In case you were wondering where do I get my market information from, or who do I rely on for my the daily happenings on what’s going on in Wall Street, the truth of the matter is, I don’t tune into, or listen to anyone. Frankly, I couldn’t tell you when the last time I watched CNBC, the Fox Business Channel, read the Wall Street Journal, or picked up an issue of Barron’s. When it comes to Jim Cramer, I think it is almost insanity to even listen to him for even one minute. However, during the daily 5% – 10% sell-offs we were seeing in the broader market in 2008 and early 2009, I did find myself tuning in for the humor in watching him completely melt down, and explain why his latest bottom call wasn’t really a bottom call (from what I heard he called 3,235 bottoms during 2008 alone!).
So where do I get my information from? Nowhere really. I will go to Yahoo’s Finance page on a daily basis to find out about a particular stock (i.e. what they do, etc.), or find out what the news is that’s driving the market. They also have a nice little section on the left hand side of the page provided by Briefing.com (pretty good website actually) that gives updates at about every 30 minutes or so on the what’s driving the market, what sectors or industries are performing well, what stocks are having the most effect on the market, and who just released their earnings etc. I will also follow a couple of blogs every once in a while such as Kirk Report (every couple of weeks or so), or SlopeOfHope, Finviz, and of course Twitter (throughout the day), but that’s about it.
Most of the information that I get comes from reading charts, running screens, and frankly PRICE and VOLUME. This is what I consider the two most important elements in the stock market, and frankly all of the clowns and goons that rant and rave on tv and get all excited about nothing, could do themselves a lot of justice if they simply focused on the basics. By doing so, life becomes much more quieter, relaxing, and simply enjoyable.
My head has to be clear of doubts and conflicting ideas. I must be able to come up with my own understanding of the the market, and the stocks within it, without letting doubts, courtesy of CNBC, creep in. I can’t try to take what Jim Cramer says, and mesh it with what Fox Business says, and combine that with the eternal optimists at Motley Fool say (which has become nothing more than a glorified infomercial of late), and actually expect to have a sound analysis or rationale for my trades and general understanding of market conditions. If I tried to do that, I’d probably end up in one of those places where all the walls are white and people walk around like zombies or I’d be popping Xanax pills like there was no tomorrow. Simply put, I can’t allow my thoughts and opinions to be distorted by every Tom, Dick, and Harry that think they are the ultimate authority on the market. If I am going to be wrong on a trade (or two), and believe me that happens all the time, I don’t want it to be because someone else told me so on television or because Joe Schmo’ in the WSJ said so. I want to be wrong on my own accord, so I have no one else to blame but myself.
By the way have you ever wondered why these people argue with each other on CNBC? What does it honestly matter what another person thinks? It’s not like they are arguing over the superiority of the Miami Dolphins against all other football teams! You don’t have to take their advice or trade on their opinions and no one is forcing you to. If they are wrong, the market will soon show them the error of their ways, and it will probably hurt them financially too (assuming those dudes actually know how to place a trade – which is somewhat doubtful). So let them have their opinions, I could careless what any of them have to say, and highly doubt I ever will. Heck, after reading this article, you may decide “I don’t need SharePlanner anymore – I’m going to make it on my own!” and you have every right to do so.
Remember I will always be unfiltered, honest and totally transparent. Believe me there are times when doing so is painful. But these wannabes on all these network stations and through the written media never admit their wrongs, they change their opinions daily, and are never held accountable for anything they say or do.
So Turn Off CNBC and Turn On Cosby Show Re-Runs!!!