.10BP/E (ttm):20.35EPS (ttm):1.202Div & Yield:0.96 (4.70%)http://ichart.finance.yahoo.com/t?s=BK 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
CITIGROUP INC (NYSE:C)Last Trade:1.62Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 0.08 (5.19%)Prev Close:1.54Open:1.54Bid:N/AAsk:N/A1y Target Est:3.32Day's Range:1.48 - 1.6452wk Range:0.97 - 27.35Volume:389,597,485Avg Vol (3m):305,015,000Market Cap:8.87BP/E (ttm):N/AEPS (ttm):-5.59Div & Yield:0.04 (2.80%)http://ichart.finance.yahoo.com/t?s=C 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
COMERICA INC (NYSE:CMA)Last Trade:17.91Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 1.38 (8.35%)Prev Close:16.53Open:16.51Bid:N/AAsk:N/A1y Target Est:19.62Day's Range:16.00 - 18.0052wk Range:11.72 - 42.00Volume:5,086,861Avg Vol (3m):4,592,170Market Cap:2.71BP/E (ttm):13.80EPS (ttm):1.30Div & Yield:0.20 (1.30%)http://ichart.finance.yahoo.com/t?s=CMA 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
Fifth Third Bancorp (NasdaqGS:FITB)Last Trade:1.59Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 0.05 (3.25%)Prev Close:1.54Open:1.48Bid:1.59 x 22400Ask:1.60 x 235001y Target Est:5.73Day's Range:1.38 - 1.6252wk Range:1.01 - 24.88Volume:31,294,674Avg Vol (3m):26,400,200Market Cap:918.01MP/E (ttm):N/AEPS (ttm):-3.94Div & Yield:0.04 (2.40%)http://ichart.finance.yahoo.com/t?s=FITB 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
JP MORGAN CHASE CO (NYSE:JPM)Last Trade:22.78Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 2.38 (11.67%)Prev Close:20.40Open:20.15Bid:N/AAsk:N/A1y Target Est:33.75Day's Range:20.00 - 22.9952wk Range:14.96 - 50.63Volume:103,530,140Avg Vol (3m):81,025,400Market Cap:85.61BP/E (ttm):16.67EPS (ttm):1.368Div & Yield:0.20 (1.00%)http://ichart.finance.yahoo.com/t?s=JPM 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
KEYCORP (NYSE:KEY)Last Trade:7.92Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 0.89 (12.66%)Prev Close:7.03Open:6.99Bid:N/AAsk:N/A1y Target Est:8.85Day's Range:6.86 - 8.0052wk Range:4.83 - 26.12Volume:9,586,062Avg Vol (3m):11,432,100Market Cap:3.92BP/E (ttm):N/AEPS (ttm):-3.36Div & Yield:0.25 (3.60%)http://ichart.finance.yahoo.com/t?s=KEY 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
NATIONAL CITY CORP (NYSE:NCC)Last Trade:N/ATrade Time:N/AChange:0.00 (0.00%)Prev Close:N/AOpen:N/ABid:N/AAsk:N/A1y Target Est:4.03Day's Range:N/A - N/A52wk Range:N/AVolume:0Avg Vol (3m):N/AMarket Cap:N/AP/E (ttm):N/AEPS (ttm):N/ADiv & Yield:N/A (N/A)http://ichart.finance.yahoo.com/t?s=NCC 1d5d , more...
P N C FIN SVCS GR (NYSE:PNC)Last Trade:27.70Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 2.90 (11.69%)Prev Close:24.80Open:24.65Bid:N/AAsk:N/A1y Target Est:37.52Day's Range:23.75 - 28.0052wk Range:16.20 - 87.99Volume:10,576,630Avg Vol (3m):11,318,700Market Cap:12.31BP/E (ttm):11.28EPS (ttm):2.461Div & Yield:2.64 (10.70%)http://ichart.finance.yahoo.com/t?s=PNC 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
SUNTRUST BANKS (NYSE:STI)Last Trade:12.66Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 1.44 (12.83%)Prev Close:11.22Open:11.20Bid:N/AAsk:N/A1y Target Est:18.03Day's Range:10.83 - 12.7852wk Range:6.00 - 64.43Volume:11,358,862Avg Vol (3m):13,721,400Market Cap:4.49BP/E (ttm):4.54EPS (ttm):2.79Div & Yield:0.40 (3.50%)http://ichart.finance.yahoo.com/t?s=STI 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
STATE STREET CP (NYSE:STT)Last Trade:23.41Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 1.45 (6.60%)Prev Close:21.96Open:21.92Bid:N/AAsk:N/A1y Target Est:33.85Day's Range:20.70 - 23.8252wk Range:14.43 - 85.31Volume:7,685,549Avg Vol (3m):11,759,000Market Cap:10.11BP/E (ttm):5.45EPS (ttm):4.30Div & Yield:0.04 (0.20%)http://ichart.finance.yahoo.com/t?s=STT 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
US BANCORP (NYSE:USB)Last Trade:13.33Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 0.91 (7.33%)Prev Close:12.42Open:12.19Bid:N/AAsk:N/A1y Target Est:15.70Day's Range:11.91 - 13.3752wk Range:8.06 - 42.23Volume:32,265,261Avg Vol (3m):36,240,800Market Cap:23.40BP/E (ttm):8.27EPS (ttm):1.607Div & Yield:0.20 (1.80%)http://ichart.finance.yahoo.com/t?s=USB 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
WELLS FARGO & CO NEW (NYSE:WFC)Last Trade:13.21Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 1.33 (11.19%)Prev Close:11.88Open:11.54Bid:N/AAsk:N/A1y Target Est:21.31Day's Range:11.36 - 13.2952wk Range:7.80 - 44.75Volume:129,387,824Avg Vol (3m):118,517,000Market Cap:55.98BP/E (ttm):18.84EPS (ttm):0.70Div & Yield:1.36 (11.50%)http://ichart.finance.yahoo.com/t?s=WFC 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
Zions Bancorporation (NasdaqGS:ZION)Last Trade:8.82Trade Time:2:56PM ETChange:http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/up_g.gif 0.35 (4.13%)Prev Close:8.47Open:8.46Bid:8.82 x 900Ask:8.83 x 15001y Target Est:18.36Day's Range:7.80 - 8.9052wk Range:5.90 - 54.90Volume:4,258,946Avg Vol (3m):4,967,250Market Cap:1.02BP/E (ttm):N/AEPS (ttm):-2.669Div & Yield:0.16 (2.10%)http://ichart.finance.yahoo.com/t?s=ZION 1d5d3m6m1y2y5ymaxMessage Board, Profile, Key Statistics, more...
http://us.i1.yimg.com/us.yimg.com/i/us/fi/gr/download_trns_1.gif Download Spreadsheet http://us.i1.yimg.com/us.yimg.com/i/us/fi/gr/track_trns_1.gif Add to Portfolio - View Comparison Chart - View All Charts

HeadlinesChange Display [ http://edit.finance.yahoo.com/eo?ns_p=1&.done=http%3A%2F%2Ffinance.yahoo.com%2Fq%3Fd%3Ds%26s%3DBAC%2BBBT%2BBK%2BC%2BCMA%2BFITB%2BJPM%2BKEY%2BNCC%2BPNC%2BSTI%2BSTT%2BUSB%2BWFC%2BZION]hide $$edit ] Today, Thu, Mar 12, 2009•BAC C JPM Bank of America soars, CEO says bank in the black
Reuters (Thu 3:07pm) •BAC http://online.wsj.com/article/SB123685627464206601.html?mod=yahoo_hs&ru=yahoo]Winning Streak Rolls On
at The Wall Street Journal Online (Thu 3:06pm) •C JPM http://www.reuters.com/legacyArticle?duid=mtfh25384_2009-03-12_19-06-35_n12369693_newsml&rpc=44&type=marketsNews]MONEY MARKETS-Dollar Libor dips, market's stress off highs
at Reuters (Thu 3:06pm) •BAC C http://www.reuters.com/legacyArticle?duid=mtfh25375_2009-03-12_19-06-11_n12368897_newsml&rpc=44&type=marketsNews]UPDATE - Bank of America soars, CEO says bank in the black
at Reuters (Thu 3:06pm) •BAC C JPM http://www.cnbc.com//id/29654563?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo]Stocks Go for Three: Dow Jumps 3%
at CNBC (Thu 3:04pm) •BBT FITB PNC STI USB Moody's reviews regional banks for downgrades
AP (Thu 3:03pm) •BAC http://online.wsj.com/article/SB123687748026709503.html?mod=yahoo_hs&ru=yahoo][$$] Lewis: BofA Won't Need More Aid
at The Wall Street Journal Online (Thu 2:50pm) •JPM http://www.reuters.com/legacyArticle?duid=mtfh25158_2009-03-12_18-48-25_n12432965_newsml&rpc=44&type=marketsNews]Alabama county OKs standstill pact on GO debt
at Reuters (Thu 2:48pm) •STT State Street Appointed Private Equity Administrator for C Change Investments' New Fund
Business Wire (Thu 2:48pm) •JPM http://www.reuters.com/legacyArticle?duid=mtfh25138_2009-03-12_18-46-47_n12376465_newsml&rpc=44&type=marketsNews]UPDATE - Bank of America soars, CEO says bank in the black
at Reuters (Thu 2:46pm) •BAC C Wall Street boosted by GE rating outlook, banks
Reuters (Thu 2:46pm) •BAC http://www.marketwatch.com/News/Story/Story.aspx?guid=%7bB3819893-03EB-4E66-A209-F6C3169930F9%7d&siteid=yhoof2]Lewis says B. of. A. profitable in first two months
at MarketWatch (Thu 2:40pm) •BAC C JPM USB WFC http://www.thestreet.com/p/_yahoo/rmoney/marketcommentary/10471441.html?cm_ven=YAHOO&cm_cat=PREMIUM&cm_ite=003190][$$] Uptick: Let's Get It Right
at RealMoney by TheStreet.com (Thu 2:39pm) •BAC JPM http://www.thestreet.com/_yahoo/story/10471129/1/dow-watch-bofa-ge-rally.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA]Dow Watch: BofA, GE Rally
at TheStreet.com (Thu 2:37pm) •BAC C JPM http://www.thestreet.com/p/_yahoo/rmoney/revsharkblog/10471449.html?cm_ven=YAHOO&cm_cat=PREMIUM&cm_ite=003190][$$] Hitting Resistance
at RealMoney by TheStreet.com (Thu 2:37pm) •C JPM WFC Wall Street rebounds despite GE rating cut
AP (Thu 2:32pm) •C 'Small Victories': Market Looks for Glimmer of Hope
CNBC (Thu 2:28pm) •C http://www.marketwatch.com/news/story/gm-citi-stock-drops-raise/story.aspx?guid=%7BC102069B%2D354D%2D457A%2DB2FE%2D28863D8E208B%7D&siteid=yhoof]GM, Citi stock drops raise doubts about Dow industrials make-up
at MarketWatch (Thu 2:26pm) •JPM http://www.reuters.com/legacyArticle?duid=mtfh24649_2009-03-12_18-15-06_n12380710_newsml&rpc=44&type=marketsNews]US STOCKS-Wall St rises on GE rating outlook, banks
at Reuters (Thu 2:15pm) •PNC Chile sues banks over hidden Pinochet accounts
AP (Thu 2:14pm) •KEY PNC STI USB http://www.reuters.com/legacyArticle?duid=mtfh24509_2009-03-12_18-03-38_n12377484_newsml&rpc=44&type=marketsNews]Moody's may cut ratings on 23 U.S. regional banks
at Reuters (Thu 2:03pm) •USB WFC http://www.fool.com/investing/general/2009/03/12/stocks-the-rich-executives-are-buying.aspx?source=eptyholnk303100&logvisit=y&npu=y]Stocks the Rich Executives Are Buying
at Motley Fool (Thu 1:57pm) •ZION Midday Glance: Commercial Banks companies
AP (Thu 1:02pm) •BBT Five Stocks for Five-Year Investors
RealMoney by TheStreet.com (Thu 12:00pm) more headlines...All Headlines for: BAC, BBT, BK, C, CMA, FITB, JPM, KEY, NCC, PNC, STI, STT, USB, WFC, ZION

http://us.i1.yimg.com/us.yimg.com/i/us/fi/gr/track_trns_1.gif Add to Portfolio http://us.i1.yimg.com/us.yimg.com/i/us/fi/gr/alert_trns_1.gif Set Alert http://us.i1.yimg.com/us.yimg.com/i/us/fi/gr/mail_1.gif Email to a FriendGet Summary for Another Symbol:Symbol Lookup

Copyright © 2009 Yahoo! All rights reserved. http://docs.yahoo.com/info/terms/]Terms of Service - http://docs.yahoo.com/info/copyright/copyright.html]Copyright/IP Policy - http://feedback.help.yahoo.com/feedback.php?.src=FINANCE&.from=quotes&.done=http://finance.yahoo.com/q?s=%5EGSPC]Send Feedback
To learn more about Yahoo!'s use of personal information, please read the http://privacy.yahoo.com/privacy/us/fin/index.html]Privacy Policy.http://ad.yieldmanager.com/pixel?id=94633&t=2 http://ad.yieldmanager.com/pixel?id=94633&t=2

Quotes delayed, except where indicated otherwise.
Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.

Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data, daily updates, fund summary, fund performance, dividend data and Morningstar Index data provided by Morningstar, Inc.. Fundamental company data provided by http://www.capitaliq.com/]Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.
{"tt" : "1236885031", "s" : "bac,bbt,bk,c,cma,fitb,jpm,key,ncc,pnc,sti,stt,usb,wfc,zion", "k" : "a00,a50,b00,b20,b30,b60,c10,c60,c63,c64,c81,c82,c85,c86,g00,h00,j10,l10,l84,l86,l90,l91,o40,o50,p20,p40,p41,p43,p44,t10,t50,t51,t53,t54,v00,z02,z08,z09", "o" : "^dji,^ixic", "j" : "c10,l10,p20,t10", "e" : "1", "version" : "1.0", "market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-14400", "open" : "1236864631", "close" : "1236888031", "flags" : {}} , "portfolio" : { "fd" : { "txns" : [ ]},"dd" : "","pc" : "","pcs" : ""}, "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com"}
[****][****][*][*]

hefeiddd 发表于 2009-3-13 03:13

http://www.bullsector.com/bullsectornavigationbar2.gif The Bull Sector Bank List has been updated to include as many of the major banking institutions as possible. We now have a list of Regional Banks, Savings & Loans Companies and Financial Companies as found on the Bank S&P (CBOE). In addition you will find we have listed Internet Banking ASPs as a sub sector. Finally you also might be interested in the Money Center Bank List. Please contact us if you are aware of another stock or list that should be added to the Bull Sector.The Bank Index Components
BAC BBT BK C CMA FITB JPM KEY NCC PNC STI STT USB WFC ZION BAC through ZION The Bank Stock List ^BKX AANB ABCB AFBC AIB AMFI ANNB ANZBY.PK AROW ASBC AUBN BAC BANF BAP BARI BBT BBV BCS BCSB BERK BFR BK BKBK BKSC BKUNA BLX BMRC BMTC BNCC.PK BOH BOKF BPFH BPOP BRBI.PK BSRR BTFG BUSE BYFC CAC CACB CASS CATY CBAN CBBO CBKN CBSH CBU CCBG CCBP CCNE CCOW.PK CFR CHFC CMA CNB CNBC CNBKA COBH COLB CORS CPF CRBC CSNT CTBI CVBF CVBK CVLY CWBC CYN DEAR ECBE ESBK EVBS EVRT EWBC FBNC FBSS FCF FCNCA FED FFBC FFIN FITB FKFS FLIC FMAR FMBI FMER FMFC FNB FNBN FNLC FPFC FRGB FRME FSNM FULT FWV GABC GBCI GRAN HABC HBAN HBC HBEK HBHC HNBC HWBK HWEN.OB IBCA IBCP IBOC IBN ICBC INDB IRE JFBC JPM JXSB LARK LBAI LION LKFN LNBB LSBX MBRG MBVT MBWM MCBC MCBI MI MNBB MSFG MTB NABZY.PK NARA NBG NBN NBTB NFB NKSH NOVB NPBC NRIM NSFC NTRS NWFL OKSB ONB ONFC OPOF OSBC OZRK PACW PBKS PBNI.PK PCBC PCBK PEBO PFBX PMBC PNBC PNC PNTE PRK PVTB RBCAA RBPAA RGFC.PK RY SAN SAVB SBCF SBIB SBSI SCBT SLFI SNBC SNV SRCE STD STI STL SUBI SUBK SUPR SUSQ SXNB SYBT TCB TCBK TD TFIN THFF TMP TFIN TMP TRMK TRST TSFG TRUED UBB UBCP UBSH UBSI UCBH UCBH UMPQ UMBF UNIB.PK UNTY USBI VIST WABC WAIN WAL WASH WBCO WCBO WFC WBK WHI WIBC WL WSBC WTFC WTNY ZION AAABB through FWVGABC through TRUE UB through ZION IBD Bank Stock Lists - Money Center Banks BAC C JPM BAC through JPM Banks - Midwest AMFI ASBC BOKF CBSH CORS CRBC FITB FMBI FMER HBAN IBNK MI NTRS ONB UMBF WTFC AMFI through WTFC Banks - Northeast ASRV BPFH BRKL CBU DCOM FCF FULT HCBK INDB MTB NFB NYB OCFC PBCT SUSQ TCNJ TRST VLY WL WYPT
ASRV through WL
Banks - Southeast
ASO BBT BXS CNB FHN IBKC PBKS RF SNV TRMK TSFG UBSI WTNY
BBT through WTNY
Banks - Super-Regional
BK CMA KEY PNC STI STT USB WFC
BK through WFC
Banks - West
BANR BOH CFR COLB CVBF CYN EWBC PCBC SBIB SIVB UCBH UMPQ WABC ZION
BANR through ZION

Let me see a chart at Big Charts
Let me search for more news
SEARCH YAHOO NEWS
No warranty or guarantee is given as to the completeness or thoroughness of these lists.
Please do your own due diligence.
( Sector Lists ) ( Disclaimer ) ( Contact us ) ( Advertise with us ) ( Search Site )

hefeiddd 发表于 2009-3-13 03:26

Moderator: DAVE_007 Assistants: WANG, PieSky, J U ICE Boardmarks: 1155 Created: 11/28/2003 5:52:46 PM Board type: Free
http://img.photobucket.com/albums/v186/jb3150/BESSY-CC.jpg
cash cow n. Slang: A steady dependable source of funds or income.... BYOB - Bring Your Own Buckets! but, no bashing!

WELCOME!..we use chart TA and other scanning tools to catch those BIG MOOOO-VERS early!

Feel free to chime in anytime...Any stock is OK to discuss...
Make it your new home, if you'd like...

Let's make some MASSIVE BANK!

EquityFeed
(MicroCapFeed, NasdaqFeed).......http://www.equityfeed.com/

All OTC/Pink Market Action......... http://www.microcapmarkets.com/data_main_nav.jsp?market=OTCBB

StockFetcher............................... http://www.stockfetcher.com/

QuoteTracker.............................. http://www.quotetracker.com/

Commodity Prices....................... http://money.cnn.com/markets/commodities/

Education.................................... http://www.investopedia.com/university/technical/technical3.asp
Candlesticks................................ http://www.candlestickshop.com/
Bullish Candles........................... #MSG-2990648
Candlestick Patterns................... http://www.candlestickforum.com/PPF/Parameters/1_25_/candlestick.asp
Chartpatterns............................... http://www.chartpatterns.com/

Types of Market Orders................ http://www.sec.gov/answers/orderbd.htm
Free L2 quotes.............................http://datasvr.tradearca.com/arcadataserver/JArcaBook.php?Symbol=ms/> SEC Form Types........................... http://www.gsionline.com/support/formtypes.html
Financial Statements - Primer...... http://www.gsionline.com/support/formtypes.html
Financial Statements - Detail........ http://www.moneychimp.com/articles/financials/fundamentals.htm
Ultimate DD................................... http://www.finitesite.com/irishbull/

Bird Flu Charts.............................. #MSG-8140612
Smart Card Charts........................ #MSG-8414056
Gold Mini-Charts........................... #MSG-8804145
Biotech-Drug Charts..................... #MSG-10238789
Fuel Cell Alt-Energy...................... #MSG-10240193
Water-Related Charts................... #MSG-10305451
Stem Cell Charts........................... #MSG-12877573
Homeland Defense Charts............ #MSG-12594497... #MSG-12594602
Some Subs.................................... #MSG-13073095
Energy Charts............................... A-E... #MSG-12794917... F-P... #MSG-12794916... Q-Z... #MSG-12794915
Gold Stock Charts......................... A-B... #MSG-9147526 ... C-D... #MSG-9147980 ... E-G... #MSG-9148288
..................................................... H-M... #MSG-9148631 ... N-R... #MSG-9148870 ... S-Z... #MSG-9149115
Low O/S Charts under $2.00.......... A-C... #MSG-12784277... D-I... #MSG-12784421... J-P... #MSG-12784558
..................................................... Q-V... #MSG-12784652...W-Z... #MSG-12784683
Charts trading around a penny..... A-D... #MSG-13087265... E-I... #MSG-13087263... J-R... #MSG-13087262
..................................................... S-Z... #MSG-13087261

Seasonality Stock Reports Ken Goodrich......................................... #BOARD-1616
Seasonal Penny Board Ken Goodrich.............................................. #BOARD-4324
Billionaire Boys Club Member Forum (BBCMF) Mick...................... #BOARD-3665
Sons and Daughters of BBCMF (Smart Cards) Mick........................ #BOARD-4692
Reverse Split Repeat Offenders (RS/RO) Sublime, Cintrix, IrishBull... #BOARD-3017
Toxic Filings (Toxic) Hopscotch, Cintrix, IrishBull.............................. #BOARD-4318
Breaking News Cintrix, Art2Gecko, Rager......................................... #BOARD-1508
Symbol Change (SC) Rager............................................................. #BOARD-1564
Stock Chart School & Plays Stock_Analyzer, 4godnwv, Glassy.......... #BOARD-4084
Low Float Penny Plays$ momo_player, RULiquid, PieSky................. #BOARD-4973
Early Bird Special Merci, bobs23, IrishBull........................................ #BOARD-2761
White Lightning da_cyberdude......................................................... #BOARD-3013

http://money.cnn.com/.element/ssi/data/1.0/nasdaqfut_tab.gif?nocache=1201175481546.http://money.cnn.com/.element/ssi/data/1.0/dow_graph.gif.http://money.cnn.com/.element/ssi/data/1.0/nasdaq_graph.gif.http://money.cnn.com/.element/ssi/data/1.0/sandp_graph.gif

http://kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif.http://kitco.com/images/live/t24_au_en_usoz_6.gif.http://www.weblinks247.com/indexes/idx24_usd_en_2.gif

http://www.321energy.com/charts/tmp/chart.jpg

Hurricane stocks.
or related in some way.
http://www.investorshub.com/boards/read_msg.asp?message_id=18465356

http://img.photobucket.com/albums/v186/jb3150/CowMoon1.gif

This is how we dance here at cash cow.
here we go ~~Mooooooooooooooooooo~
http://www.metacafe.com/watch/193346/crazy_cow_i_like_to_muh/

SOLAR CTDC DSTI LDK FSLR SOLF JASO CSUN ESLR STP HOKU EMKR AXTI CSIQ

Some Hurricane stocks
WEGI ECCI BUGS WWAT ABIX PBLS RGMI CTCK CHDT INFN CHYS HOM GV PDGE GLBL VIFL DXPE AERTA AATK MTRX CLWT PHII SPN PESI FUEL HYRF CHB CPST SDIX NYER MVCO EEI LMS PLUG WMSI AGSI DW SGR IDSA OBCI IIIN TUG CAV OMI PAM CLHB FLE OMNI WPCS NVH PATK WEL SIRF DECT GLOV WWIN DXPE MPWG PRB IPUR WMT HBSC TVIN WCC HAL TRMA STRL MODT TRR THO AW STHK JCTCF TPO STRN MICG BEL MHCO IEVM EGHT CSLR AQUA PURE MNC EEGI WTCH CYDF SANZ IPII TSYS B** CYBL FRZ PCL FLDR MTRX KMGB ESV JEC IBTGF SFTV SPRL DESC PWTC VLPI PHBT FDSI ELNK REPR FCEL BLDP SWKJ RWL EONC ERFW HMSG LSTR WTAF B** MDFI SYEV

The Regional Bank List

AANB ABCB ABNYY.PK AIB AMFI AMNB ANNB AROW ASBC AUBN AWBC BANF BAP BARI BBT BBV BERK BFR BHB BK BKBK BKSC BLX BMO BMRC BMTC BNCC.PK BOH BOKF BPOP BTFG BUSE BXS CAC CACB CASS CATY CBAN CBBO CBC CBIN CBKN CBON CBSH CBU CCBG CCFH CCNE CCOW CFFI CFIC CFNL CFR CHCO CHCO CHFC CIB CMA CNAF CNB CNBC CNBKA CNBT COBT COBH COBZ COF COLB CORS CPF CRRB CSBK CTBI CTBK CVBF CVBK CVLY CWBC CWBC CWLZ CYN DEAR DRL ECBE EUBK EVBS EWBC FBNC FBP FBSS FCF FCNCA FFIN FFKT FHN FISI FITB FLIC FMAR FMBI FMER FMFC FNB FNLC FRBK FRGB FRME FSBK FSNM FTBK FULT FUNC FWBN FWV GABC GBCI GLOB.OB GNTY.PK GRAN GSBC HABC HBAN HBHC HDB HNBC HTBKE HU IBCA IBCP IBK IBK IBKC IBN IBNK IBOC IFC INDB IROQ JFBC KEY KFED LION LKFN LNBB MBFI MBHI MBVT METB MI MPB MSFG MSL MTB NABZY.PK NARA NBBC NBG NBTB NCC NFB NKSH NOVB NPBC NRIM NSFC NTRS NWFL OFG OKSB ONB OSBC OVBC OZRK PBKS PCBC PCBK PEBO PFBI PFI PNBC PNBK PNC PNTE PRK PRSP PVTB RBCAA RBPAA RF RGFC.PK RKNG SAL SAN SASR SAVB SBCF SBIB SBNY SBP SBSI SCB SCBT SFNCA SGB SIVB SIXR SLFI SNBC SNBJ SNV SRCE STBC STBA STD STI STL STT SUB SUBK SUPR SUSQ TBNS TRMK TRST TRUED TSFG UB UBB UBCP UBSC UBSH UBSI UCBH UCBH UMBF UMPQ UNTY USB USBI VIST VLY WABC WAIN WASH WB WBCO WBK WCBO WFC WHI WIBC WL WSBC WTFC WTNY ZION

http://www.bullsector.com/bank.html

The Bank Stock List

^BKX AANB ABCB ABNYY.PK AFBC AIB AMFI ANNB ANZBY.PK AROW ASBC AUBN BAC BANF BAP BARI BBT BBV BCS BCSB BERK BFR BK BKBK BKSC BKUNA BLX BMRC BMTC BNCC.PK BOH BOKF BPFH BPOP BRBI.PK BSRR BTFG BUSE BYFC CAC CACB CASS CATY CBAN CBBO CBKN CBSH CBU CCBG CCBP CCNE CCOW CFR CHFC CMA CNB CNBC CNBKA COBH COLB CORS CPF CRBC CSNT CTBI CVBF CVBK CVLY CWBC CYN DEAR ECBE ESBK EVBS EVRT EWBC FBNC FBSS FCF FCNCA FDT FED FFBC FFIN FITB FKFS FLIC FMAR FMBI FMER FMFC FNB FNBN FNLC FPFC FRGB FRME FSNM FULT FWV GABC GBCI GRAN HABC HBAN HBC HBEK HBHC HNBC HWBK HWEN.OB IBCA IBCP IBOC IBN ICBC INDB IRE JFBC JPM JXSB LARK LBAI LION LKFN LNBB LSBX MASB MBRG MBVT MBWM MCBC MCBI MI MNBB MSFG MTB NABZY.PK NARA NBG NBN NBTB NCC NFB NKSH NOVB NPBC NRIM NSFC NTRS NWFL OKSB ONB ONFC OPOF OSBC OZRK PACW PBKS PBNI.PK PCBC PCBK PEBO PFBX PMBC PNBC PNC PNTE PRK PVTB RBCAA RBPAA RGFC.PK RY SAN SAVB SBCF SBIB SBSI SCB SCBT SLFI SNBC SNV SRCE STD STI STL SUBI SUBK SUPR SUSQ SXNB SYBT TCB TCBK TD TFIN THFF TMP TFIN TMP TRMK TRST TSFG TRUED UB UBB UBCP UBSH UBSI UCBH UCBH UMPQ UMBF UNIB UNTY USBI VIST WABC WAIN WAL WASH WB WBCO WCBO WFC WBK WHI WIBC WL WSBC WTFC WTNY ZION

