The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price moves. The RSI moves between zero and 100 and is considered overbought with a reading above 70 and oversold when below 30. Note the RSI can sustain an overbought (oversold) reading in a strong up (down) trend.
Back in 2004, I saw Aimee Mann perform a spectacular set at St. Ann's Warehouse in Brooklyn. By coincidence, the show was recorded, and it soon became available as a DVD + CD ($15!). Mann streams all of her music at her site, so you can check it out at your leisure before buying it.
I enjoyed that show so much that I check out her live concerts whenever I like the venue. I had been wanting to see what the Paramount in Huntington was like, and Mann gave me the opportunity on Friday night.
The Setlist below is from Club Helsinki (Hudson, NY) from the night before — isn’t identical, but its pretty close.
All told, a great show in an intimate setting (not sure if last song was Red Vines or something similar).
Set list
1.Disappeared 2. Gumby 3. Labrador 4. You Could Make a Killing 5. Lost in Space 6. Living a Lie (with Ted Leo) 7. Charmer 8. That’s Just What You Are 9. Ray 10. Save Me 11. Wise Up 12. One (Harry Nilsson cover) 13. Slip and Roll 14. Soon Enough 15. Goodbye Caroline 16. It’s Not Safe
Encore: 17. Ghost World 18. 4th of July 19. Voices Carry (‘Til Tuesday song) (with Ted Leo) 20. ?
If anyone has a more accurate set list, please let me know . . .
Key Data Points German 10-year Bund 1 bp lower; France 1 bp tighter to the Bund; Belgium 2 bps tighter; Ireland 11 bps tighter; Italy 10 bps tighter; Spain 6 bps tighter; Portugal 24 bp tighter; Greece 13 bps wider; Large Eurozone banks weekly change, -6.14. to 4.03 percent; Euro$ down 0.43 percent. Comments
The German parliament has approved Cyprus's bailout package, bringing the aid deal a step closer. 487 MPs voted in favour, with just 102 opposing the plan;
Italian MPs failed to choose a new president. Two rounds of voting failed to produce a winner, meaning a third (and probably a fourth) ballot tomorrow;
The jobless rate in the Netherlands rose to 8.1% in March, on a seasonally adjusted basis, from 7.7% in February. Twelve months ago it was 5.9%;
Germany's top central banker warned that the task of recovering from Europe's debt crisis could take a decade. Jens Weidmann, head of the Bundesbank, also suggested the ECB could cut interest rates to stimulate demand;
European car sales fell by over 10% last month, as the financial crisis hit the auto industry. Germany, France and Spain all saw double-digit falls;
MEPs were deeply critical of the handling of the Cyprus bailout. A session at the European Parliament saw a series of politicians blast the botched rescue package;
An opinion poll showed that Germany's new eurosceptic party has the support of around 3% of the country's voters – not enough to win seats in the Bundestag;
Germany's ZEW economic sentiment index slipped to just 36.8, down from March's 48.5 (and much worse than expectations) – a sign that optimism is faltering among the economists and analysts surveyed by ZEW.
Via Ivan Hoff, today we look at the rules which Gerald Loeb amassed over his career:
Gerald Loeb’s Market Wisdom
1. The most important single factor in shaping security markets is public psychology.
2. To make money in the stock market you either have to be ahead of the crowd or very sure they are going in the same direction for some time to come.
3. Accepting losses is the most important single investment device to insure safety of capital.
4. The difference between the investor who year in and year out procures for himself a final net profit, and the one who is usually in the red, is not entirely a question of superior selection of stocks or superior timing. Rather, it is also a case of knowing how to capitalize successes and curtail failures.
5. One useful fact to remember is that the most important indications are made in the early stages of a broad market move. Nine times out of ten the leaders of an advance are the stocks that make new highs ahead of the averages.
6. There is a saying, "A picture is worth a thousand words." One might paraphrase this by saying a profit is worth more than endless alibis or explanations. . . prices and trends are really the best and simplest "indicators" you can find.
7. Profits can be made safely only when the opportunity is available and not just because they happen to be desired or needed.
8. Willingness and ability to hold funds uninvested while awaiting real opportunities is a key to success in the battle for investment survival.-
9. In addition to many other contributing factors of inflation or deflation, a very great factor is the psychological. The fact that people think prices are going to advance or decline very much contributes to their movement, and the very momentum of the trend itself tends to perpetuate itself.
