Yes I also saw that short article on Bloomberg and couldn't believe it, so had to do a little more digging. Here's a better link, again on Bloomberg, but it gives the whole story, so its much less misleading. Yes it seems they are giving up on trying to totally turn it off, they are now focusing on attaching another riser which will allow the oil to flow unobstructed, directly into a ship. Its NOT really like they were thinking of just letting it flow into the gulf until August sometime, or until the relief wells are successful. How many times do we find there's a totally different story behind the first headline.
Hi Seamus, yes its an interesting subject / discussion with many opinions, and various sites do take a few liberties in how they calculate these numbers. Particularly for indicators that involve running averages in the calc as the RSI does.
I agree the VXX has traded for 15 months, however most would ignore the one trading day in Jan 2009, thus the first monthly gain loss could not be calculated until the end of March 2009. Also as March 2010 is still an incomplete month many would not use it as yet. In any case most use it as just a relative indicator rather than an absolute number.
How did you calc the Monthly RSI-7 at 45.36 , I can't seem to verify that one anywhere, maybe I'll have to go to the excel spreadsheet and do the calcs myself.
Thanks for the input, I'm always trying to learn more.
"VXX now has a monthly RSI 7 of ZERO. Has anyone ever seen a zero on the triple RSI screen before?
Bob"
Yes I've seen it before, usually when there is an error in the calculation or not enough data to properly do the calculation. The VXX started back around Jan last year so there is very little monthly data, about 12 or 13 months. If I look at he error bugging section at the bottom of the RSI tool, I see that Korvus uses 19 data points to calc any of the RSI 7 values and I see lots of zeros in the data stream for the monthly RSI data.
Thus I would assume the "Zero" value reported for VXX monthly RSI-7 is not correct based on faulty and limited input data. If I check StockCharts they have the value around 8 and similar values for the weekly and daily numbers. (note the two are never exactly the same but usually close)
I always find when you see something unusual, its best to check it out, before assuming its correct. Just my 2 cents on the subject.
Nebish, don't really need the tiny URL unless the link contains certain characters which are a problem for the site here. In most cases you can just paste the link into your post. For more instructions on link posting and Tiny URL try the help file, see the menu at the top of this page "Site Index" >> "Website Help" >> ""Chart and Link Posting" or use the direct link below.
Baz22, could be that the two different batches contained different levels of ethanol. They are continually trying to increase the ethanol content which will give you less MPG as I understand it.
Nemo Great write up and I totally agree, although being from Canada I haven't been following this US bill that closely, at the present time.
" It's like a sales tax " Well not quite, a sales tax is normally collected from the buy by the seller and submitted to the gov. In this case the gov will collect from both parties, the seller and the buyer will each be responsible for submitting 0.25% for a total of 0.5%. Thats just the first half, the second half of the round trip trade will generate another 0.5% for the gov. So they are looking a more like 1% for each total round trip transaction.
I also agree the accountants as usual have extrapolated the current trading volumes and assumed they will continue unchanged. Thus they are seeing huge revenues from this, what they fail to understand is that the future volume will not be on the same trend line.
I don't think you can get anything for stocks directly on the Japanese exchanges. The data comes from Yahoo and I can't seem to find the direct symbol for Toyota on that exchange. Note there also has to be historical data in the Yahoo database in order to calc the RSI D-W-M values.
For more info on the RSI tool, just go to the menu at the top of this page, "Site Index" >> "Website Help" >> "RSI Tool". or use the direct link below, the instructions should help with most of your questions.
Westcoaster, BSI can probably give you a better explanation but I'll through in my ideas.
First Stockcharts has a pretty good explanation of candles in their chart school section, see the link below, in particular the sections on Dragon Fly and Gravestone Doji's along with the sections on Long Shadow Reversals. http://stockcharts.com/school/doku.php?id=chart_sc...
Now as for some charts, I put together a quick scan in the Stockcharts advanced scan engine as follows and included an image of the charts the scan returned.