http://img.photobucket.com/albums/v188/ddfridd007/IHUB_CashCow/AlertCashCow.jpg?t=1203338383

http://www.fotothing.com/photos/us/21407.gif

Go to Post # or date Surveys Previous 50 Next 50 PostSubjectPosted ByTime#233998 ARSC ut 0007 x 0008 rkor 3/12/2009 3:01:36 PM#233997 me too WANG 3/12/2009 3:01:35 PM#233996 added ARSC 0007 lvl 2 shift rkor 3/12/2009 2:58:28 PM#233995 FAS 478 weeeeeeeeeeee WANG 3/12/2009 2:21:56 PM#233994 FAS 475 Moooooooooyah WANG 3/12/2009 2:18:34 PM#233993 back to basketball catch everyone later :) J U ICE 3/12/2009 2:15:26 PM#233992 TIDE .0006 J U ICE 3/12/2009 2:14:14 PM#233991 FAS 450 kaboom! :-) WANG 3/12/2009 1:01:27 PM#233990 PXCE $10.15 Printed $10.20 are up...eom MasonTrend 3/12/2009 11:48:07 AM#233989 FTWR loaded here .128 earning out after hours storm1 3/12/2009 11:39:41 AM#233988 no , hopefully it goes for u. My sima 3/12/2009 11:24:03 AM#233987 HESG 1 left at 5 - Did you mhinsea 3/12/2009 11:22:02 AM#233986 lol, moving up again mhinsea 3/12/2009 11:20:02 AM#233985 UCBH bank breaking out!! bobky 3/12/2009 11:18:00 AM#233984 My sima 3/12/2009 11:15:43 AM#233982 HESG 6''s UP and getting smacked mhinsea 3/12/2009 10:55:23 AM#233981 lol WANG 3/12/2009 10:49:09 AM#233980 Dont get me wrong, lol I will mhinsea 3/12/2009 10:48:09 AM#233979 no need luck?WANG 3/12/2009 10:46:51 AM#233978 Thanks buddy - No luck required though, chart mhinsea 3/12/2009 10:46:09 AM#233977 Good luck! WANG 3/12/2009 10:44:50 AM#233976 HESG .0004 x .0005 now Got to mhinsea 3/12/2009 10:44:22 AM#233975 wow fas hod again WANG 3/12/2009 10:43:38 AM#233974 XHUA bouncing off support WANG 3/12/2009 10:38:50 AM#233973 ARSC bring it all the way down!!WANG 3/12/2009 10:38:27 AM#233972 DFTS!!!! DFTS!!!!! from .0005-.0045 in 2 days celestial9513 3/12/2009 10:38:16 AM#233970 Check out DFTS!!!!! celestial9513 3/12/2009 10:36:26 AM#233969 FAS 435 weeeeeeeee WANG 3/12/2009 10:21:42 AM#233967 HESG 4x4 and going mhinsea 3/12/2009 10:18:38 AM#233965 gooooooooooooo shakerzzz 3/12/2009 10:18:23 AM#233964 Dow up 44 ...uhmm WANG 3/12/2009 10:18:22 AM#233963 GNBT still giving that swing uh.385 to .499 WANG 3/12/2009 10:17:44 AM#233962 MODC weeeeeeee WANG 3/12/2009 10:12:03 AM#233961 LOL - Good morning HESG for me mhinsea 3/12/2009 10:11:48 AM#233960 FAS popping nice WANG 3/12/2009 10:11:00 AM#233959 Good morning all~ late start WANG 3/12/2009 10:10:40 AM#233958 We need a good pick with consolidated effort mhinsea 3/12/2009 9:12:10 AM#233957 mooooooooooooooooooooooooooooooooooooo shakerzzz 3/12/2009 8:47:18 AM#233956 MODC > day 2 shakerzzz 3/12/2009 8:47:12 AM#233955 good morning topstockpickerz shakerzzz 3/12/2009 8:29:54 AM#233954 Good MOOrning MOOvers..hope all have a GREEN day! DAVE_007 3/12/2009 6:48:17 AM#233953 MODC nice lifegear 3/12/2009 4:00:52 AM#233952 KWBT will prevail imho lifegear 3/12/2009 4:00:03 AM#233951 PSWR, A potential 10 bagger but for now realwill 3/12/2009 12:06:43 AM#233950 Looks like whackers went nuts today J U ICE 3/11/2009 11:05:02 PM#233949 KWBT bounced back after whackers showed up. WANG 3/11/2009 10:55:23 PM#233948 ARSC added today at .0009 WANG 3/11/2009 10:47:48 PM#233947 WFYW Number of shares Common Stock, $.01 par value, J U ICE 3/11/2009 9:39:31 PM#233946 np J U ICE 3/11/2009 9:20:26 PM#233945 Thanks I'll keep an eye on it sheepdog J U ICE 3/11/2009 9:19:55 PM
Go to Post # or date Surveys Previous 50 Next 50

hefeiddd 发表于 2009-3-13 04:11

Introduction to Candlesticks
HistoryThe Japanese began using technical analysis to trade rice in the 17th century. While this early version of technical analysis was different from the US version initiated by Charles Dow around 1900, many of the guiding principles were very similar:
The "what" (price action) is more important than the "why" (news, earnings, and so on).
All known information is reflected in the price.
Buyers and sellers move markets based on expectations and emotions (fear and greed).
Markets fluctuate.
[*]The actual price may not reflect the underlying value.
According to Steve Nison, candlestick charting first appeared sometime after 1850. Much of the credit for candlestick development and charting goes to a legendary rice trader named Homma from the town of Sakata. It is likely that his original ideas were modified and refined over many years of trading eventually resulting in the system of candlestick charting that we use today.

FormationIn order to create a candlestick chart, you must have a data set that contains open, high, low and close values for each time period you want to display. The hollow or filled portion of the candlestick is called "the body" (also referred to as "the real body"). The long thin lines above and below the body represent the high/low range and are called "shadows" (also referred to as "wicks" and "tails"). The high is marked by the top of the upper shadow and the low by the bottom of the lower shadow. If the stock closes higher than its opening price, a hollow candlestick is drawn with the bottom of the body representing the opening price and the top of the body representing the closing price. If the stock closes lower than its opening price, a filled candlestick is drawn with the top of the body representing the opening price and the bottom of the body representing the closing price.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-formation.gif
Compared to traditional bar charts, many traders consider candlestick charts more visually appealing and easier to interpret. Each candlestick provides an easy-to-decipher picture of price action. Immediately a trader can see compare the relationship between the open and close as well as the high and low. The relationship between the open and close is considered vital information and forms the essence of candlesticks. Hollow candlesticks, where the close is greater than the open, indicate buying pressure. Filled candlesticks, where the close is less than the open, indicate selling pressure.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-barcompare.png

Long Versus Short BodiesGenerally speaking, the longer the body is, the more intense the buying or selling pressure. Conversely, short candlesticks indicate little price movement and represent consolidation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-longshort.gif
Long white candlesticks show strong buying pressure. The longer the white candlestick is, the further the close is above the open. This indicates that prices advanced significantly from open to close and buyers were aggressive. While long white candlesticks are generally bullish, much depends on their position within the broader technical picture. After extended declines, long white candlesticks can mark a potential turning point or support level. If buying gets too aggressive after a long advance, it can lead to excessive bullishness.
Long black candlesticks show strong selling pressure. The longer the black candlestick is, the further the close is below the open. This indicates that prices declined significantly from the open and sellers were aggressive. After a long advance, a long black candlestick can foreshadow a turning point or mark a future resistance level. After a long decline a long black candlestick can indicate panic or capitulation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-marubozu.gif
Even more potent long candlesticks are the Marubozu brothers, Black and White. Marubozu do not have upper or lower shadows and the high and low are represented by the open or close. A White Marubozu forms when the open equals the low and the close equals the high. This indicates that buyers controlled the price action from the first trade to the last trade. Black Marubozu form when the open equals the high and the close equals the low. This indicates that sellers controlled the price action from the first trade to the last trade.

Long Versus Short ShadowsThe upper and lower shadows on candlesticks can provide valuable information about the trading session. Upper shadows represent the session high and lower shadows the session low. Candlesticks with short shadows indicate that most of the trading action was confined near the open and close. Candlestick with long shadows show that traded extended well past the open and close.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-longshadows.gif
Candlesticks with a long upper shadow and short lower shadow indicate that buyers dominated during the session, and bid prices higher. However, sellers later forced prices down from their highs, and the weak close created a long upper shadow. Conversely, candlesticks with long lower shadows and short upper shadows indicate that sellers dominated during the session and drove prices lower. However, buyers later resurfaced to bid prices higher by the end of the session and the strong close created a long lower shadow.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-spinning.gif
Candlesticks with a long upper shadow, long lower shadow and small real body are called spinning tops. One long shadow represents a reversal of sorts; spinning tops represent indecision. The small real body (whether hollow or filled) shows little movement from open to close, and the shadows indicate that both bulls and bears were active during the session. Even though the session opened and closed with little change, prices moved significantly higher and lower in the meantime. Neither buyers nor sellers could gain the upper hand and the result was a standoff. After a long advance or long white candlestick, a spinning top indicates weakness among the bulls and a potential change or interruption in trend. After a long decline or long black candlestick, a spinning top indicates weakness among the bears and a potential change or interruption in trend.

DojiDoji are important candlesticks that provide information on their own and as components of in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns. Any bullish or bearish bias is based on preceding price action and future confirmation. The word "Doji" refers to both the singular and plural form.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-doji1.gif
Ideally, but not necessarily, the open and close should be equal. While a doji with an equal open and close would be considered more robust, it is more important to capture the essence of the candlestick. Doji convey a sense of indecision or tug-of-war between buyers and sellers. Prices move above and below the opening level during the session, but close at or near the opening level. The result is a standoff. Neither bulls nor bears were able to gain control and a turning point could be developing.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-doji2.gif
Different securities have different criteria for determining the robustness of a doji. A $20 stock could form a doji with a 1/8 point difference between open and close, while a $200 stock might form one with a 1 1/4 point difference. Determining the robustness of the doji will depend on the price, recent volatility, and previous candlesticks. Relative to previous candlesticks, the doji should have a very small body that appears as a thin line. Steven Nison notes that a doji that forms among other candlesticks with small real bodies would not be considered important. However, a doji that forms among candlesticks with long real bodies would be deemed significant.

Doji and TrendThe relevance of a doji depends on the preceding trend or preceding candlesticks. After an advance, or long white candlestick, a doji signals that the buying pressure is starting to weaken. After a decline, or long black candlestick, a doji signals that selling pressure is starting to diminish. Doji indicate that the forces of supply and demand are becoming more evenly matched and a change in trend may be near. Doji alone are not enough to mark a reversal and further confirmation may be warranted.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-longwhite_doji.gif
After an advance or long white candlestick, a doji signals that buying pressure may be diminishing and the uptrend could be nearing an end. Whereas a security can decline simply from a lack of buyers, continued buying pressure is required to sustain an uptrend. Therefore, a doji may be more significant after an uptrend or long white candlestick. Even after the doji forms, further downside is required for bearish confirmation. This may come as a gap down, long black candlestick, or decline below the long white candlestick's open. After a long white candlestick and doji, traders should be on the alert for a potential evening doji star.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-longblack_doji.gif
After a decline or long black candlestick, a doji indicates that selling pressure may be diminishing and the downtrend could be nearing an end. Even though the bears are starting to lose control of the decline, further strength is required to confirm any reversal. Bullish confirmation could come from a gap up, long white candlestick or advance above the long black candlestick's open. After a long black candlestick and doji, traders should be on the alert for a potential morning doji star.

Long-Legged Dojihttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-longleggeddoji.gif
Long-legged doji have long upper and lower shadows that are almost equal in length. These doji reflect a great amount of indecision in the market. Long-legged doji indicate that prices traded well above and below the session's opening level, but closed virtually even with the open. After a whole lot of yelling and screaming, the end result showed little change from the initial open.

Dragon Fly and Gravestone Dojihttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-dragongravedoji.gif

Dragon Fly DojiDragon fly doji form when the open, high and close are equal and the low creates a long lower shadow. The resulting candlestick looks like a "T" with a long lower shadow and no upper shadow. Dragon fly doji indicate that sellers dominated trading and drove prices lower during the session. By the end of the session, buyers resurfaced and pushed prices back to the opening level and the session high.
The reversal implications of a dragon fly doji depend on previous price action and future confirmation. The long lower shadow provides evidence of buying pressure, but the low indicates that plenty of sellers still loom. After a long downtrend, long black candlestick, or at support, a dragon fly doji could signal a potential bullish reversal or bottom. After a long uptrend, long white candlestick or at resistance, the long lower shadow could foreshadow a potential bearish reversal or top. Bearish or bullish confirmation is required for both situations.

Gravestone DojiGravestone doji form when the open, low and close are equal and the high creates a long upper shadow. The resulting candlestick looks like an upside down "T" with a long upper shadow and no lower shadow. Gravestone doji indicate that buyers dominated trading and drove prices higher during the session. However, by the end of the session, sellers resurfaced and pushed prices back to the opening level and the session low.
As with the dragon fly doji and other candlesticks, the reversal implications of gravestone doji depend on previous price action and future confirmation. Even though the long upper shadow indicates a failed rally, the intraday high provides evidence of some buying pressure. After a long downtrend, long black candlestick, or at support, focus turns to the evidence of buying pressure and a potential bullish reversal. After a long uptrend, long white candlestick or at resistance, focus turns to the failed rally and a potential bearish reversal. Bearish or bullish confirmation is required for both situations.
Before turning to the single and multiple candlestick patterns, there are a few general guidelines to cover.

Bulls Versus BearsA candlestick depicts the battle between Bulls (buyers) and Bears (sellers) over a given period of time. An analogy to this battle can be made between two football teams, which we can also call the Bulls and the Bears. The bottom (intra-session low) of the candlestick represents a touchdown for the Bears and the top (intra-session high) a touchdown for the Bulls. The closer the close is to the high, the closer the Bulls are to a touchdown. The closer the close is to the low, the closer the Bears are to a touchdown. While there are many variations, I have narrowed the field to 6 types of games (or candlesticks):
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-overview.gif
Long white candlesticks indicate that the Bulls controlled the ball (trading) for most of the game.
Long black candlesticks indicate that the Bears controlled the ball (trading) for most of the game.
Small candlesticks indicate that neither team could move the ball and prices finished about where they started.
A long lower shadow indicates that the Bears controlled the ball for part of the game, but lost control by the end and the Bulls made an impressive comeback.
A long upper shadow indicates that the Bulls controlled the ball for part of the game, but lost control by the end and the Bears made an impressive comeback.
[*]A long upper and lower shadow indicates that the both the Bears and the Bulls had their moments during the game, but neither could put the other away, resulting in a standoff.

