Its no secret that here at MarketClub we are technical traders. We look to the charts to reveal setups and trends that we expect to act a certain way. Technical trading is not for everyone though, that's why we have invited our friends from Benzinga to tell you a bit about trading the news. Enjoy and be sure to visit the Pro's at Benzinga for more insight on trading news.
Every day, investors from all over the world discuss the prospect of trading on technicals or fundamentals. It is much less common, however, that investors discuss the idea of trading the news. But by doing so, it can provide them with an opportunity for quick intraday gains, as market-moving headlines can make a stock soar or send it plummeting to its death.
Without question, the key to successful headline trading is to receive the news in real-time before the stock has made its move. The news regarding M&As, FDA approvals, increased guidance, or new contracts frequently (and immediately) send shares higher the moment the news is released. On the other hand, key personnel resignations, secondary offerings, and disappointing economic data generally provide profitable short opportunities. The moves can vary anywhere from a few percent points to more than 50% gains or 50% reductions.
Elliott Wave Theory is often seen as a tool to determine long term cycles in the markets. However, the fractal nature of Elliott Wave makes it just as useful for short-term and intraday trading. In this session, Steven will explain why Elliott Wave is an excellent tool for daytrading. He will discuss how you can make money even when you have the wrong wave count and the wrong assumptions; how Elliott Wave is forward looking and a great money management tool. He will also focus on the weaknesses of wave-based trading and how to overcome them. Finally, he will describe how intermarket analysis, when used together with Elliott wave, can add confidence to your trading analysis and final actions.
Steven Poser is President and Founder of Poser Global Market Strategies Inc., and institutional and retail advisory services firm registered as a CTA with the CFTC which also offers training in technical analysis techniques for trading and analysis professionals. Prior to forming Poser Global Market Strategies Inc., Steven spent nearly eleven years as sole U.S. technical analyst at Deutsche Bank Securities in New York City, sitting, at various times, on the U.S. Government Bond Primary Dealer Desk, the International Bond Desk, and the Currency Desk. Before joining Deutsche Bank, he was a computer analyst for Merrill Lynch Capital Markets and the Western Electric Company, where he helped create the Y2K consulting industry with his Y2K non-compliant coding techniques. He holds a post-graduate certificate in finance, an MBA with a concentration in economics and a BA in mathematics and computer science.
Steven has become a widely acclaimed technical analyst achieving recognition for his prescient calls on the U.S. bond, currency, and stock markets. He has appeared on CNBC, is a regular guest on Reuters Financial Television and articles have appeared in publications such as Forbes, Barrons, Futures, and The International Financing Review. He took the highest honors in the Knight Ridder Financial's trading game competition in 1996 and finished third in 1998 although he competed for only six months of the year.
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