[type = stock]
and [Close > 5]
and [SMA(20,close) * SMA(20,volume) > 500000]
and [volume > SMA(20,volume)* 1.25]
and [[Hammer is true] or [Shooting Star is true] or [Gravestone Doji is true] or [Dragonfly Doji is true]]
Basically the scan is looking for any of those types of candles, bearish or bullish. I also included my standard liquidity requirement of trading Min $500k per day average and I wanted todays volume to be 25% more than the SMA 20 average volume, as I find that also helps to validate the long tail reversal. You could also tweak it a bit by specifying a min tail length in percentage terms.
RE your request for additions to the daily market report. As I like to look at databases in chart form is it possible to add a link in the RSI tables were we could view the RSI D-W-M data for a particular stock as a chart. I find it helps to see how the flow between them develops over time.
Attached is a chart of GOOG for the last 2 years with the 3 RSI's overlayed. Note I can't do this directly in Stockcharts, I had to produce each graph separately and then overlay them with the PainNet image program.
I wouldn't want to see all the charts directly in the Market report, just a link if we wanted to pull them up.
As to the current rating system proposal, it should only apply to post removal as inappropriate, ie X removal votes and it is hidden to be reviewed later by the admin panel. We shouldn't have to be voting just to keep regular posts from being hidden.
However even just voting on inappropriate posts puts undue work on the admin panel. Many sites use the report a TOS (Terms of Service), violation procedure. There is a button for TOS violation which brings up a form where you have to identify the specific violation and also the context of the whole situation which may have spanned several posts.
Blogs and text are difficult as so much of our direct communication is through body language and facial expression, which are all missing here. Face to face we can easily see that a comment has been taken out of context and instantly react to correct the situation. But here on the blog it may have been a quick post on the way to work, only to read later on that evening the barrage of posts debating the pros and cons of your post and all the comments totally misread what you were trying to say. It happens.
Reminds me of a quote years ago, went something like this.
"I know you think you understand what you thought I said, but unfortunately what I said was not exactly what I meant".
As far as the format I prefer the Twin or multi blog system;
1) Day trading, scalping chat line, similar to the minute by minute posts on part of Vad's site or many other sites.
2) Cara 100 ( or Cara 100 plus wannabee 100's, as picked by Bill), short / med / long term outlook. A place where the discussion and targets are beyond the EOD. Cara 100 stocks and longer term outlooks for energy, commodities, tech, bio etc., the sectors we should be preparing for weeks or months in advance. I see it being more of a research blog where participation could be every few days or even weekly and still keep up.
WRT the Free speech argument, yes I agree, go set up your own blog and say whatever you want, but it doesn't apply everywhere, anytime. You cannot yell FIRE in a crowded theater, you cannot tell stag party jokes at my children's Christmas party, etc. and telling the host and everyone else they can just ignore you is not good enough, I would ask you to leave.
This site is Bill's living room, his name is over the door, he is our host and I view adding value as the minimum price of admission.
Of course it all depends on your point of view and currency of reference.
The attached chart is Gold in different currencies and yes in US$ Gold is making new highs, based on the assumption of constant currency value. But in other currencies the Feb high is yet to be taken out. If I look at from another viewpoint, say Gold is the worlds constant currency, then the chart just shows which currencies are leading the pack to the downside of real value.
Being from Canada I always tend to look at my asset (gains / losses) as to what they will purchase on the world market and not just in my local currency.
With respect to stocks churning, I'm also seeing alot of that too.
Bill, excellent week in review as usual. I will study it in more detail after I finish raking the leaves, something you no longer have to do, enjoy the beach.
Note the link in your wrap-up to the Peter Simmons article seems to have been truncated, here is the correct one, thanks to Bobbyo for finding it in your Cara archives.
I am very sorry to read about your loss, my thoughts are with you, your family and Peter's family.
I also agree with what others have said here, you need to focus on what is good for you right now, take some time off and enjoy. I know you enjoy this blog, however there are good stresses and bad stresses that come along with it. Hopefully the team can find a way to eliminate the bad stresses and let you focus only on the joy and satisfaction the good stresses can bring.
