Wednesday, August 19, 2009

AUG-19 随便聊两句关于大盘预测

权当灌水。

玩股也有好多年了,自己有时候也经常和自己玩预测,发现正确率一般不超过7成,中线准一些,有个八成,长线和短线都比较难准,有时候也说不出个所以然来。自己预测的水平这几年其实一直没有太大长进,但是操作越来越熟练,我想最大的原因可能还是很玄的经验在起作用。经验这个东西,就是你看到一个形态,不用去查指标,直觉就知道好还是不好。操作经验在这里作用就是消除bias,所谓牛眼看牛,熊眼看熊,一个形态解读办法有很多,经验多了潜意识里面知道是哪一种,也能战胜本能排斥这个结论的情感,做股票,最关键是战胜自己的情感。比如看到现在8点不到的法国CAC指数形态是-0.34%,我第一感觉就是走完三角形态要继续涨,一会儿看对不对。

拿这几天的形态来讲,一般新手因为刚入场而盼涨,老手因为看到了顶部形态而盼跌,最后结果如何,TA预测是可以的,但谁都不知道。市场就是走一步看一步,自己错了,其实不用先想为什么错了,而是应该采取正确的操作方式。很多人觉得操作方式其实没有正确和不正确的分别,确实如此。正确的操作方式其实就是一致的操作方式,比如自己经验证明,什么情况怎么做,正确率高,就要坚持,哪怕错了,也是正确的。这个很拗口哈,呵呵。其实就是讲,一个7成正确率的经验,市场如果出现了3成的可能,不要去轻易推翻它。一般形成这种所谓的经验和股感的,基本要2-3年的功力,很多散户2年已经外婆或深套,能活下来的少数,就成了老手。

光看股市,把握不了股市的方向。如果能看明白债券市场,期货市场和外汇市场,水平还要上一个台阶。这些市场都是关联的,几个市场分析下来结果差不多,那一般那个结果差不到哪里去。这里最重要的是数据。人类的语言是很奇妙的,所以看人写的东西是不行的。大投行的报告,一般75%的内容是chart,且其中90%的chart都是自己综合数据画的。商业银行的报告,一般75%是文字,其中90%是拷贝来的,所有的chart基本都能在bloomberg找到。最大的区别就是数据不骗人。

老实讲,玩股市玩到数据级别的,我很少见到能亏钱的。

-----------------20分钟后的分割线---------------------

现在可以基本确定我第一段的预测是错误的了。冲高后的收缩三角7成以上是要继续趋势向上,可是这次没有,那么现在就是应该做反方向的操作了,因为说明向下的动能很大。具体操作,比如现在CAC 3430这个位置,可以轻仓做空,止损位置在比今日高点略高,向下突破时候加仓做空。亏的可能是12点,赚的可能也许就是60点了。和期货市场一起看,就发现今天的commodity期货非常疲软,外汇来看,美元走强,所以也是符合这个趋势的。宏观来看,中国市场大跌,原材料基本现在是中国市场为主要定价,所以应该会跟随且放大中国市场的走势。今日沪铜沪铝全线下挫,也符合这个操作的可能。那么如果CAC刚才确实突破向上了怎么办呢?很简单,市场不明朗,不操作,等待信号。

Monday, August 17, 2009

AUG-17 Correction

I still think this downtrend is a correction for now, but keep in mind it is still possible going to create another bottom for the market. This depends whether some resistences work well and how the economic data show, like durable good orders this month and nonfarm payroll next month.
 
Is there a straight leg to the hell? Of course not, rebound is always at the corner. I believe 8900 for DOW is a strong resistence and only gap down is an easier way to break it. Please be advised there is nothing we can do in August. Just relax and take a break, we will see what we can do back for the new semester. :)
 
Oil is heading down and USD is heading up. Bearish commodity ETF and Treasury Bonds ETF are good ways to hedge your long positions.