What Candlesticks Don't Tell YouCandlesticks do not reflect the sequence of events between the open and close, only the relationship between the open and the close. The high and the low are obvious and indisputable, but candlesticks (and bar charts) cannot tell us which came first.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-highlow.gif
With a long white candlestick, the assumption is that prices advanced most of the session. However, based on the high/low sequence, the session could have been more volatile. The example above depicts two possible high/low sequences that would form the same candlestick. The first sequence shows two small moves and one large move: a small decline off the open to form the low, a sharp advance to form the high, and a small decline to form the close. The second sequence shows three rather sharp moves: a sharp advance off the open to form the high, a sharp decline to form the low, and a sharp advance to form the close. The first sequence portrays strong, sustained buying pressure, and would be considered more bullish. The second sequence reflects more volatility and some selling pressure. These are just two examples, and there are hundreds of potential combinations that could result in the same candlestick. Candlesticks still offer valuable information on the relative positions of the open, high, low and close. However, the trading activity that forms a particular candlestick can vary.

Prior TrendIn his book, Candlestick Charting Explained, Greg Morris notes that for a pattern to qualify as a reversal pattern, there should be a prior trend to reverse. Bullish reversals require a preceding downtrend and bearish reversals require a prior uptrend. The direction of the trend can be determined using trend lines, moving averages, peak/trough analysis or other aspects of technical analysis. A downtrend might exist as long as the security was trading below its down trend line, below its previous reaction high or below a specific moving average. The length and duration will depend on individual preferences. However, because candlesticks are short-term in nature, it is usually best to consider the last 1-4 weeks of price action.

Candlestick Positioninghttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-starposition.gif

Star PositionA candlestick that gaps away from the previous candlestick is said to be in star position. The first candlestick usually has a large real body, but not always, and the second candlestick in star position has a small real body. Depending on the previous candlestick, the star position candlestick gaps up or down and appears isolated from previous price action. The two candlesticks can be any combination of white and black. Doji, hammers, shooting stars and spinning tops have small real bodies, and can form in the star position. Later we will examine 2- and 3-candlestick patterns that utilize the star position.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-haramiposition.gif

Harami PositionA candlestick that forms within the real body of the previous candlestick is in Harami position. Harami means pregnant in Japanese and the second candlestick is nestled inside the first. The first candlestick usually has a large real body and the second a smaller real body than the first. The shadows (high/low) of the second candlestick do not have to be contained within the first, though it's preferable if they are. Doji and spinning tops have small real bodies, and can form in the harami position as well. Later we will examine candlestick patterns that utilize the harami position.

Long Shadow ReversalsThere are two pairs of single candlestick reversal patterns made up of a small real body, one long shadow and one short or non-existent shadow. Generally, the long shadow should be at least twice the length of the real body, which can be either black or white. The location of the long shadow and preceding price action determine the classification.
The first pair, Hammer and Hanging Man, consists of identical candlesticks with small bodies and long lower shadows. The second pair, Shooting Star and Inverted Hammer, also contains identical candlesticks, except, in this case, they have small bodies and long upper shadows. Only preceding price action and further confirmation determine the bullish or bearish nature of these candlesticks. The Hammer and Inverted Hammer form after a decline and are bullish reversal patterns, while the Shooting Star and Hanging Man form after an advance and are bearish reversal patterns.

Hammer and Hanging Manhttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-hammerhanging1.gif
The Hammer and Hanging Man look exactly alike, but have different implications based on the preceding price action. Both have small real bodies (black or white), long lower shadows and short or non-existent upper shadows. As with most single and double candlestick formations, the Hammer and Hanging Man require confirmation before action.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-hammerhanging2.gif
The Hammer is a bullish reversal pattern that forms after a decline. In addition to a potential trend reversal, hammers can mark bottoms or support levels. After a decline, hammers signal a bullish revival. The low of the long lower shadow implies that sellers drove prices lower during the session. However, the strong finish indicates that buyers regained their footing to end the session on a strong note. While this may seem enough to act on, hammers require further bullish confirmation. The low of the hammer shows that plenty of sellers remain. Further buying pressure, and preferably on expanding volume, is needed before acting. Such confirmation could come from a gap up or long white candlestick. Hammers are similar to selling climaxes, and heavy volume can serve to reinforce the validity of the reversal.
The Hanging Man is a bearish reversal pattern that can also mark a top or resistance level. Forming after an advance, a Hanging Man signals that selling pressure is starting to increase. The low of the long lower shadow confirms that sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of selling pressure raises the yellow flag. As with the Hammer, a Hanging Man requires bearish confirmation before action. Such confirmation can come as a gap down or long black candlestick on heavy volume.

Inverted Hammer and Shooting Starhttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-invertedshooting1.gif
The Inverted Hammer and Shooting Star look exactly alike, but have different implications based on previous price action. Both candlesticks have small real bodies (black or white), long upper shadows and small or nonexistent lower shadows. These candlesticks mark potential trend reversals, but require confirmation before action.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-invertedshooting2.gif
The Shooting Star is a bearish reversal pattern that forms after an advance and in the star position, hence its name. A Shooting Star can mark a potential trend reversal or resistance level. The candlestick forms when prices gap higher on the open, advance during the session and close well off their highs. The resulting candlestick has a long upper shadow and small black or white body. After a large advance (the upper shadow), the ability of the bears to force prices down raises the yellow flag. To indicate a substantial reversal, the upper shadow should relatively long and at least 2 times the length of the body. Bearish confirmation is required after the Shooting Star and can take the form of a gap down or long black candlestick on heavy volume.
The Inverted Hammer looks exactly like a Shooting Star, but forms after a decline or downtrend. Inverted Hammers represent a potential trend reversal or support levels. After a decline, the long upper shadow indicates buying pressure during the session. However, the bulls were not able to sustain this buying pressure and prices closed well off of their highs to create the long upper shadow. Because of this failure, bullish confirmation is required before action. An Inverted Hammer followed by a gap up or long white candlestick with heavy volume could act as bullish confirmation.

Blending CandlesticksCandlestick patterns are made up of one or more candlesticks and these can be blended together to form one candlestick. This blended candlestick captures the essence of the pattern and can be formed using the following:
The open of first candlestick
The close of the last candlestick
[*]The high and low of the pattern
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle5-blend1.gif
By using the open of the first candlestick, close of the second candlestick, and high/low of the pattern, a Bullish Engulfing Pattern or Piercing Pattern blends into a Hammer. The long lower shadow of the Hammer signals a potential bullish reversal. As with the Hammer, both the Bullish Engulfing Pattern and the Piercing Pattern require bullish confirmation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle5-blend2.gif
Blending the candlesticks of a Bearish Engulfing Pattern or Dark Cloud Cover Pattern creates a Shooting Star. The long, upper shadow of the Shooting Star indicates a potential bearish reversal. As with the Shooting Star, Bearish Engulfing, and Dark Cloud Cover Patterns require bearish confirmation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle5-blend3.gif
More than two candlesticks can be blended using the same guidelines: open from the first, close from the last and high/low of the pattern. Blending Three White Soldiers creates a long white candlestick and blending Three Black Crows creates a long black candlestick.
For a comprehensive list of chart patterns, see the StockCharts Candlestick Dictionary.

Additional ReadingYou may also be interested in our next article on Candlesticks and Support.
[*]Reference Tool: Candlestick Pattern Dictionary

hefeiddd 发表于 2009-3-13 04:12

What Are Charts?A price chart is a sequence of prices plotted over a specific time frame. In statistical terms, charts are referred to as time series plots.
http://stockcharts.com/school/data/media/chart_school/images/charts-1ibm.png
On the chart, the y-axis (vertical axis) represents the price scale and the x-axis (horizontal axis) represents the time scale. Prices are plotted from left to right across the x-axis with the most recent plot being the furthest right. The price plot for IBM extends from January 1, 1999 to March 13, 2000.
Technicians, technical analysts and chartists use charts to analyze a wide array of securities and forecast future price movements. The word "securities" refers to any tradable financial instrument or quantifiable index such as stocks, bonds, commodities, futures or market indices. Any security with price data over a period of time can be used to form a chart for analysis.
While technical analysts use charts almost exclusively, the use of charts is not limited to just technical analysis. Because charts provide an easy-to-read graphical representation of a security's price movement over a specific period of time, they can also be of great benefit to fundamental analysts. A graphical historical record makes it easy to spot the effect of key events on a security's price, its performance over a period of time and whether it's trading near its highs, near its lows, or in between.

How to Pick a Time FrameThe time frame used for forming a chart depends on the compression of the data: intraday, daily, weekly, monthly, quarterly or annual data. The less compressed the data is, the more detail is displayed.
http://stockcharts.com/school/data/media/chart_school/overview/images/charts-2ibm.png
Daily data is made up of intraday data that has been compressed to show each day as a single data point, or period. Weekly data is made up of daily data that has been compressed to show each week as a single data point. The difference in detail can be seen with the daily and weekly chart comparison above. 100 data points (or periods) on the daily chart is equal to the last 5 months of the weekly chart, which is shown by the data marked in the rectangle. The more the data is compressed, the longer the time frame possible for displaying the data. If the chart can display 100 data points, a weekly chart will hold 100 weeks (almost 2 years). A daily chart that displays 100 days would represent about 5 months. There are about 20 trading days in a month and about 252 trading days in a year. The choice of data compression and time frame depends on the data available and your trading or investing style.
Traders usually concentrate on charts made up of daily and intraday data to forecast short-term price movements. The shorter the time frame and the less compressed the data is, the more detail that is available. While long on detail, short-term charts can be volatile and contain a lot of noise. Large sudden price movements, wide high-low ranges and price gaps can affect volatility, which can distort the overall picture.
Investors usually focus on weekly and monthly charts to spot long-term trends and forecast long-term price movements. Because long-term charts (typically 1-4 years) cover a longer time frame with compressed data, price movements do not appear as extreme and there is often less noise.
[*]Others might use a combination of long-term and short-term charts. Long-term charts are good for analyzing the large picture to get a broad perspective of the historical price action. Once the general picture is analyzed, a daily chart can be used to zoom in on the last few months.

How Are Charts Formed?We will be explaining the construction of line, bar, candlestick and point & figure charts. Although there are other methods available, these are 4 of the most popular methods for displaying price data.

Line Charthttp://stockcharts.com/school/data/media/chart_school/overview/images/charts-3sunw-c.png
Some investors and traders consider the closing level to be more important than the open, high or low. By paying attention to only the close, intraday swings can be ignored. Line charts are also used when open, high and low data points are not available. Sometimes only closing data are available for certain indices, thinly traded stocks and intraday prices.

Bar ChartPerhaps the most popular charting method is the bar chart. The high, low and close are required to form the price plot for each period of a bar chart. The high and low are represented by the top and bottom of the vertical bar and the close is the short horizontal line crossing the vertical bar. On a daily chart, each bar represents the high, low and close for a particular day. Weekly charts would have a bar for each week based on Friday's close and the high and low for that week.
http://stockcharts.com/school/data/media/chart_school/what_are_charts/charts-4sunw-hlc.png
Bar charts can also be displayed using the open, high, low and close. The only difference is the addition of the open price, which is displayed as a short horizontal line extending to the left of the bar. Whether or not a bar chart includes the open depends on the data available.
http://stockcharts.com/school/data/media/chart_school/what_are_charts/charts-6sunw-ohlc.png
Bar charts can be effective for displaying a large amount of data. Using candlesticks, 200 data points can take up a lot of room and look cluttered. Line charts show less clutter, but do not offer as much detail (no high-low range). The individual bars that make up the bar chart are relatively skinny, which allows users the ability to fit more bars before the chart gets cluttered. If you are not interested in the opening price, bar charts are an ideal method for analyzing the close relative to the high and low. In addition, bar charts that include the open will tend to get cluttered quicker. If you are interested in the opening price, candlestick charts probably offer a better alternative.

Candlestick ChartOriginating in Japan over 300 years ago, candlestick charts have become quite popular in recent years. For a candlestick chart, the open, high, low and close are all required. A daily candlestick is based on the open price, the intraday high and low, and the close. A weekly candlestick is based on Monday's open, the weekly high-low range and Friday's close.
http://stockcharts.com/school/data/media/chart_school/what_are_charts/charts-5sunw-cst.png
Many traders and investors believe that candlestick charts are easy to read, especially the relationship between the open and the close. White (clear) candlesticks form when the close is higher than the open and black (solid) candlesticks form when the close is lower than the open. The white and black portion formed from the open and close is called the body (white body or black body). The lines above and below are called shadows and represent the high and low.

Point & Figure ChartThe charting methods shown above, all, plot one data point for each period of time. No matter how much price movement, each day or week represented is one point, bar, or candlestick along the time scale. Even if the price is unchanged from day to day or week to week, a dot, bar, or candlestick is plotted to mark the price action. Contrary to this methodology, point & figure Charts are based solely on price movement, and do not take time into consideration. There is an x-axis but it does not extend evenly across the chart.
http://stockcharts.com/school/data/media/chart_school/what_are_charts/chart-6-pnf.gif
The beauty of point & figure charts is their simplicity. Little or no price movement is deemed irrelevant and therefore not duplicated on the chart. Only price movements that exceed specified levels are recorded. This focus on price movement makes it easier to identify support and resistance levels, bullish breakouts and bearish breakdowns. This P&F article has a more detailed explanation of point & figure charts.

Price ScalingThere are two methods for displaying the price scale along the y-axis: arithmetic and logarithmic. An arithmetic scale displays 10 points (or dollars) as the same vertical distance no matter what the price level. Each unit of measure is the same throughout the entire scale. If a stock advances from 10 to 80 over a 6-month period, the move from 10 to 20 will appear to be the same distance as the move from 70 to 80. Even though this move is the same in absolute terms, it is not the same in percentage terms.
A logarithmic scale measures price movements in percentage terms. An advance from 10 to 20 would represent an increase of 100%. An advance from 20 to 40 would also be 100%, as would an advance from 40 to 80. All three of these advances would appear as the same vertical distance on a logarithmic scale. Most charting programs refer to the logarithmic scale as a semi-log scale, because the time axis is still displayed arithmetically.
http://stockcharts.com/school/data/media/chart_school/what_are_charts/charts-7vrsn.png
The chart above uses the 4th-Quarter performance of VeriSign to illustrate the difference in scaling. On the semi-log scale, the distance between 50 and 100 is the same as the distance between 100 and 200. However, on the arithmetic scale, the distance between 100 and 200 is significantly greater than the distance between 50 and 100.
Key points on the benefits of arithmetic and semi-log scales:
Arithmetic scales are useful when the price range is confined within a relatively tight range.
Arithmetic scales are useful for short-term charts and trading. Price movements (particularly for stocks) are shown in absolute dollar terms and reflect movements dollar for dollar.
Semi-log scales are useful when the price has moved significantly, be it over a short or extended time frame
Trend lines tend to match lows better on semi-log scales.
Semi-log scales are useful for long-term charts to gauge the percentage movements over a long period of time. Large movements are put into perspective.
[*]Stocks and many other securities are judged in relative terms through the use of ratios such as PE, Price/Revenues and Price/Book. With this in mind, it also makes sense to analyze price movements in percentage terms.