Dave M - thanks for the heads up, I've never seen this problem on any of the Canadian stocks I've tried over the years and lots with tickers containing the " - ".
In doing a little research I find that the RSI tool is picking the correct ticker symbol, ie clicking on the ticker does bring up the Magna chart MG-A.TO, although the last price is not correct, as you say it is actually Mega Uranium MGA.TO
The problem is actually with Yahoo finance which is the historical database Korvus uses to calc the RSI values. If you check the Yahoo historical prices for Magna they are actually the prices for Mega, thus the reason the RSI tool spits out the wrong values, "garbage in garbage out". I assume this is due to the way Yahoo has changed some of the ticker symbol coding over the years, particularly with the Canadian symbols which contain " - " "." " / ".
I have sent Yahoo a problem report on this specific ticker, it should be fixed in a few days, do you have any others you know of that are problems??
Korvus, is there a way that the RSI tool could include an error check, say compare the current price from the historical data to the last EOD market quote, if different by X% flag an error ??
I will also add a warning note to the RSI Tool help file so users will be on the lookout for this type of error. As always its good to cross check whatever data you use in your decision making.
Yes the RSI tool is thanks to Korvus who wrote and maintains the program. For tips I've put together some notes, see the menu at the top of this page, "Site Index" >> "Website Help">> "RSI Tool", or just follow the link below.
Basically the RSI tool can also be used for most US, Canadian and international stocks. Just make sure the data entry block is empty, use the "Clear" button, then input your string of stock symbols (use the symbol coding from Yahoo), separated by spaces, then hit the "Go" button and wait a few minutes, (the "Go" button will change to "Gone" while the program is retrieving and calculating the data).
Note in order to calculate the various RSI values there must be historical data on Yahoo. Stocks are usually not a problem and most tracking indexes also have data, (domestic and international), just be sure to include the ^ prefix, such as ^DJI , example checking for historic data,
http://finance.yahoo.com/q/hp?s=^DJI
Sorry didn't realize the new CC for today was up, so re-posting here.
Bill, and all those interested in charts.
I've seen a few of the videos from Wordens and have been impressed with most of them, but not this one.
Although I agree with the basic conclusion of Peter Wordens video, I don't agree with his method for the following reasons.
1- The 10 month charts are in linear not log format, thus any trend line you draw represents a constant incremental rise, or in other terms a diminishing rate of return line. I agree the rate of this rally has been slowing for some time, even while it has been setting higher highs and higher lows. The trendline cross actually happened a little earlier if you plot the same line on log chart.
Actually this is quite normal for stocks in an uptrend to have varying rates of positive returns, we just have to decide when to ride the more powerful trends and look elsewhere during the long slow trends.
2- The trend line is established by two points, (Mar & July), not usually enough for a valid trend line. Then I'm sure I heard the statement at least twice that this trendline has not been violated since the beginning of the trend in March, until now. Well of course it hasn't, it was drawn between the only two low points on the line between then and now. We could have just as easily drawn the trend line from March to the Nov low and stated that we have just in the last few days successfully bounced of the long term trend line from Mar which has never been violated.
3- TSV volume on the SPY. I agree volume and price are important parameters, however I disagree on using any volume data on an index tracking product. The SPY is designed by Spiders to proportionally track the price of the S&P-500 index. I have never seen any tracking product which states it can also track the volume proportionally.
This volume issue has been a sore spot for some time as I see many chartists applying price and volume to these tracking products when they should be trading them but looking at the underlying chart for the TA analysis. IMO.
Attached please find a quick chart I put together of the $SPX and SPY, the price sections were scaled and overlayed and as you can see they are almost exact. Below I've shown the volume for the $SPX and then the SPY, with a 50 EMA added to both volume charts. As you can see the volume spikes above and below the 50 EMA are quite different, also the long term trend in volume is quite different.
So in the end if the action of the SPY is driving the $SPX, then you should use its price volume for TA. But if the SPY is just a price tracking product then trade the SPY but use the $SPX for the TA analysis and signals.