Saturday, August 15, 2009

AUG-15 股票是如何定价的

炒股票的同学们,有多少人知道一个股票是如何定价的?我想这个问题这边大多数同学会觉得有点�,可能大部分人还没考虑过这个问题吧。

怎么说呢,你知道一瓶普通超市巴氏杀菌牛奶大概值多少钱。假设有个日常杂货店卖到5美元一个品脱,你肯定认为这个杂货店疯了,不过如果在顶级私人会所,可能可以接受,如果太便宜了,比如只卖5美分,你肯定是怀疑质量有问题或者在搞什么活动了。简单说,你能够知道一品脱超市巴氏杀菌牛奶大概的定价是如何的,然后决定是不是去买。

小到一瓶牛奶,大多数人的人都会想个明白,那么几千上万美元的股票投资呢,大多数人是绝对做不到想明白了才入场的。这边问三个问题。

  1. C为什么现在卖4美元一股,这个股价是怎么计算出来的?
  2. ACH ADR是如何定价的,期货价格怎么样影响其盈利?
  3. 能否解释一下WDC的股价特殊性以及和WDC哪一个基本面相关?

如果同学们觉得这些FA问题回答不上来,那可能你是一位TA爱好者,那么你的问题在下面:

  1. CCI和RSI的异同和各自特点,使用环境?
  2. BBands两个参数的含义?
  3. DMI那几条线的建模方式?
  4. VIX是如何计算出来的?

大家自己自测一下吧,如果看着这些TA和FA的问题除了去GOOGLE之外大多数没啥头绪,那你这位同学参与股市的行为和去赌场赌一把没有任何本质区别――那么请问了,诸位去赌场会带上自己相当一部分的积蓄么?

Friday, August 14, 2009

AUG-15 Some TA Charts

Today I would let charts talk.

Chart 1 Base Metal Index:
  • M head
  • Lower-lows
  • First target 220-230
  • Match with dollar rebound
  • Match with recent selling off of Chinese A share and its base metal stocks
Chart 2 Gold:
  1. Shoulder and Head Top
  2. First target 930 then 910
  3. Match with dollar rebound
Chart 3 SP500 Daily Candle Stick - Bearish signals:
  1. MA 5 and 10 dead cross
  2. MACD dead cross
  3. Topping pattern in Chinese 孕十字星
  4. Two while stick in two black stick 二阴包二阳
  5. Target Fib. rtr 960
  6. Inverse match with dollar rebound
Chart 4 US Dollar Index
  • A reverse shoulder and head bottom is forming.
  • First target 80.7 around month-end

Wednesday, August 12, 2009

AUG-12 Fed Rate Decision

Just forward my message sent to some of my friends this morning.

I feel it's very likely today Fed won't change rates but will cite the economy is in faster recovery phase, may hint Fed will hike rates by year-end or so. This may bring up USD for short-term, till end of August.

Actually to me everything matches. Metal price are now too high to avoid a correction. Everyone knows inflation so the market maker should teach retailer investors a lesson by bring down the broad commodity price. Also, for stocks, 9300-9400 for DOW is a major resistance, to form a V shape recovery by an inverse head-and-shoulder bottom, there should be a symmetric correction back to 8800-8900 area, which also tells us a USD recovery and commodity price down.

Another indicators are IBs usually upgrade stocks and target price, major news paper tell people "this is beginning of the bull market". Of couse, they are not cheating if you look back a year later, but for now... Normally August should be a quite piggy market as most people going for vacation, so a mild correction is reasonable.

If the market is crazy, it is also possible that DOW have new high today or tomorrow, then I am wrong, which is quite unlikely by looking at A share now.

Saturday, August 8, 2009

AUG-08 A View on the Markets

My friends, it has been so long that I came back to think about write something. Life is turning around. Work is busier, time is always less than needed. Previously I was thinking about to go to financial industry but recently I got some suggestions from friends so I decided to stay cool for another couple of years.

Hopefully, you've been enjoying the recent bull-run of the market and certainly writing about the past is useless and we need to focus on the future. One thing I can say and is different from the media is that the economy is far away from recovery, but this does not mean the stock market is heading south next week. Looking back the past bear markets, every bear markets had a V shape rebound or ticker-shape back to the 60% from peak to low, that means 11300 for DOW and 1200 for S&P 500. Don't argue with me that I am too optimistic - just open the chart for the past 100 years and look it by yourself, and you will find in many cases for bear markets, the rebounds were even higher than 60% and ranged from 90%-100%!

Some tips: Hot sectors are still the same: technology and commodity. Weak sectors are healthcare and media press. Finally, buy China.