ConclusionsEven though many different charting techniques are available, one method is not necessarily better than the other. The data may be the same, but each method will provide its own unique interpretation, with its own benefits and drawbacks. A breakout on the point & figure chart may not occur in unison with a breakout in a candlestick chart. Signals that are available on candlestick charts may not appear on bar charts. How the security's price is displayed, be it a bar chart or candlestick chart, with an arithmetic scale or semi-log scale, is not the most important aspect. After all, the data is the same and price action is price action. When all is said and done, it is the analysis of the price action that separates successful technicians from not-so-successful technicians. The choice of which charting method to use will depend on personal preferences and trading or investing styles. Once you have chosen a particular charting methodology, it is probably best to stick with it and learn how best to read the signals. Switching back and forth may cause confusion and undermine the focus of your analysis. Faulty analysis is rarely caused by the chart. Before blaming your charting method for missing a signal, first look at your analysis.
The keys to successful chart analysis are dedication, focus, and consistency:
Dedication: Learn the basics of chart analysis, apply your knowledge on a regular basis, and continue your development.
Focus: Limit the number of charts, indicators and methods you use. Learn how to use them, and learn how to use them well.
[*]Consistency: Maintain your charts on a regular basis and study them often (daily if possible).

hefeiddd 发表于 2009-3-13 04:14

hefeiddd 发表于 2009-3-13 04:15

FormationIn order to create a candlestick chart, you must have a data set that contains open, high, low and close values for each time period you want to display. The hollow or filled portion of the candlestick is called "the body" (also referred to as "the real body"). The long thin lines above and below the body represent the high/low range and are called "shadows" (also referred to as "wicks" and "tails"). The high is marked by the top of the upper shadow and the low by the bottom of the lower shadow. If the stock closes higher than its opening price, a hollow candlestick is drawn with the bottom of the body representing the opening price and the top of the body representing the closing price. If the stock closes lower than its opening price, a filled candlestick is drawn with the top of the body representing the opening price and the bottom of the body representing the closing price.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-formation.gif
Compared to traditional bar charts, many traders consider candlestick charts more visually appealing and easier to interpret. Each candlestick provides an easy-to-decipher picture of price action. Immediately a trader can see compare the relationship between the open and close as well as the high and low. The relationship between the open and close is considered vital information and forms the essence of candlesticks. Hollow candlesticks, where the close is greater than the open, indicate buying pressure. Filled candlesticks, where the close is less than the open, indicate selling pressure.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-barcompare.png

Long Versus Short BodiesGenerally speaking, the longer the body is, the more intense the buying or selling pressure. Conversely, short candlesticks indicate little price movement and represent consolidation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-longshort.gif
Long white candlesticks show strong buying pressure. The longer the white candlestick is, the further the close is above the open. This indicates that prices advanced significantly from open to close and buyers were aggressive. While long white candlesticks are generally bullish, much depends on their position within the broader technical picture. After extended declines, long white candlesticks can mark a potential turning point or support level. If buying gets too aggressive after a long advance, it can lead to excessive bullishness.
Long black candlesticks show strong selling pressure. The longer the black candlestick is, the further the close is below the open. This indicates that prices declined significantly from the open and sellers were aggressive. After a long advance, a long black candlestick can foreshadow a turning point or mark a future resistance level. After a long decline a long black candlestick can indicate panic or capitulation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-marubozu.gif
Even more potent long candlesticks are the Marubozu brothers, Black and White. Marubozu do not have upper or lower shadows and the high and low are represented by the open or close. A White Marubozu forms when the open equals the low and the close equals the high. This indicates that buyers controlled the price action from the first trade to the last trade. Black Marubozu form when the open equals the high and the close equals the low. This indicates that sellers controlled the price action from the first trade to the last trade.

Long Versus Short ShadowsThe upper and lower shadows on candlesticks can provide valuable information about the trading session. Upper shadows represent the session high and lower shadows the session low. Candlesticks with short shadows indicate that most of the trading action was confined near the open and close. Candlestick with long shadows show that traded extended well past the open and close.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-longshadows.gif
Candlesticks with a long upper shadow and short lower shadow indicate that buyers dominated during the session, and bid prices higher. However, sellers later forced prices down from their highs, and the weak close created a long upper shadow. Conversely, candlesticks with long lower shadows and short upper shadows indicate that sellers dominated during the session and drove prices lower. However, buyers later resurfaced to bid prices higher by the end of the session and the strong close created a long lower shadow.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle1-spinning.gif
Candlesticks with a long upper shadow, long lower shadow and small real body are called spinning tops. One long shadow represents a reversal of sorts; spinning tops represent indecision. The small real body (whether hollow or filled) shows little movement from open to close, and the shadows indicate that both bulls and bears were active during the session. Even though the session opened and closed with little change, prices moved significantly higher and lower in the meantime. Neither buyers nor sellers could gain the upper hand and the result was a standoff. After a long advance or long white candlestick, a spinning top indicates weakness among the bulls and a potential change or interruption in trend. After a long decline or long black candlestick, a spinning top indicates weakness among the bears and a potential change or interruption in trend.

DojiDoji are important candlesticks that provide information on their own and as components of in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns. Any bullish or bearish bias is based on preceding price action and future confirmation. The word "Doji" refers to both the singular and plural form.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-doji1.gif
Ideally, but not necessarily, the open and close should be equal. While a doji with an equal open and close would be considered more robust, it is more important to capture the essence of the candlestick. Doji convey a sense of indecision or tug-of-war between buyers and sellers. Prices move above and below the opening level during the session, but close at or near the opening level. The result is a standoff. Neither bulls nor bears were able to gain control and a turning point could be developing.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-doji2.gif
Different securities have different criteria for determining the robustness of a doji. A $20 stock could form a doji with a 1/8 point difference between open and close, while a $200 stock might form one with a 1 1/4 point difference. Determining the robustness of the doji will depend on the price, recent volatility, and previous candlesticks. Relative to previous candlesticks, the doji should have a very small body that appears as a thin line. Steven Nison notes that a doji that forms among other candlesticks with small real bodies would not be considered important. However, a doji that forms among candlesticks with long real bodies would be deemed significant.

Doji and TrendThe relevance of a doji depends on the preceding trend or preceding candlesticks. After an advance, or long white candlestick, a doji signals that the buying pressure is starting to weaken. After a decline, or long black candlestick, a doji signals that selling pressure is starting to diminish. Doji indicate that the forces of supply and demand are becoming more evenly matched and a change in trend may be near. Doji alone are not enough to mark a reversal and further confirmation may be warranted.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-longwhite_doji.gif
After an advance or long white candlestick, a doji signals that buying pressure may be diminishing and the uptrend could be nearing an end. Whereas a security can decline simply from a lack of buyers, continued buying pressure is required to sustain an uptrend. Therefore, a doji may be more significant after an uptrend or long white candlestick. Even after the doji forms, further downside is required for bearish confirmation. This may come as a gap down, long black candlestick, or decline below the long white candlestick's open. After a long white candlestick and doji, traders should be on the alert for a potential evening doji star.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-longblack_doji.gif
After a decline or long black candlestick, a doji indicates that selling pressure may be diminishing and the downtrend could be nearing an end. Even though the bears are starting to lose control of the decline, further strength is required to confirm any reversal. Bullish confirmation could come from a gap up, long white candlestick or advance above the long black candlestick's open. After a long black candlestick and doji, traders should be on the alert for a potential morning doji star.

Long-Legged Dojihttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-longleggeddoji.gif
Long-legged doji have long upper and lower shadows that are almost equal in length. These doji reflect a great amount of indecision in the market. Long-legged doji indicate that prices traded well above and below the session's opening level, but closed virtually even with the open. After a whole lot of yelling and screaming, the end result showed little change from the initial open.

Dragon Fly and Gravestone Dojihttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle2-dragongravedoji.gif

Dragon Fly DojiDragon fly doji form when the open, high and close are equal and the low creates a long lower shadow. The resulting candlestick looks like a "T" with a long lower shadow and no upper shadow. Dragon fly doji indicate that sellers dominated trading and drove prices lower during the session. By the end of the session, buyers resurfaced and pushed prices back to the opening level and the session high.
The reversal implications of a dragon fly doji depend on previous price action and future confirmation. The long lower shadow provides evidence of buying pressure, but the low indicates that plenty of sellers still loom. After a long downtrend, long black candlestick, or at support, a dragon fly doji could signal a potential bullish reversal or bottom. After a long uptrend, long white candlestick or at resistance, the long lower shadow could foreshadow a potential bearish reversal or top. Bearish or bullish confirmation is required for both situations.

Gravestone DojiGravestone doji form when the open, low and close are equal and the high creates a long upper shadow. The resulting candlestick looks like an upside down "T" with a long upper shadow and no lower shadow. Gravestone doji indicate that buyers dominated trading and drove prices higher during the session. However, by the end of the session, sellers resurfaced and pushed prices back to the opening level and the session low.
As with the dragon fly doji and other candlesticks, the reversal implications of gravestone doji depend on previous price action and future confirmation. Even though the long upper shadow indicates a failed rally, the intraday high provides evidence of some buying pressure. After a long downtrend, long black candlestick, or at support, focus turns to the evidence of buying pressure and a potential bullish reversal. After a long uptrend, long white candlestick or at resistance, focus turns to the failed rally and a potential bearish reversal. Bearish or bullish confirmation is required for both situations.
Before turning to the single and multiple candlestick patterns, there are a few general guidelines to cover.

Bulls Versus BearsA candlestick depicts the battle between Bulls (buyers) and Bears (sellers) over a given period of time. An analogy to this battle can be made between two football teams, which we can also call the Bulls and the Bears. The bottom (intra-session low) of the candlestick represents a touchdown for the Bears and the top (intra-session high) a touchdown for the Bulls. The closer the close is to the high, the closer the Bulls are to a touchdown. The closer the close is to the low, the closer the Bears are to a touchdown. While there are many variations, I have narrowed the field to 6 types of games (or candlesticks):
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-overview.gif
Long white candlesticks indicate that the Bulls controlled the ball (trading) for most of the game.
Long black candlesticks indicate that the Bears controlled the ball (trading) for most of the game.
Small candlesticks indicate that neither team could move the ball and prices finished about where they started.
A long lower shadow indicates that the Bears controlled the ball for part of the game, but lost control by the end and the Bulls made an impressive comeback.
A long upper shadow indicates that the Bulls controlled the ball for part of the game, but lost control by the end and the Bears made an impressive comeback.
[*]A long upper and lower shadow indicates that the both the Bears and the Bulls had their moments during the game, but neither could put the other away, resulting in a standoff.

What Candlesticks Don't Tell YouCandlesticks do not reflect the sequence of events between the open and close, only the relationship between the open and the close. The high and the low are obvious and indisputable, but candlesticks (and bar charts) cannot tell us which came first.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-highlow.gif
With a long white candlestick, the assumption is that prices advanced most of the session. However, based on the high/low sequence, the session could have been more volatile. The example above depicts two possible high/low sequences that would form the same candlestick. The first sequence shows two small moves and one large move: a small decline off the open to form the low, a sharp advance to form the high, and a small decline to form the close. The second sequence shows three rather sharp moves: a sharp advance off the open to form the high, a sharp decline to form the low, and a sharp advance to form the close. The first sequence portrays strong, sustained buying pressure, and would be considered more bullish. The second sequence reflects more volatility and some selling pressure. These are just two examples, and there are hundreds of potential combinations that could result in the same candlestick. Candlesticks still offer valuable information on the relative positions of the open, high, low and close. However, the trading activity that forms a particular candlestick can vary.

Prior TrendIn his book, Candlestick Charting Explained, Greg Morris notes that for a pattern to qualify as a reversal pattern, there should be a prior trend to reverse. Bullish reversals require a preceding downtrend and bearish reversals require a prior uptrend. The direction of the trend can be determined using trend lines, moving averages, peak/trough analysis or other aspects of technical analysis. A downtrend might exist as long as the security was trading below its down trend line, below its previous reaction high or below a specific moving average. The length and duration will depend on individual preferences. However, because candlesticks are short-term in nature, it is usually best to consider the last 1-4 weeks of price action.

Candlestick Positioninghttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-starposition.gif

Star PositionA candlestick that gaps away from the previous candlestick is said to be in star position. The first candlestick usually has a large real body, but not always, and the second candlestick in star position has a small real body. Depending on the previous candlestick, the star position candlestick gaps up or down and appears isolated from previous price action. The two candlesticks can be any combination of white and black. Doji, hammers, shooting stars and spinning tops have small real bodies, and can form in the star position. Later we will examine 2- and 3-candlestick patterns that utilize the star position.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle3-haramiposition.gif

Harami PositionA candlestick that forms within the real body of the previous candlestick is in Harami position. Harami means pregnant in Japanese and the second candlestick is nestled inside the first. The first candlestick usually has a large real body and the second a smaller real body than the first. The shadows (high/low) of the second candlestick do not have to be contained within the first, though it's preferable if they are. Doji and spinning tops have small real bodies, and can form in the harami position as well. Later we will examine candlestick patterns that utilize the harami position.

Long Shadow ReversalsThere are two pairs of single candlestick reversal patterns made up of a small real body, one long shadow and one short or non-existent shadow. Generally, the long shadow should be at least twice the length of the real body, which can be either black or white. The location of the long shadow and preceding price action determine the classification.
The first pair, Hammer and Hanging Man, consists of identical candlesticks with small bodies and long lower shadows. The second pair, Shooting Star and Inverted Hammer, also contains identical candlesticks, except, in this case, they have small bodies and long upper shadows. Only preceding price action and further confirmation determine the bullish or bearish nature of these candlesticks. The Hammer and Inverted Hammer form after a decline and are bullish reversal patterns, while the Shooting Star and Hanging Man form after an advance and are bearish reversal patterns.