Note some are having problems seeing the video, the link is in the top scrolling banner once the freestockcharts website starts. Also note that the site runs under Microsoft Silverlight software and if you don't have it installed I doubt you will be able to see the video.
I've seen a few of the videos from Wordens and have been impressed with most of them, but not this one.
Although I agree with the basic conclusion of Peter Wordens video, I don't agree with his method for the following reasons.
1- The 10 month charts are in linear not log format, thus any trend line you draw represents a constant incremental rise, or in other terms a diminishing rate of return line. I agree the rate of this rally has been slowing for some time, even while it has been setting higher highs and higher lows. The trendline cross actually happened a little earlier if you plot the same line on log chart.
Actually this is quite normal for stocks in an uptrend to have varying rates of positive returns, we just have to decide when to ride the more powerful trends and look elsewhere during the long slow trends.
2- The trend line is established by two points, (Mar & July), not usually enough for a valid trend line. Then I'm sure I heard the statement at least twice that this trendline has not been violated since the beginning of the trend in March, until now. Well of course it hasn't, it was drawn between the only two low points on the line between then and now. We could have just as easily drawn the trend line from March to the Nov low and stated that we have just in the last few days successfully bounced of the long term trend line from Mar which has never been violated.
3- TSV volume on the SPY. I agree volume and price are important parameters, however I disagree on using any volume data on an index tracking product. The SPY is designed by Spiders to proportionally track the price of the S&P-500 index. I have never seen any tracking product which states it can also track the volume proportionally.
This volume issue has been a sore spot for some time as I see many chartists applying price and volume to these tracking products when they should be trading them but looking at the underlying chart for the TA analysis. IMO.
Attached please find a quick chart I put together of the $SPX and SPY, the price sections were scaled and overlayed and as you can see they are almost exact. Below I've shown the volume for the $SPX and then the SPY, with a 50 EMA added to both volume charts. As you can see the volume spikes above and below the 50EMA are quite different, also the long term trend in volume is quite different.
So in the end if the action of the SPY is driving the $SPX, then you should use its price volume for TA. But if the SPY is just a price tracking product then trade the SPY but use the $SPX for the TA analysis and signals.
Note some are having problems seeing the video, the link is in the top scrolling banner once the freestockcharts website starts. Also note that the site runs under Microsoft Silverlight software and if you don't have it installed I doubt you will be able to see the video.
We seem to have comments on two threads thismorning, Bill opened a new Nov 3 addendum, link below. It makes things a little difficult with new comments appearing on both threads.
Re overlaying the charts on Stockcharts, there is no easy way to do it. Although I often use the PaintNet graphics editor to overlay charts from different sources. It is a layer based system so you can just put each chart into a different layer and then adjust the layer transparency properties so you see all the layers at once. The only problem is you need to stretch each layer to get the scalings to line up. It would help if I had some reference points on the curve fit charts, ie X-Y start and end points. In any case I have attached a quick sample image of the overlays using this method.
The other way would be to import the data for Gold closing prices from say Yahoo and put them into excel, along with the curve fitting data. Then generate the graph from within Excel with all the data in one place.
Let me know if you want to explore the PaintNet option, its quite handy and I can give you some pointers, you've got my email.
Yes I also saw that short article on Bloomberg and couldn't believe it, so had to do a little more digging. Here's a better link, again on Bloomberg, but it gives the whole story, so its much less misleading. Yes it seems they are giving up on trying to totally turn it off, they are now focusing on attaching another riser which will allow the oil to flow unobstructed, directly into a ship. Its NOT really like they were thinking of just letting it flow into the gulf until August sometime, or until the relief wells are successful. How many times do we find there's a totally different story behind the first headline.
http://preview.bloomberg.com/news/2010-06-01/bp-ef...
Hi Seamus, yes its an interesting subject / discussion with many opinions, and various sites do take a few liberties in how they calculate these numbers. Particularly for indicators that involve running averages in the calc as the RSI does.