10. Most people, especially investors, try to get a certain percentage return, and actually secure a minus yield when properly calculated over the years. Speculators risk less and have a better chance of getting something, in my opinion.
11. I feel all relevant factors, important and otherwise, are registered in the market's behavior, and, in addition, the action of the market itself can be expected under most circumstances to stimulate buying or selling in a manner consistent enough to allow reasonably accurate forecasting of news in advance of its actual occurrence.
12. You don't need analysts in a bull market, and you don't want them in a bear market
“Are you sensing a pattern here? Getting more and more of our news from the social network is having significant repercussions for markets — and your money.
These sorts of obscure and wonky analyses never used to see the light of the day outside of academia. Today, however, Twitter has created interconnected communities of professionals that encourage these memes to spread fast and wide.
In less than seven years, Twitter has gone mainstream. Companies such as StockTwits have built entire networks on he Twitter platform, populated with several hundred thousand traders. (Disclosure: I am a venture investor in StockTwits.) Even the Bloomberg data service now has curated Twitter feeds on its terminals.
Twitter has become a powerful tool for traders, investors and journalists. Academia has noticed. Sandy Pentland and Yaniv Altshuler of the MIT media lab in Boston are trying to determine how investors are using Twitter to gain an edge in the markets. Traders are incorporating social media into their information consumption, and it is tremendously useful to them.”
Source: How Twitter is becoming your first source of investment news Barry Ritholtz Washington Post, April 21 2013 http://www.washingtonpost.com/business/how-twitter-is-becoming-your-first-source-of-investment-news/2013/04/19/19211044-a7b3-11e2-a8e2-5b98cb59187f_story.html
My WaPo column addresses this, but only in passing. Here is part of the original draft column that did not make it itnot he full paper:
“I agree with that sentiment, but as always, a few caveats are in order. Simon Ricketts of the Guardian has noted that "Twitter does its best work in the first five minutes after a disaster, and its worst in the twelve hours after that." (@rolldiggity). Misinformation and error are not uncommon, especially in crisis situations.
Then there are the malicious liars. Shashank Tripathi was tweeting anonymously under the Twitter handle @comfortablysmug. He purposefully tweeted all manner of false information during Hurricane Sandy.
But even anonymous trolls like Tripathi got their comeuppance on Twitter. His false tweets about the disaster were almost immediately debunked by others, and he was soon outed as the campaign manager for Christopher R. Wight, GOP candidate for New York's 12th Congressional District. Tripathi apparently thought sowing the seeds of confusion during crisis – the digital equivalent of yelling fire in a crowded movie theater – would somehow help his boss. It didn't. Tripathi was fired, and Wight lost to Democrat Carolyn Maloney.”
See also:
-The F.B.I. Criticizes the News Media After Several Mistaken Reports of an Arrest (NYT) -The New York Post's disgrace (Columbia Journalism Review) -Shameless paper in mindless fog (Reuters)
Related:
-How Social Media is Transforming the Financial Community (Open Markets) -Good News Beats Bad on Social Networks (NYT) -Bloomberg Jumps on 'Twitter A-List' After SEC's Social Media Decision (AdvisorOne)
My Sunday Morning reads — pull up a cup-o-joe and enjoy!:
• Nate Silver: Confidence Kills Predictions (Index Universe) • Govt watchdog is calculating size of implicit subsidy of TBTF banks (Barron’s) see also Bailout Recipients (ProPublica) • The Lure of Hedge Funds (Research Affiliates) • Shiller: Before Housing Bubbles, There Was Land Fever (NYT) • A Heretical, Rational Perspective on Gold (Cognitive Concord) • Jeremy Grantham on population growth, China and climate sceptics (The Guardian) see also The brutal logic of climate change, international shipping edition (grist) • The Dark Side of the Digital Revolution (WSJ) • The Remarkable Decline in the Wall Street Journal’s Long-Form Journalism (Atlantic) • Surviving the NBA’s Heat Wave (WSJ) • Funny! What Do You Think About Penny Stocks? (BrightScope)
Fascinating investigative journalism from the great Herb Greenberg:
450,000 people had robot-assisted surgery last year, making Intuitive Surgical, the maker of the da Vinci machine, one of the hottest stocks around. Hospitals across the country embrace the cutting-edge surgical device but criticism is mounting. CNBC’s Herb Greenberg investigates allegations of problems in the operating room in his latest documentary, “The da Vinci Debate.”
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