Hammer and Hanging Manhttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-hammerhanging1.gif
The Hammer and Hanging Man look exactly alike, but have different implications based on the preceding price action. Both have small real bodies (black or white), long lower shadows and short or non-existent upper shadows. As with most single and double candlestick formations, the Hammer and Hanging Man require confirmation before action.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-hammerhanging2.gif
The Hammer is a bullish reversal pattern that forms after a decline. In addition to a potential trend reversal, hammers can mark bottoms or support levels. After a decline, hammers signal a bullish revival. The low of the long lower shadow implies that sellers drove prices lower during the session. However, the strong finish indicates that buyers regained their footing to end the session on a strong note. While this may seem enough to act on, hammers require further bullish confirmation. The low of the hammer shows that plenty of sellers remain. Further buying pressure, and preferably on expanding volume, is needed before acting. Such confirmation could come from a gap up or long white candlestick. Hammers are similar to selling climaxes, and heavy volume can serve to reinforce the validity of the reversal.
The Hanging Man is a bearish reversal pattern that can also mark a top or resistance level. Forming after an advance, a Hanging Man signals that selling pressure is starting to increase. The low of the long lower shadow confirms that sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of selling pressure raises the yellow flag. As with the Hammer, a Hanging Man requires bearish confirmation before action. Such confirmation can come as a gap down or long black candlestick on heavy volume.

Inverted Hammer and Shooting Starhttp://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-invertedshooting1.gif
The Inverted Hammer and Shooting Star look exactly alike, but have different implications based on previous price action. Both candlesticks have small real bodies (black or white), long upper shadows and small or nonexistent lower shadows. These candlesticks mark potential trend reversals, but require confirmation before action.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle4-invertedshooting2.gif
The Shooting Star is a bearish reversal pattern that forms after an advance and in the star position, hence its name. A Shooting Star can mark a potential trend reversal or resistance level. The candlestick forms when prices gap higher on the open, advance during the session and close well off their highs. The resulting candlestick has a long upper shadow and small black or white body. After a large advance (the upper shadow), the ability of the bears to force prices down raises the yellow flag. To indicate a substantial reversal, the upper shadow should relatively long and at least 2 times the length of the body. Bearish confirmation is required after the Shooting Star and can take the form of a gap down or long black candlestick on heavy volume.
The Inverted Hammer looks exactly like a Shooting Star, but forms after a decline or downtrend. Inverted Hammers represent a potential trend reversal or support levels. After a decline, the long upper shadow indicates buying pressure during the session. However, the bulls were not able to sustain this buying pressure and prices closed well off of their highs to create the long upper shadow. Because of this failure, bullish confirmation is required before action. An Inverted Hammer followed by a gap up or long white candlestick with heavy volume could act as bullish confirmation.

Blending CandlesticksCandlestick patterns are made up of one or more candlesticks and these can be blended together to form one candlestick. This blended candlestick captures the essence of the pattern and can be formed using the following:
The open of first candlestick
The close of the last candlestick
[*]The high and low of the pattern
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle5-blend1.gif
By using the open of the first candlestick, close of the second candlestick, and high/low of the pattern, a Bullish Engulfing Pattern or Piercing Pattern blends into a Hammer. The long lower shadow of the Hammer signals a potential bullish reversal. As with the Hammer, both the Bullish Engulfing Pattern and the Piercing Pattern require bullish confirmation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle5-blend2.gif
Blending the candlesticks of a Bearish Engulfing Pattern or Dark Cloud Cover Pattern creates a Shooting Star. The long, upper shadow of the Shooting Star indicates a potential bearish reversal. As with the Shooting Star, Bearish Engulfing, and Dark Cloud Cover Patterns require bearish confirmation.
http://stockcharts.com/school/data/media/chart_school/chart_analysis/introduction_to_candlesticks/candle5-blend3.gif
More than two candlesticks can be blended using the same guidelines: open from the first, close from the last and high/low of the pattern. Blending Three White Soldiers creates a long white candlestick and blending Three Black Crows creates a long black candlestick.

gameviva 发表于 2009-3-15 00:09

看晚这贴，胡子都白了

hefeiddd 发表于 2009-3-15 10:54

Overview
What is Technical Analysis?Technical Analysis is the forecasting of future financial price movements based on an examination of past price movements. Like weather forecasting, technical analysis does not result in absolute predictions about the future. Instead, technical analysis can help investors anticipate what is "likely" to happen to prices over time. Technical analysis uses a wide variety of charts that show price over time.

More Articles for New Chartists:Why Analyze Securities? - This article examines the three types of market analysts, what they believe about financial markets and why. It will help you understand the big picture when it comes to deciding the "best" way to invest.
Technical Analysis - This article explains what Technical Analysis is, how it works, and the general steps one should take when using technical charts and indicators to analyze stocks. It concludes with a look at the strengths and weaknesses of using charts to make investment decisions.
Fundamental Analysis - This article describes Fundamental Analysis and explains the general steps that a fundamental analyst takes when evaluating a stock. It also looks at the strengths and weaknesses of fundamental analysis.
[*]Random Walk Theory - Describes the Random Walk Theory of financial markets which is at odds with both Technical Analysis and Fundamental Analysis.

Why Analyze Securities?
Security Analysis - Does it Matter?Wall Street has scores of analysts, strategists and portfolio managers hired to do one thing: beat the market. Analysts are hired to find undervalued stocks. Strategists are hired to predict the direction of the market and various sectors. Portfolio managers are hired to put it all together and outperform their benchmark, usually measured as the S&P 500. Granted, there are many studies and disputes raging on the performance of equity mutual funds, but it is safe to assume that about 75% of equity mutual funds underperform the S&P 500. With these kinds of stats, individual investors would surely be better off simply investing in an index fund rather than attempting to beat the market wouldn't they?
The added value of analysis is in the eye of the beholder. A fundamental analyst believes that analyzing strategy, management, product, financial statistics and many other readily and not-so-readily quantifiable numbers will help choose stocks that will outperform the market. They are also likely to believe that there is little or no value in analyzing past prices and that technical analysts would be better off stargazing. (Humph!) The technical analyst believes that the chart, volume, momentum and an array of mathematical indicators hold the keys to superior performance. Technicians are just as likely to believe that fundamental data is hogwash pure and simple. And then there are the Random Walkers who believe that any attempt to try and outwit the market is futile.
So whom do we believe? Is fundamental analysis worth the time and effort? Are technicians a bunch of quacks? Or is it all a lesson in random futility? Let's start to clarify things by looking at the efficient market hypothesis and see where the fundamentalists, technicians and random walkers stand on the question of market efficiency. After we have explored this area, we will then take a closer look at the random walk theory, fundamental analysis and technical analysis.

Are Markets Efficient?The question concerning the value of analysis begins with the debate on market efficiency. Just what is represented by the current price of a security? Is a security's current price an accurate reflection of its fair value? Or, do anomalies exist that allow traders and investors the opportunity to beat the market by finding undervalued or overvalued securities?
http://stockcharts.com/school/data/media/chart_school/overview/effmkt-1.gif
Aswath Damara, of the Stern Business School at New York University, defines an efficient market as one in which the market price is an unbiased estimate of the true value of the investment. Fair enough, but it is not quite that simple. In an efficient market, the current price of a security fully reflects all available information and is the fair value. "All" because the price is the sum value of all views (bullish, bearish or otherwise) held by market participants. It is the fair value because the market agreed on a price to buy and sell the security. As new information becomes available, the market assimilates the information by adjusting the security's price up (buying) and down (selling). In an efficient market, deviations above and below fair value are possible, but these deviations are considered to be random. Over the long run, the price should accurately reflect fair value.
The hypothesis further asserts that if markets are efficient, then it should be virtually impossible to outperform the market on a sustained basis. Even though deviations will occur and there will be periods when securities are overvalued or undervalued, these anomalies will disappear as quickly as they appeared, thus making it almost impossible to profit from them.
From experience, most of us would agree that the market is not perfectly efficient. Anomalies do exist and there are investors and traders that outperform the market. Therefore, there are varying degrees of market efficiency, which have been broken down into three levels. These three levels also happen to correspond to the beliefs of the fundamentalists, technicians and random walkers.

Strong-form: TechniciansThe strong-form of market efficiency theorizes that the current price reflects all information available. It does not matter if this information is available to the public or privy to top management; if it exists at all, it is reflected in the current price. Because all possible information is already reflected in the price, investors and traders will not be able to find or exploit inefficiencies based on fundamental information. Generally, pure technical analysts believe that the markets are strong-form efficient and all information is reflected in the price.

Semi-Strong Form: Random WalkersThe semi-strong form of market efficiency theorizes that the current price reflects all readily available information. This information will likely include annual reports, SEC filings, earnings reports, announcements and other relevant information that can be readily gathered. However, there is other information not readily available to the public that is not fully reflected in the price. This could be information held by insiders, competitors, contractors, suppliers or regulators, among others. Anomalies exist when information is withheld from the public and the only way to profit is by using information not yet known to the public. This is sometimes called insider trading. Once this information becomes public knowledge, prices adjust instantaneously, so it is virtually impossible to profit from such news. The Random Walk theory is an example of the semi-strong form of market efficiency.

Weak-form: FundamentalistsThe weak-form of market efficiency theorizes that the current price does not reflect fair value and is only a reflection of past prices. Furthermore, the future price cannot be determined using past or current prices (sorry technical analysts). Fundamental analysts are champions of weak-form market efficiency and believe that the true value of a security can be ascertained through financial models using information readily available. The current price will not always reflect fair value, and these models will help identify anomalies.

Which Form Exists in the Market Today?Many in academia, including Gordon Gemmill of the University of Warwick and Aswath Damara of NYU, believe that security prices are semi-strong efficient. Recall that semi-strong efficient implies that all public knowledge is reflected in the price and it is virtually impossible to exploit deviations from the true value based on public information. Only new information will affect the price. Judging from the reaction of many stocks to news events, there seems to be evidence to support this case. The flow of information has become faster with the Internet, and surprises are factored in instantly. Few will argue that a surprise, both positive and negative, can violently move the price of a security. A few examples include:
After Prue-announcing that earnings would come in below expectations on 6-Jan-00, Lucent fell from 59 to 43 in one day.
http://stockcharts.com/school/data/media/chart_school/overview/whyanalyze-lu.png

After positive comments from an influential analyst on 23-Feb-00, Time Warner shot up 49 to 59 in 2 days.
http://stockcharts.com/school/data/media/chart_school/overview/whyanalyze-aol.png

[*]After reporting earnings that were below expectations on 15-Feb, Ascribe and Fitch fell from 24 to 15.
http://stockcharts.com/school/data/media/chart_school/overview/whyanalyze-anf.png

Even though these are but a few examples, it is obvious that new information can move the price of a security in non-random ways.

hefeiddd 发表于 2009-3-15 10:56

Technical Analysis
What is Technical Analysis?Technical Analysis is the forecasting of future financial price movements based on an examination of past price movements. Like weather forecasting, technical analysis does not result in absolute predictions about the future. Instead, technical analysis can help investors anticipate what is "likely" to happen to prices over time. Technical analysis uses a wide variety of charts that show price over time.
http://stockcharts.com/school/data/media/chart_school/overview/ta1-amznlongterm.png
http://stockcharts.com/school/data/media/chart_school/overview/ta1-amznshortterm.png
Technical analysis is applicable to stocks, indices, commodities, futures or any tradable instrument where the price is influenced by the forces of supply and demand. Price refers to any combination of the open, high, low, or close for a given security over a specific time frame. The time frame can be based on intraday (1-minute, 5-minutes, 10-minutes, 15-minutes, 30-minutes or hourly), daily, weekly or monthly price data and last a few hours or many years. In addition, some technical analysts include volume or open interest figures with their study of price action.

The Basis of Technical AnalysisAt the turn of the century, the Dow Theory laid the foundations for what was later to become modern technical analysis. Dow Theory was not presented as one complete amalgamation, but rather pieced together from the writings of Charles Dow over several years. Of the many theorems put forth by Dow, three stand out:
Price Discounts Everything
Price Movements Are Not Totally Random
[*]What Is More Important than Why

Price Discounts EverythingThis theorem is similar to the strong and semi-strong forms of market efficiency. Technical analysts believe that the current price fully reflects all information. Because all information is already reflected in the price, it represents the fair value, and should form the basis for analysis. After all, the market price reflects the sum knowledge of all participants, including traders, investors, portfolio managers, buy-side analysts, sell-side analysts, market strategist, technical analysts, fundamental analysts and many others. It would be folly to disagree with the price set by such an impressive array of people with impeccable credentials. Technical analysis utilizes the information captured by the price to interpret what the market is saying with the purpose of forming a view on the future.

Prices Movements are not Totally RandomMost technicians agree that prices trend. However, most technicians also acknowledge that there are periods when prices do not trend. If prices were always random, it would be extremely difficult to make money using technical analysis. In his book, Schwager on Futures: Technical Analysis, Jack Schwager states:
"One way of viewing it is that markets may witness extended periods of random fluctuation, interspersed with shorter periods of nonrandom behavior. The goal of the chartist is to identify those periods (i.e. major trends)."
http://stockcharts.com/school/data/media/chart_school/overview/ta1-ibm-trendingtrading.png
A technician believes that it is possible to identify a trend, invest or trade based on the trend and make money as the trend unfolds. Because technical analysis can be applied to many different time frames, it is possible to spot both short-term and long-term trends. The IBM chart illustrates Schwager's view on the nature of the trend. The broad trend is up, but it is also interspersed with trading ranges. In between the trading ranges are smaller uptrends within the larger uptrend. The uptrend is renewed when the stock breaks above the trading range. A downtrend begins when the stock breaks below the low of the previous trading range.

"What" is More Important than "Why"In his book, The Psychology of Technical Analysis, Tony Plummer paraphrases Oscar Wilde by stating, "A technical analyst knows the price of everything, but the value of nothing". Technicians, as technical analysts are called, are only concerned with two things:
What is the current price?
[*]What is the history of the price movement?
The price is the end result of the battle between the forces of supply and demand for the company's stock. The objective of analysis is to forecast the direction of the future price. By focusing on price and only price, technical analysis represents a direct approach. Fundamentalists are concerned with why the price is what it is. For technicians, the why portion of the equation is too broad and many times the fundamental reasons given are highly suspect. Technicians believe it is best to concentrate on what and never mind why. Why did the price go up? It is simple, more buyers (demand) than sellers (supply). After all, the value of any asset is only what someone is willing to pay for it. Who needs to know why?