I agree the VXX has traded for 15 months, however most would ignore the one trading day in Jan 2009, thus the first monthly gain loss could not be calculated until the end of March 2009. Also as March 2010 is still an incomplete month many would not use it as yet. In any case most use it as just a relative indicator rather than an absolute number.
How did you calc the Monthly RSI-7 at 45.36 , I can't seem to verify that one anywhere, maybe I'll have to go to the excel spreadsheet and do the calcs myself.
Thanks for the input, I'm always trying to learn more.
"VXX now has a monthly RSI 7 of ZERO. Has anyone ever seen a zero on the triple RSI screen before?
Bob"
Yes I've seen it before, usually when there is an error in the calculation or not enough data to properly do the calculation. The VXX started back around Jan last year so there is very little monthly data, about 12 or 13 months. If I look at he error bugging section at the bottom of the RSI tool, I see that Korvus uses 19 data points to calc any of the RSI 7 values and I see lots of zeros in the data stream for the monthly RSI data.
Thus I would assume the "Zero" value reported for VXX monthly RSI-7 is not correct based on faulty and limited input data. If I check StockCharts they have the value around 8 and similar values for the weekly and daily numbers. (note the two are never exactly the same but usually close)
I always find when you see something unusual, its best to check it out, before assuming its correct. Just my 2 cents on the subject.
Nebish, don't really need the tiny URL unless the link contains certain characters which are a problem for the site here. In most cases you can just paste the link into your post. For more instructions on link posting and Tiny URL try the help file, see the menu at the top of this page "Site Index" >> "Website Help" >> ""Chart and Link Posting" or use the direct link below.
http://caracommunity.com/content/chart-and-link-po...
In any case I think this might be the article you are referring to.
http://www.bloomberg.com/apps/news?pid=20601104&si...
Baz22, could be that the two different batches contained different levels of ethanol. They are continually trying to increase the ethanol content which will give you less MPG as I understand it.
Nemo Great write up and I totally agree, although being from Canada I haven't been following this US bill that closely, at the present time.
" It's like a sales tax " Well not quite, a sales tax is normally collected from the buy by the seller and submitted to the gov. In this case the gov will collect from both parties, the seller and the buyer will each be responsible for submitting 0.25% for a total of 0.5%. Thats just the first half, the second half of the round trip trade will generate another 0.5% for the gov. So they are looking a more like 1% for each total round trip transaction.
I also agree the accountants as usual have extrapolated the current trading volumes and assumed they will continue unchanged. Thus they are seeing huge revenues from this, what they fail to understand is that the future volume will not be on the same trend line.
Lelik,
I don't think you can get anything for stocks directly on the Japanese exchanges. The data comes from Yahoo and I can't seem to find the direct symbol for Toyota on that exchange. Note there also has to be historical data in the Yahoo database in order to calc the RSI D-W-M values.
For more info on the RSI tool, just go to the menu at the top of this page, "Site Index" >> "Website Help" >> "RSI Tool". or use the direct link below, the instructions should help with most of your questions.
http://caracommunity.com/content/rsi-tool
Direct link
http://caracommunity.com/content/blog-november-20-...
Westcoaster, BSI can probably give you a better explanation but I'll through in my ideas.
First Stockcharts has a pretty good explanation of candles in their chart school section, see the link below, in particular the sections on Dragon Fly and Gravestone Doji's along with the sections on Long Shadow Reversals.
http://stockcharts.com/school/doku.php?id=chart_sc...
Now as for some charts, I put together a quick scan in the Stockcharts advanced scan engine as follows and included an image of the charts the scan returned.
[type = stock]
and [Close > 5]
and [SMA(20,close) * SMA(20,volume) > 500000]
and [volume > SMA(20,volume)* 1.25]
and [[Hammer is true] or [Shooting Star is true] or [Gravestone Doji is true] or [Dragonfly Doji is true]]
Basically the scan is looking for any of those types of candles, bearish or bullish. I also included my standard liquidity requirement of trading Min $500k per day average and I wanted todays volume to be 25% more than the SMA 20 average volume, as I find that also helps to validate the long tail reversal. You could also tweak it a bit by specifying a min tail length in percentage terms.
