The Trading Books Reading List

Technical Analysis, Trading, Markets

Charting the Stock Market: The Wyckoff Method, Hutson, Weis, Schroeder
Forecasting Financial Markets, Tony Plummer
How to Make Profits in Commodities, William D. Gann
Market Wizards, Jack Schwager
Mind over Markets, James F. Dalton
Profits in the Stock Market, Harold M. Gartley
Reminiscences of a Stock Operator, Edwin Lefevre
Stock Market Technique No. 1 & No. 2, Richard D. Wyckoff
Street Smarts, Linda Raschke, Larry Connors
Studies in Tape Reading, Richard D. Wyckoff (Pen Name: Rollo Tape)
Tape Reading & Market Tactics, Humphrey B. Neill
Technical Analysis and Stock Market Profits, Richard W. Schabacker
Technical Analysis of Stock Trends, Edwards and Magee
Technical Analysis of the Financial Markets, John Murphy
The ABC of Stock Speculation, S. A. Nelson
The New Market Wizards, Jack Schwager
Trading Risk: Enhanced Profitability through Risk Control, Kenneth L. Grant
The Taylor Trading Technique, George Douglas Taylor
Trader Vic Methods of a Wall Street Master, Victor Sperandeo
Trader Vic II Principles of Professional Speculation, Victor Sperandeo
Trading Commodity Futures with Classical Chart Paterns, Peter Brandt
Viewpoints of a Commodity Trader, Roy W. Longstreet
Viewpoints of a Commodity Trader, Roy Longstreet
Wall Street Ventures and Adventures, Richard D. Wyckoff

Misc.

Atlas Shrugged, Ayn Rand
Letters from a Stoic : Epistulae Morales ad Lucilium, Seneca
Mean Genes: Taming Our Primal Instincts, Terry Burnham, Jay Phelan
Meaning of it all : Thoughts of a Citizen Scientist, Richard Feynman
Monte Walsh, Jack Schaeffer
Psychology of Judgment and Decision Making, Scott Plous
Rational Choice in an Uncertain World, Robyn M. Dawes
Shogun, James Clavell
Statistical Methods, George Snedecor
The New Statistical Analysis of Data, T. Anderson and J. D. Finn
The Secrets of Turf Handicapping, Robert Bacon
The Winner's Curse, Richard Thaler
The Wisdom of Crowds, James Surowiecki
Triumph of Optimists: 101 Years of Global Investment Returns, Elroy Dimson

Don't Buy don't buy at current situation

If the market theory is true, the new low in last week around 8,000 should be retested. Just wait.

Start to build short position

I start to build short position, lightly with short in V and QID.
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The U.S. economy shed jobs for the fourth-straight month in April.

In post-Great Depression history, a four-month losing streak has always preceded a recession. The Labor Department told us this morning that the U.S. lost another 20,000 jobs in April. The economy has shed 260,000 jobs since the new year.

But we’ll spare you the suspense. Here’s the headline you’ll read tomorrow: U.S. Employment Report Better Than Expected. Stocks Rally on Jobs Surprise, Unemployment Down.

Indeed, economists were expecting a net loss of 75,000 jobs in April. And by some mysterious quirk of government math, the unemployment rate actually fell 0.1% from March. It’s now at 5%.

The U.S. stock market, having baked in higher job losses already, surged on the news this morning.

The Fed is saving the Market, not the economics

As foreclosures surge, we also learn today vacant U.S. houses have reached a record high. According to the Census Bureau, over 18.6 million houses are empty -- up 1 million properties from a year ago.

That’s the biggest glut of vacant homes since the Census Bureau started keeping track in 1956. Most likely, this many homes haven’t sat empty since the Great Depression.

Our friend Kurt Richebacher rolled over in his grave so hard this morning he likely pulled a muscle.


But the crumbling housing market is old news, right? Gasoline prices are now the No. 1 economic concern among U.S. consumers.

What we can do for rice crisis?

Rice prices all over the world set record highs yesterday and overnight… again. Futures in Chicago punched through the $25 level in yesterday’s session. Now up 26% in April alone, Chicago rice is climbing at its fastest monthly pace since 1993.

Then, as we slept, Thai rice (the world’s most traded rice) shot up to $1,000 a ton. We got our hands on a chart of this stuff… unbelievable:

Your eyes do not deceive you… prices have tripled since the New Year. A month ago, when we were shocked at the $720 sticker price. Now $1,000? Oy…

People of the world’s poorer nations are thrilled. Here’s a Bangladeshi man expressing his excitement to a policeman. About 20,000 of his friends joined him in the latest food riot there.

A U.N. “peacekeeper” was dragged out of his car and shot in Haiti, where riots over the price of food occur almost daily. In the Ivory Coast, a mob of 1,500 overturned cars and burnt tires while chanting, “We are hungry.”

Senegal, Kenya, Egypt, Cameroon, Jordan, Yemen, Pakistan, India, Mexico, Mozambique, Zimbabwe….

Several stocks related to rice include MOS or you can just play with commodity.

too bad for job market

very bad for me:(
But here’s the rub. Unlike the tech bust, during the mortgage crisis fallout, it won’t be just Wall Street scions and their New York dependents struggling to find employment.
Today, given the slowdown in the housing and mortgage markets, only 59% of American employers plan to hire 2008 college gradates this year, down 17% from 2007. What’s more, according to Monster Worldwide’s annual survey, 29% of employers say they are “unsure” about hiring new grads -- twice as many as responded this way last year.
Pollsters at Monster say about half of all 2008 college grads plan on moving back home after graduation -- more than double the 22% who had the same plan in 2007. That can’t be good for family balance sheets already strapped preparing for retirement.

S&P 1350 is the support for new bull market

It seems we get it today . Now the question is whether it can hold for 3 days.