General Steps to Technical EvaluationMany technicians employ a top-down approach that begins with broad-based macro analysis. The larger parts are then broken down to base the final step on a more focused/micro perspective. Such an analysis might involve three steps:
Broad market analysis through the major indices such as the S&P 500, Dow Industrials, NASDAQ and NYSE Composite.
Sector analysis to identify the strongest and weakest groups within the broader market.
[*]Individual stock analysis to identify the strongest and weakest stocks within select groups.
The beauty of technical analysis lies in its versatility. Because the principles of technical analysis are universally applicable, each of the analysis steps above can be performed using the same theoretical background. You don't need an economics degree to analyze a market index chart. You don't need to be a CPA to analyze a stock chart. Charts are charts. It does not matter if the time frame is 2 days or 2 years. It does not matter if it is a stock, market index or commodity. The technical principles of support, resistance, trend, trading range and other aspects can be applied to any chart. While this may sound easy, technical analysis is by no means easy. Success requires serious study, dedication and an open mind.

Chart AnalysisTechnical analysis can be as complex or as simple as you want it. The example below represents a simplified version. Since we are interested in buying stocks, the focus will be on spotting bullish situations.
http://stockcharts.com/school/data/media/chart_school/overview/ta1-intu-overall.png
Overall Trend: The first step is to identify the overall trend. This can be accomplished with trend lines, moving averages or peak/trough analysis. As long as the price remains above its uptrend line, selected moving averages or previous lows, the trend will be considered bullish.
Support: Areas of congestion or previous lows below the current price mark support levels. A break below support would be considered bearish.
Resistance: Areas of congestion and previous highs above the current price mark the resistance levels. A break above resistance would be considered bullish.
Momentum: Momentum is usually measured with an oscillator such as MACD. If MACD is above its 9-day EMA (exponential moving average) or positive, then momentum will be considered bullish, or at least improving.
Buying/Selling Pressure: For stocks and indices with volume figures available, an indicator that uses volume is used to measure buying or selling pressure. When Chaikin Money Flow is above zero, buying pressure is dominant. Selling pressure is dominant when it is below zero.
Relative Strength: The price relative is a line formed by dividing the security by a benchmark. For stocks it is usually the price of the stock divided by the S&P 500. The plot of this line over a period of time will tell us if the stock is outperforming (rising) or under performing (falling) the major index.
The final step is to synthesize the above analysis to ascertain the following:
Strength of the current trend.
Maturity or stage of current trend.
Reward to risk ratio of a new position.
[*]Potential entry levels for new long position.

Top-Down Technical AnalysisFor each segment (market, sector and stock), an investor would analyze long-term and short-term charts to find those that meet specific criteria. Analysis will first consider the market in general, perhaps the S&P 500. If the broader market were considered to be in bullish mode, analysis would proceed to a selection of sector charts. Those sectors that show the most promise would be singled out for individual stock analysis. Once the sector list is narrowed to 3-4 industry groups, individual stock selection can begin. With a selection of 10-20 stock charts from each industry, a selection of 3-4 of the most promising stocks in each group can be made. How many stocks or industry groups make the final cut will depend on the strictness of the criteria set forth. Under this scenario, we would be left with 9-12 stocks from which to choose. These stocks could even be broken down further to find the 3-4 of the strongest of the strong.

Strengths of Technical AnalysisAdvertisement

Focus on PriceIf the objective is to predict the future price, then it makes sense to focus on price movements. Price movements usually precede fundamental developments. By focusing on price action, technicians are automatically focusing on the future. The market is thought of as a leading indicator and generally leads the economy by 6 to 9 months. To keep pace with the market, it makes sense to look directly at the price movements. More often than not, change is a subtle beast. Even though the market is prone to sudden knee-jerk reactions, hints usually develop before significant moves. A technician will refer to periods of accumulation as evidence of an impending advance and periods of distribution as evidence of an impending decline.

Supply, Demand, and Price ActionMany technicians use the open, high, low and close when analyzing the price action of a security. There is information to be gleaned from each bit of information. Separately, these will not be able to tell much. However, taken together, the open, high, low and close reflect forces of supply and demand.
http://stockcharts.com/school/data/media/chart_school/overview/ta2-amgn.png
The annotated example above shows a stock that opened with a gap up. Before the open, the number of buy orders exceeded the number of sell orders and the price was raised to attract more sellers. Demand was brisk from the start. The intraday high reflects the strength of demand (buyers). The intraday low reflects the availability of supply (sellers). The close represents the final price agreed upon by the buyers and the sellers. In this case, the close is well below the high and much closer to the low. This tells us that even though demand (buyers) was strong during the day, supply (sellers) ultimately prevailed and forced the price back down. Even after this selling pressure, the close remained above the open. By looking at price action over an extended period of time, we can see the battle between supply and demand unfold. In its most basic form, higher prices reflect increased demand and lower prices reflect increased supply.

Support/ResistanceSimple chart analysis can help identify support and resistance levels. These are usually marked by periods of congestion (trading range) where the prices move within a confined range for an extended period, telling us that the forces of supply and demand are deadlocked. When prices move out of the trading range, it signals that either supply or demand has started to get the upper hand. If prices move above the upper band of the trading range, then demand is winning. If prices move below the lower band, then supply is winning.

Pictorial Price HistoryEven if you are a tried and true fundamental analyst, a price chart can offer plenty of valuable information. The price chart is an easy to read historical account of a security's price movement over a period of time. Charts are much easier to read than a table of numbers. On most stock charts, volume bars are displayed at the bottom. With this historical picture, it is easy to identify the following:
Reactions prior to and after important events.
Past and present volatility.
Historical volume or trading levels.
[*]Relative strength of a stock versus the overall market.

Assist with Entry PointTechnical analysis can help with timing a proper entry point. Some analysts use fundamental analysis to decide what to buy and technical analysis to decide when to buy. It is no secret that timing can play an important role in performance. Technical analysis can help spot demand (support) and supply (resistance) levels as well as breakouts. Simply waiting for a breakout above resistance or buying near support levels can improve returns.
It is also important to know a stock's price history. If a stock you thought was great for the last 2 years has traded flat for those two years, it would appear that Wall Street has a different opinion. If a stock has already advanced significantly, it may be prudent to wait for a pullback. Or, if the stock is trending lower, it might pay to wait for buying interest and a trend reversal.

Weaknesses of Technical Analysis
Analyst BiasJust as with fundamental analysis, technical analysis is subjective and our personal biases can be reflected in the analysis. It is important to be aware of these biases when analyzing a chart. If the analyst is a perpetual bull, then a bullish bias will overshadow the analysis. On the other hand, if the analyst is a disgruntled eternal bear, then the analysis will probably have a bearish tilt.

Open to InterpretationFurthering the bias argument is the fact that technical analysis is open to interpretation. Even though there are standards, many times two technicians will look at the same chart and paint two different scenarios or see different patterns. Both will be able to come up with logical support and resistance levels as well as key breaks to justify their position. While this can be frustrating, it should be pointed out that technical analysis is more like an art than a science, somewhat like economics. Is the cup half-empty or half-full? It is in the eye of the beholder.

Too LateTechnical analysis has been criticized for being too late. By the time the trend is identified, a substantial portion of the move has already taken place. After such a large move, the reward to risk ratio is not great. Lateness is a particular criticism of Dow Theory.

Always Another LevelEven after a new trend has been identified, there is always another "important" level close at hand. Technicians have been accused of sitting on the fence and never taking an unqualified stance. Even if they are bullish, there is always some indicator or some level that will qualify their opinion.

Trader's RemorseNot all technical signals and patterns work. When you begin to study technical analysis, you will come across an array of patterns and indicators with rules to match. For instance: A sell signal is given when the neckline of a head and shoulders pattern is broken. Even though this is a rule, it is not steadfast and can be subject to other factors such as volume and momentum. In that same vein, what works for one particular stock may not work for another. A 50-day moving average may work great to identify support and resistance for IBM, but a 70-day moving average may work better for Yahoo. Even though many principles of technical analysis are universal, each security will have its own idiosyncrasies.

ConclusionsTechnical analysts consider the market to be 80% psychological and 20% logical. Fundamental analysts consider the market to be 20% psychological and 80% logical. Psychological or logical may be open for debate, but there is no questioning the current price of a security. After all, it is available for all to see and nobody doubts its legitimacy. The price set by the market reflects the sum knowledge of all participants, and we are not dealing with lightweights here. These participants have considered (discounted) everything under the sun and settled on a price to buy or sell. These are the forces of supply and demand at work. By examining price action to determine which force is prevailing, technical analysis focuses directly on the bottom line: What is the price? Where has it been? Where is it going?
Even though there are some universal principles and rules that can be applied, it must be remembered that technical analysis is more an art form than a science. As an art form, it is subject to interpretation. However, it is also flexible in its approach and each investor should use only that which suits his or her style. Developing a style takes time, effort and dedication, but the rewards can be significant.

hefeiddd 发表于 2009-3-15 10:57

Fundamental Analysis
What is Fundamental Analysis?Advertisement

Fundamental analysis is the examination of the underlying forces that affect the well being of the economy, industry groups, and companies. As with most analysis, the goal is to derive a forecast and profit from future price movements. At the company level, fundamental analysis may involve examination of financial data, management, business concept and competition. At the industry level, there might be an examination of supply and demand forces for the products offered. For the national economy, fundamental analysis might focus on economic data to assess the present and future growth of the economy. To forecast future stock prices, fundamental analysis combines economic, industry, and company analysis to derive a stock's current fair value and forecast future value. If fair value is not equal to the current stock price, fundamental analysts believe that the stock is either over or under valued and the market price will ultimately gravitate towards fair value. Fundamentalists do not heed the advice of the random walkers and believe that markets are weak-form efficient. By believing that prices do not accurately reflect all available information, fundamental analysts look to capitalize on perceived price discrepancies.

General Steps to Fundamental EvaluationEven though there is no one clear-cut method, a breakdown is presented below in the order an investor might proceed. This method employs a top-down approach that starts with the overall economy and then works down from industry groups to specific companies. As part of the analysis process, it is important to remember that all information is relative. Industry groups are compared against other industry groups and companies against other companies. Usually, companies are compared with others in the same group. For example, a telecom operator (Verizon) would be compared to another telecom operator (SBC Corp), not to an oil company (ChevronTexaco).

Economic ForecastFirst and foremost in a top-down approach would be an overall evaluation of the general economy. The economy is like the tide and the various industry groups and individual companies are like boats. When the economy expands, most industry groups and companies benefit and grow. When the economy declines, most sectors and companies usually suffer. Many economists link economic expansion and contraction to the level of interest rates. Interest rates are seen as a leading indicator for the stock market as well. Below is a chart of the S&P 500 and the yield on the 10-year note over the last 30 years. Although not exact, a correlation between stock prices and interest rates can be seen. Once a scenario for the overall economy has been developed, an investor can break down the economy into its various industry groups.
http://stockcharts.com/school/data/media/chart_school/overview/spx-rates.gif

Group SelectionIf the prognosis is for an expanding economy, then certain groups are likely to benefit more than others. An investor can narrow the field to those groups that are best suited to benefit from the current or future economic environment. If most companies are expected to benefit from an expansion, then risk in equities would be relatively low and an aggressive growth-oriented strategy might be advisable. A growth strategy might involve the purchase of technology, biotech, semiconductor and cyclical stocks. If the economy is forecast to contract, an investor may opt for a more conservative strategy and seek out stable income-oriented companies. A defensive strategy might involve the purchase of consumer staples, utilities and energy-related stocks.
To assess a industry group's potential, an investor would want to consider the overall growth rate, market size, and importance to the economy. While the individual company is still important, its industry group is likely to exert just as much, or more, influence on the stock price. When stocks move, they usually move as groups; there are very few lone guns out there. Many times it is more important to be in the right industry than in the right stock! The chart below shows that relative performance of 5 sectors over a 7-month time frame. As the chart illustrates, being in the right sector can make all the difference.
http://stockcharts.com/school/data/media/chart_school/overview/sectorSelection.gif

Narrow Within the GroupOnce the industry group is chosen, an investor would need to narrow the list of companies before proceeding to a more detailed analysis. Investors are usually interested in finding the leaders and the innovators within a group. The first task is to identify the current business and competitive environment within a group as well as the future trends. How do the companies rank according to market share, product position and competitive advantage? Who is the current leader and how will changes within the sector affect the current balance of power? What are the barriers to entry? Success depends on an edge, be it marketing, technology, market share or innovation. A comparative analysis of the competition within a sector will help identify those companies with an edge, and those most likely to keep it.

Company AnalysisWith a shortlist of companies, an investor might analyze the resources and capabilities within each company to identify those companies that are capable of creating and maintaining a competitive advantage. The analysis could focus on selecting companies with a sensible business plan, solid management and sound financials.

Business PlanThe business plan, model or concept forms the bedrock upon which all else is built. If the plan, model or concepts stink, there is little hope for the business. For a new business, the questions may be these: Does its business make sense? Is it feasible? Is there a market? Can a profit be made? For an established business, the questions may be: Is the company's direction clearly defined? Is the company a leader in the market? Can the company maintain leadership?

ManagementIn order to execute a business plan, a company requires top-quality management. Investors might look at management to assess their capabilities, strengths and weaknesses. Even the best-laid plans in the most dynamic industries can go to waste with bad management (AMD in semiconductors). Alternatively, even strong management can make for extraordinary success in a mature industry (Alcoa in aluminum). Some of the questions to ask might include: How talented is the management team? Do they have a track record? How long have they worked together? Can management deliver on its promises? If management is a problem, it is sometimes best to move on.