Just some other ideas to think about.
Bill / Korvus,
RE your request for additions to the daily market report. As I like to look at databases in chart form is it possible to add a link in the RSI tables were we could view the RSI D-W-M data for a particular stock as a chart. I find it helps to see how the flow between them develops over time.
Attached is a chart of GOOG for the last 2 years with the 3 RSI's overlayed. Note I can't do this directly in Stockcharts, I had to produce each graph separately and then overlay them with the PainNet image program.
I wouldn't want to see all the charts directly in the Market report, just a link if we wanted to pull them up.
thanks for all you do
As to the current rating system proposal, it should only apply to post removal as inappropriate, ie X removal votes and it is hidden to be reviewed later by the admin panel. We shouldn't have to be voting just to keep regular posts from being hidden.
However even just voting on inappropriate posts puts undue work on the admin panel. Many sites use the report a TOS (Terms of Service), violation procedure. There is a button for TOS violation which brings up a form where you have to identify the specific violation and also the context of the whole situation which may have spanned several posts.
Blogs and text are difficult as so much of our direct communication is through body language and facial expression, which are all missing here. Face to face we can easily see that a comment has been taken out of context and instantly react to correct the situation. But here on the blog it may have been a quick post on the way to work, only to read later on that evening the barrage of posts debating the pros and cons of your post and all the comments totally misread what you were trying to say. It happens.
Reminds me of a quote years ago, went something like this.
"I know you think you understand what you thought I said, but unfortunately what I said was not exactly what I meant".
As far as the format I prefer the Twin or multi blog system;
1) Day trading, scalping chat line, similar to the minute by minute posts on part of Vad's site or many other sites.
2) Cara 100 ( or Cara 100 plus wannabee 100's, as picked by Bill), short / med / long term outlook. A place where the discussion and targets are beyond the EOD. Cara 100 stocks and longer term outlooks for energy, commodities, tech, bio etc., the sectors we should be preparing for weeks or months in advance. I see it being more of a research blog where participation could be every few days or even weekly and still keep up.
WRT the Free speech argument, yes I agree, go set up your own blog and say whatever you want, but it doesn't apply everywhere, anytime. You cannot yell FIRE in a crowded theater, you cannot tell stag party jokes at my children's Christmas party, etc. and telling the host and everyone else they can just ignore you is not good enough, I would ask you to leave.
This site is Bill's living room, his name is over the door, he is our host and I view adding value as the minimum price of admission.
Of course it all depends on your point of view and currency of reference.
The attached chart is Gold in different currencies and yes in US$ Gold is making new highs, based on the assumption of constant currency value. But in other currencies the Feb high is yet to be taken out. If I look at from another viewpoint, say Gold is the worlds constant currency, then the chart just shows which currencies are leading the pack to the downside of real value.
Being from Canada I always tend to look at my asset (gains / losses) as to what they will purchase on the world market and not just in my local currency.
With respect to stocks churning, I'm also seeing alot of that too.
Bill, excellent week in review as usual. I will study it in more detail after I finish raking the leaves, something you no longer have to do, enjoy the beach.
Note the link in your wrap-up to the Peter Simmons article seems to have been truncated, here is the correct one, thanks to Bobbyo for finding it in your Cara archives.
http://www.billcara.com/archives/2007/07/bill_cara...
Bill
I am very sorry to read about your loss, my thoughts are with you, your family and Peter's family.
I also agree with what others have said here, you need to focus on what is good for you right now, take some time off and enjoy. I know you enjoy this blog, however there are good stresses and bad stresses that come along with it. Hopefully the team can find a way to eliminate the bad stresses and let you focus only on the joy and satisfaction the good stresses can bring.
thanks again for all that you do
Dave M - thanks for the heads up, I've never seen this problem on any of the Canadian stocks I've tried over the years and lots with tickers containing the " - ".
