One of the most common questions I receive is this: what books should a trader read and familiarize himself/herself with? First, there is a wide variety of daily reading such as the Wall Street Journal and the stories on the Bloomberg website to get a broad business overview. I also daily review news stations and websites for a broader world view along with some specialty items such as the science section of the New York Times for a feel for the current trends in that field. Book-wise, there are three. Any day trader should read Reminiscences of a Stock Operator. It is the original book on short-term trading and provides the insights on things like instinct and the dangers of building positions. For a more fundamental outlook, One Up On Wall Street remains the premier book out there. One learns such basic things like buying stocks of companies you like. Sounds simple...yet so many of us...don't do it. Finally, Market Wizards provides perspective from renowned traders. Some use charts. Some just rely on tape reading. Some use esoteric tools such as astrology. But you'll learn all about what makes fine traders' minds tick. So, whether you're just starting out or you're trying to figure out the trading style or investing style that works best for you or if you're an old guy like me who can always use help and gain insight whenever reading any of the aforementioned books, they are all good educational and interesting reads.
Markets overnight were higher throughout Asia with Tokyo up 1% and Hong Kong ahead 1.2%. Markets in Europe are ahead as well with the bourses ahead about 0.2% across the board. The dollar is mixed; it’s up a little against the yen, but now approaching 1.40 on the euro. Bonds are up slightly, oil up over 1%, and gold is up ½%. Unemployment data came in about as expected with factory orders (2.1%) expected out at 10AM. Futures are flat. Look for a little giveback today with the likes of GS quite weak…the corollary is that stocks are shaking off rising oil right now so if oil steadies or sells off, equities will likely inch higher. The focus will be on the small energies, the techs and financials in the news (GS and AAPL), and the share offerings (CLR).
Good- The following stocks have good news and/or a strong technical pattern
WLT- closed near a high
CLF- closed near a high
GS- closed near a high
AAPL- closed near a high
DANG- closed near a high
WYNN- closed near a high
IBM- closed near a high
MEE- closed near a high
JOYG- closed near a high
OVTI- closed near a high
ARUN- closed near a high
USAT- closed near a high on positive February transaction volume
CMFO- closed near a high after posting earnings
KNDL- closed near a high after posting earnings
DUSA- closed near a high after posting earnings
SHS- closed near a high after posting earnings
MET- closed near a high after a successful share offering
COO- good earnings
SPRD- good earnings
CRM- featured on “Mad Money” last night
Bad-The following stocks have bad news and/or a weak technical pattern
AMLN- closed near a low after Byudreon failed to meet its primary endpoint in study
MRVL- bad earnings
CLR- announced 10 million share offering priced at 68
QPSA- closed near a low
MMI- closed near a low after being downgraded
GS- CEO to testify at Rajaratnam trial; also was downgraded at Bank of America
Earnings:
FRI MAR 4 BEFORE
BRNC CIS MSG
Epiphany Trading, LLC
www.epiphanytrading.com
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
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