Financial AnalysisThe final step to this analysis process would be to take apart the financial statements and come up with a means of valuation. Below is a list of potential inputs into a financial analysis.
Accounts Payable
Accounts Receivable
Acid Ratio
Amortization
Assets - Current
Assets - Fixed
Book Value
Brand
Business Cycle
Business Idea
Business Model
Business Plan
Capital Expenses
Cash Flow
Cash on hand
Current Ratio
Customer Relationships
Days Payable
Days Receivable
Debt
Debt Structure
Debt:Equity Ratio
Depreciation
Derivatives-Hedging
Discounted Cash Flow
Dividend
Dividend Cover
Earnings
EBITDA
Economic Growth
Equity
Equity Risk Premium
Expenses Good Will
Gross Profit Margin
Growth
Industry
Interest Cover
International
Investment
Liabilities - Current
Liabilities - Long-term
Management
Market Growth
Market Share
Net Profit Margin
Pageview Growth
Pageviews
Patents
Price/Book Value
Price/Earnings
PEG
Price/Sales
Product
Product Placement
Regulations
R & D
Revenues
Sector
Stock Options
Strategy
Subscriber Growth
Subscribers
Supplier Relationships
Taxes
Trademarks
Weighted Average Cost of Capital
The list can seem quite long and intimidating. However, after a while, an investor will learn what works best and develop a set of preferred analysis techniques. There are many different valuation metrics and much depends on the industry and stage of the economic cycle. A complete financial model can be built to forecast future revenues, expenses and profits or an investor can rely on the forecast of other analysts and apply various multiples to arrive at a valuation. Some of the more popular ratios are found by dividing the stock price by a key value driver.
Ratio

Price/Book Value
Price/Earnings
Price/Earnings/Growth
Price/Sales
Price/Subscribers
Price/Lines
Price/Page views
Price/Promises Company Type

Oil
Retail
Networking
B2B
ISP or cable company
Telecom
Web site Biotech
This methodology assumes that a company will sell at a specific multiple of its earnings, revenues or growth. An investor may rank companies based on these valuation ratios. Those at the high end may be considered overvalued, while those at the low end may constitute relatively good value.

Putting it All TogetherAfter all is said and done, an investor will be left with a handful of companies that stand out from the pack. Over the course of the analysis process, an understanding will develop of which companies stand out as potential leaders and innovators. In addition, other companies would be considered laggards and unpredictable. The final step of the fundamental analysis process is to synthesize all data, analysis and understanding into actual picks.

Strengths of Fundamental Analysis
Long-term TrendsFundamental analysis is good for long-term investments based on long-term trends, very long-term. The ability to identify and predict long-term economic, demographic, technological or consumer trends can benefit patient investors who pick the right industry groups or companies.

Value SpottingSound fundamental analysis will help identify companies that represent a good value. Some of the most legendary investors think long-term and value. Graham and Dodd, Warren Buffett and John Neff are seen as the champions of value investing. Fundamental analysis can help uncover companies with valuable assets, a strong balance sheet, stable earnings, and staying power.

Business AcumenOne of the most obvious, but less tangible, rewards of fundamental analysis is the development of a thorough understanding of the business. After such painstaking research and analysis, an investor will be familiar with the key revenue and profit drivers behind a company. Earnings and earnings expectations can be potent drivers of equity prices. Even some technicians will agree to that. A good understanding can help investors avoid companies that are prone to shortfalls and identify those that continue to deliver. In addition to understanding the business, fundamental analysis allows investors to develop an understanding of the key value drivers and companies within an industry. A stock's price is heavily influenced by its industry group. By studying these groups, investors can better position themselves to identify opportunities that are high-risk (tech), low-risk (utilities), growth oriented (computer), value driven (oil), non-cyclical (consumer staples), cyclical (transportation) or income-oriented (high yield).

Knowing Who's WhoStocks move as a group. By understanding a company's business, investors can better position themselves to categorize stocks within their relevant industry group. Business can change rapidly and with it the revenue mix of a company. This happened to many of the pure Internet retailers, which were not really Internet companies, but plain retailers. Knowing a company's business and being able to place it in a group can make a huge difference in relative valuations.

Weaknesses of Fundamental Analysis
Time ConstraintsFundamental analysis may offer excellent insights, but it can be extraordinarily time-consuming. Time-consuming models often produce valuations that are contradictory to the current price prevailing on Wall Street. When this happens, the analyst basically claims that the whole street has got it wrong. This is not to say that there are not misunderstood companies out there, but it is quite brash to imply that the market price, and hence Wall Street, is wrong.

Industry/Company SpecificValuation techniques vary depending on the industry group and specifics of each company. For this reason, a different technique and model is required for different industries and different companies. This can get quite time-consuming, which can limit the amount of research that can be performed. A subscription-based model may work great for an Internet Service Provider (ISP), but is not likely to be the best model to value an oil company.

SubjectivityFair value is based on assumptions. Any changes to growth or multiplier assumptions can greatly alter the ultimate valuation. Fundamental analysts are generally aware of this and use sensitivity analysis to present a base-case valuation, a best-case valuation and a worst-case valuation. However, even on a worst-case valuation, most models are almost always bullish, the only question is how much so. The chart below shows how stubbornly bullish many fundamental analysts can be.
http://stockcharts.com/school/data/media/chart_school/overview/AMZNAnnotated.png

Analyst BiasThe majority of the information that goes into the analysis comes from the company itself. Companies employ investor relations managers specifically to handle the analyst community and release information. As Mark Twain said, "there are lies, damn lies, and statistics." When it comes to massaging the data or spinning the announcement, CFOs and investor relations managers are professionals. Only buy-side analysts tend to venture past the company statistics. Buy-side analysts work for mutual funds and money managers. They read the reports written by the sell-side analysts who work for the big brokers (CIBC, Merrill Lynch, Robertson Stephens, CS First Boston, Paine Weber, DLJ to name a few). These brokers are also involved in underwriting and investment banking for the companies. Even though there are restrictions in place to prevent a conflict of interest, brokers have an ongoing relationship with the company under analysis. When reading these reports, it is important to take into consideration any biases a sell-side analyst may have. The buy-side analyst, on the other hand, is analyzing the company purely from an investment standpoint for a portfolio manager. If there is a relationship with the company, it is usually on different terms. In some cases this may be as a large shareholder.

Definition of Fair ValueWhen market valuations extend beyond historical norms, there is pressure to adjust growth and multiplier assumptions to compensate. If Wall Street values a stock at 50 times earnings and the current assumption is 30 times, the analyst would be pressured to revise this assumption higher. There is an old Wall Street adage: the value of any asset (stock) is only what someone is willing to pay for it (current price). Just as stock prices fluctuate, so too do growth and multiplier assumptions. Are we to believe Wall Street and the stock price or the analyst and market assumptions?
It used to be that free cash flow or earnings were used with a multiplier to arrive at a fair value. In 1999, the S&P 500 typically sold for 28 times free cash flow. However, because so many companies were and are losing money, it has become popular to value a business as a multiple of its revenues. This would seem to be OK, except that the multiple was higher than the PE of many stocks! Some companies were considered bargains at 30 times revenues.

ConclusionsFundamental analysis can be valuable, but it should be approached with caution. If you are reading research written by a sell-side analyst, it is important to be familiar with the analyst behind the report. We all have personal biases, and every analyst has some sort of bias. There is nothing wrong with this, and the research can still be of great value. Learn what the ratings mean and the track record of an analyst before jumping off the deep end. Corporate statements and press releases offer good information, but they should be read with a healthy degree of skepticism to separate the facts from the spin. Press releases don't happen by accident; they are an important PR tool for companies. Investors should become skilled readers to weed out the important information and ignore the hype.

hefeiddd 发表于 2009-3-15 10:58

Random Walk TheoryA Random Walk Down Wall Street, written by Burton Malkiel in 1973, has become a classic in investment literature. Random walk theory jibes with the semi-strong efficient hypothesis in its assertion that it is impossible to outperform the market on a consistent basis. Malkiel puts both technical analysis and fundamental analysis to the test and reasons that both are largely a waste of time. In fact, he goes to great lengths to show that there is no proof to suggest that either can consistently outperform the market. Any success outperforming the market with technical analysis or fundamental analysis can be attributed to lady luck. If enough people try, some are bound to outperform the market, but most are still likely to underperform.
http://stockcharts.com/school/data/media/chart_school/overview/random-nem.png
The basic random walk premise is that price movements are totally random. Judging from the chart, the price movements of Newmont Mining (NEM)http://stockcharts.com/images/minilink_sc.gif over this 5-month period would appear to be quite random. Prices have no memory, therefore past and present prices cannot be used to predict future prices (as implied in technical analysis). Prices move at random and adjust to new information as it comes available. The adjustment to this new information is so fast that it is impossible to profit from it. Furthermore, news and events are also random and trying to predict these (fundamental analysis) is also a lesson in futility.
Malkiel maintains that a buy and hold strategy is best and individuals should not attempt to time (or beat) the market. Attempts based on technical, fundamental or any other analysis are futile. Admittedly, he does have a point. Statistics have shown that the majority of equity mutual funds fail to outperform the market, as measured by the S&P 500. Investors can easily buy index-based securities with very low transactions costs.

Should Random Walkers Take a Hike?While there are some good points to be gleaned from the random walk theory, it appears to be a bit dated and does not accurately reflect the current investment climate.
Random walk theory was introduced over 25 years ago when institutions dominated the market. These institutions had superior access to resources and the individual was at the mercy of the large brokerage houses for quality research. With the advent of online trading, power and influence are shifting from institutions to the individual. Resources are now widely available to all at minimal cost, if not free. Not only can individuals access information, but the Internet ensures that everyone will receive it almost instantaneously. They also have access to real time data and can trade like the pros. With the availability of real time data and almost instant executions, individuals can act on information like never before.
As little as 5 years ago, transactions costs were high and figured into any investment or trading strategy. Again, with the advent of online trading, transactions costs have become minimal. This has increased the amount of trading volume and probably volatility. Higher volatility increases the possibility that anomalies will develop. With better trading resources and low commissions, more traders and investors than ever are able to capitalize on potential anomalies.
For obvious reasons, the Wall Street establishment is not thrilled about random walk theory. After all, Wall Street is in the business of analysis, strategy and money management. However, it is a fact that about 75% of equity mutual funds underperform the S&P 500 year after year. Some of this underperformance can be blamed on transaction costs and management fees. However, with the advent of index-linked securities, the onus will be on the money managers to figure out a way to outperform the market, or lose business.
In truth, 75% of equity mutual funds underperforming is not as bad as it sounds. When the Random Walk theory was introduced in 1973, or even 15 years ago, around 90% of equity mutual funds underperformed the market. Since this number seems to have risen, it would appear that either stock picking is getting better or fees are getting smaller, or both. 15 years ago, the stock market and mutual funds were much more homogeneous. Even though there were tech stocks, they did not exert nearly as much influence. With the explosion of the NASDAQ, tech stocks play a much larger role in today's market. Internet stocks, which have also come to the forefront, did not even exist 15 years ago. With an increase in specialty mutual funds catering to tech and Internet, the total number of mutual funds has proliferated over the last few years. With the increase in mutual funds has also come and increase in the diversity of such funds. There are funds for almost every sector, industry or index imaginable and investors have a wide array of choices. The more homogeneous mutual funds there are, the less chance there is to outperform. However, this specialization has created a hierarchy among mutual funds and helped to increase the percentage funds that outperform the S&P 500 from 10% to 25%.
History has proved that a buy and hold strategy outperforms most attempts to time the market in absolute returns. In risk-adjusted returns, the argument loses some of its credibility. Buy and hold may take the guesswork out of beating the market, but it does little to compensate for the risk associated with a continuous investment in the market. There is a direct correlation with risk and return: the higher the expected return, the higher the associated risk. A portfolio with a timing strategy that seeks to move into risk-free treasuries when a bear market is signaled (Dow Theory for example), significantly reduces the amount of risk associated with that portfolio.
http://stockcharts.com/school/data/media/chart_school/overview/random-3-sp.png
The New York Times on 6-Sept-98, notes a study that was published in the Journal of Finance by Stephen Brown of New York University, William Goetzmann of Yale, and Alok Kumar of the University of Notre Dame. The Dow theory system was tested against buy-and-hold for the period from 1929 to Sept-98. Over the 70-year period, the Dow theory system outperformed a buy-and-hold strategy by about 2% per year. In addition, the portfolio carried significantly less risk. If compared as risk-adjusted returns, the margin of outperformance would even be greater. Over the past 18 years, the Dow theory system has underperformed the market by about 2.6% per year. However, when adjusted for risk, the Dow theory system outperformed buy-and-hold over the past 18 years. Keep in mind that 18 years is not a long time in the history of the market.

A Non-Random Walk Down Wall StreetThere is another school of thought that considers the markets efficient yet predictable. One of the leading proponents is Andrew Lo. Lo earned his Ph.D in economics at the University of Chicago and is currently a Professor of Finance at the Sloan School of Management at MIT. Lo is a bit of an odd ball among academics because of his beliefs regarding the efficient market hypothesis and his attraction to technical analysis. Lo and Mackinlay's book A Non-Random Walk Down Wall Street debunks many of the theories put forth in the 1973 classic with a similar name. (Remember that most academics subscribe to the random walk theory.) Lo's research concluded the following:
http://stockcharts.com/school/data/media/chart_school/overview/random-txn.png
Financial markets are predictable to some degree, but far from being a symptom of inefficiency or irrationality, predictability is the oil that lubricates the gears of capitalism.
It is not only plausible that markets are efficient, but participants can also profit from efficient markets. However, Lo asserts that even though it is possible to outperform the markets, it requires ongoing research, continuous improvement and constant innovation. Beating the market does not come easy, nor is it something that is easy to maintain. Lo likens the pursuit of above-average returns to that of a company trying to maintain its competitive advantage. After introducing a hot new product, a company cannot just sit back and wait for the money to roll in. In order to remain above the competition, management must be flexible and look for ways to continuously improve and innovate. Otherwise the competition will overtake them. Money managers, traders and investors who find ways to outperform the market must also remain flexible and innovative. Just because a method works today, does not mean it will work tomorrow. In an interview with Technical Analysis of Stocks and Commodities, Lo sums it up by stating:
"The more creativity you bring to the investment process, the more rewarding it will be. The only way to maintain ongoing success, however, is to constantly innovate. That's much the same in all endeavors. The only way to continue making money, to continue growing and keeping your profit margins healthy, is to constantly come up with new ideas."

ConclusionsThese rebuttals to random walk theory are not meant to suggest that the vast majority of individuals are going to suddenly start outperforming the market. Even though this may be true over the past 3 years, history suggests that it is not likely to be the case 10 years from now. In other words, history suggests that this is an anomaly and there will be a reversion to the mean. Nonetheless, the investment and trading landscape has changed drastically over the last 20 years, even over the last 5 years. Individuals have access to more information and tools, transactions costs are negligible, trades are executed almost instantaneously, equity mutual funds have improved their performance and the buy-and-hold strategy does not appear to be a profit maximizing strategy. It should come as no surprise that analysis can make a difference. The only question is which type: fundamental analysis, technical analysis or both?

hefeiddd 发表于 2009-3-15 10:59

页: 1454 1455 1456 1457 1458 1459 1460 1461 1462 1463 [1464] 1465 1466 1467 1468 1469 1470 1471 1472 1473

MACD俱乐部's Archiver