In doing a little research I find that the RSI tool is picking the correct ticker symbol, ie clicking on the ticker does bring up the Magna chart MG-A.TO, although the last price is not correct, as you say it is actually Mega Uranium MGA.TO
The problem is actually with Yahoo finance which is the historical database Korvus uses to calc the RSI values. If you check the Yahoo historical prices for Magna they are actually the prices for Mega, thus the reason the RSI tool spits out the wrong values, "garbage in garbage out". I assume this is due to the way Yahoo has changed some of the ticker symbol coding over the years, particularly with the Canadian symbols which contain " - " "." " / ".
I have sent Yahoo a problem report on this specific ticker, it should be fixed in a few days, do you have any others you know of that are problems??
Korvus, is there a way that the RSI tool could include an error check, say compare the current price from the historical data to the last EOD market quote, if different by X% flag an error ??
I will also add a warning note to the RSI Tool help file so users will be on the lookout for this type of error. As always its good to cross check whatever data you use in your decision making.
Edit: RSI Tool help file updated.
http://caracommunity.com/content/rsi-tool
davier,
Yes the RSI tool is thanks to Korvus who wrote and maintains the program. For tips I've put together some notes, see the menu at the top of this page, "Site Index" >> "Website Help">> "RSI Tool", or just follow the link below.
Basically the RSI tool can also be used for most US, Canadian and international stocks. Just make sure the data entry block is empty, use the "Clear" button, then input your string of stock symbols (use the symbol coding from Yahoo), separated by spaces, then hit the "Go" button and wait a few minutes, (the "Go" button will change to "Gone" while the program is retrieving and calculating the data).
Note in order to calculate the various RSI values there must be historical data on Yahoo. Stocks are usually not a problem and most tracking indexes also have data, (domestic and international), just be sure to include the ^ prefix, such as ^DJI , example checking for historic data,
http://finance.yahoo.com/q/hp?s=^DJI
http://caracommunity.com/content/rsi-tool
edit: I see Saunders already beat me to the punchline, but I would still read the help file as it provides a few more ideas.
Sorry didn't realize the new CC for today was up, so re-posting here.
Bill, and all those interested in charts.
I've seen a few of the videos from Wordens and have been impressed with most of them, but not this one.
Although I agree with the basic conclusion of Peter Wordens video, I don't agree with his method for the following reasons.
1- The 10 month charts are in linear not log format, thus any trend line you draw represents a constant incremental rise, or in other terms a diminishing rate of return line. I agree the rate of this rally has been slowing for some time, even while it has been setting higher highs and higher lows. The trendline cross actually happened a little earlier if you plot the same line on log chart.
Actually this is quite normal for stocks in an uptrend to have varying rates of positive returns, we just have to decide when to ride the more powerful trends and look elsewhere during the long slow trends.
2- The trend line is established by two points, (Mar & July), not usually enough for a valid trend line. Then I'm sure I heard the statement at least twice that this trendline has not been violated since the beginning of the trend in March, until now. Well of course it hasn't, it was drawn between the only two low points on the line between then and now. We could have just as easily drawn the trend line from March to the Nov low and stated that we have just in the last few days successfully bounced of the long term trend line from Mar which has never been violated.
3- TSV volume on the SPY. I agree volume and price are important parameters, however I disagree on using any volume data on an index tracking product. The SPY is designed by Spiders to proportionally track the price of the S&P-500 index. I have never seen any tracking product which states it can also track the volume proportionally.
This volume issue has been a sore spot for some time as I see many chartists applying price and volume to these tracking products when they should be trading them but looking at the underlying chart for the TA analysis. IMO.
Attached please find a quick chart I put together of the $SPX and SPY, the price sections were scaled and overlayed and as you can see they are almost exact. Below I've shown the volume for the $SPX and then the SPY, with a 50 EMA added to both volume charts. As you can see the volume spikes above and below the 50 EMA are quite different, also the long term trend in volume is quite different.
So in the end if the action of the SPY is driving the $SPX, then you should use its price volume for TA. But if the SPY is just a price tracking product then trade the SPY but use the $SPX for the TA analysis and signals.
Note some are having problems seeing the video, the link is in the top scrolling banner once the freestockcharts website starts. Also note that the site runs under Microsoft Silverlight software and if you don't have it installed I doubt you will be able to see the video.
Thanks to Fox1, for posting the following more direct link, although I think you will still have to have Silverlight installed.
http://www.freestockcharts.com/?WatchSP500Video
FD: (I like the Wordens Telecharts service but don't subscribe to it, I do subscribe to Stockcharts).
Edit PS: Glad to hear Stef Cara is doing better.
Bill, and all those interested in charts.
I've seen a few of the videos from Wordens and have been impressed with most of them, but not this one.
Although I agree with the basic conclusion of Peter Wordens video, I don't agree with his method for the following reasons.
1- The 10 month charts are in linear not log format, thus any trend line you draw represents a constant incremental rise, or in other terms a diminishing rate of return line. I agree the rate of this rally has been slowing for some time, even while it has been setting higher highs and higher lows. The trendline cross actually happened a little earlier if you plot the same line on log chart.
Actually this is quite normal for stocks in an uptrend to have varying rates of positive returns, we just have to decide when to ride the more powerful trends and look elsewhere during the long slow trends.
2- The trend line is established by two points, (Mar & July), not usually enough for a valid trend line. Then I'm sure I heard the statement at least twice that this trendline has not been violated since the beginning of the trend in March, until now. Well of course it hasn't, it was drawn between the only two low points on the line between then and now. We could have just as easily drawn the trend line from March to the Nov low and stated that we have just in the last few days successfully bounced of the long term trend line from Mar which has never been violated.
3- TSV volume on the SPY. I agree volume and price are important parameters, however I disagree on using any volume data on an index tracking product. The SPY is designed by Spiders to proportionally track the price of the S&P-500 index. I have never seen any tracking product which states it can also track the volume proportionally.
This volume issue has been a sore spot for some time as I see many chartists applying price and volume to these tracking products when they should be trading them but looking at the underlying chart for the TA analysis. IMO.
Attached please find a quick chart I put together of the $SPX and SPY, the price sections were scaled and overlayed and as you can see they are almost exact. Below I've shown the volume for the $SPX and then the SPY, with a 50 EMA added to both volume charts. As you can see the volume spikes above and below the 50EMA are quite different, also the long term trend in volume is quite different.
So in the end if the action of the SPY is driving the $SPX, then you should use its price volume for TA. But if the SPY is just a price tracking product then trade the SPY but use the $SPX for the TA analysis and signals.
Note some are having problems seeing the video, the link is in the top scrolling banner once the freestockcharts website starts. Also note that the site runs under Microsoft Silverlight software and if you don't have it installed I doubt you will be able to see the video.
Thanks to Fox1, for posting the following more direct link, although I think you will still have to have Silverlight installed.
http://www.freestockcharts.com/?WatchSP500Video
FD: (I like the Wordens Telecharts service but don't subscribe to it, I do subscribe to Stockcharts).
We seem to have comments on two threads thismorning, Bill opened a new Nov 3 addendum, link below. It makes things a little difficult with new comments appearing on both threads.
http://caracommunity.com/content/daily-market-and-...
Aucourant, excellent work!
Re overlaying the charts on Stockcharts, there is no easy way to do it. Although I often use the PaintNet graphics editor to overlay charts from different sources. It is a layer based system so you can just put each chart into a different layer and then adjust the layer transparency properties so you see all the layers at once. The only problem is you need to stretch each layer to get the scalings to line up. It would help if I had some reference points on the curve fit charts, ie X-Y start and end points. In any case I have attached a quick sample image of the overlays using this method.
The other way would be to import the data for Gold closing prices from say Yahoo and put them into excel, along with the curve fitting data. Then generate the graph from within Excel with all the data in one place.
Let me know if you want to explore the PaintNet option, its quite handy and I can give you some pointers, you've got my email.