There are a handful of people that asked us some of the tools we use on a daily basis when determining which stocks we will be looking at. As we continue to grow out blog we will introduce more and more sources we use to evaluate stocks. To start off tonight, we will introduce 2 general sources we use for general information. We will explain the significance of each source and why we enjoy using both!
Now www.Investing.com is one of the main sources we skim through each night. The reason for this is because we enjoy looking at Futures. Now futures show you activity that is going on while the market is closed. We usually check this website around 9:00-10:00PM each night. The reason for this is because it can give the trader a better idea how tomorrows markets are looking. Now this isn't always an accurate indicator to go off of, but it definitely helps. If you remember on Sunday we mentioned the North Korea news that hit over the weekend. With this being said we mentioned we would sit the markets out on Monday due to how futures were looking. Everything was in red late Sunday night anticipating market hesitation Monday. The markets did indeed struggle on Monday down over 200 points. So with this being said, this is a source you can check out each night to see how the markets may look the next day. If you look at the figure above, we look at commodities futures each night as well. If something like Gold is up substantially, then maybe we look at Gold companies for the next trading day. If something like Oil is in deep red, we may eliminate any companies we were looking at the next day that dealt with the oil sector.
Now Finviz is another super awesome tool we look at each night. The reason for this is because Finviz provides traders will all types of information. In future blog posts, we will go in much more detail but here are some basics. Each day Finviz publishes some of the top performers and some of the worst performers that day. This way you can get a better idea of some different tickers out there that you can look at in upcoming days! Finding stocks is one of the trickiest things, but this is a great place to start. In future posts we will go in much more detail how we find specific companies.
A place you can start on Finviz is their Stock Screener section. On this page you can find all types of stocks based on your own criteria. We will teach the different criteria we look for in the future, but this is something you can play around with. It's truly a very neat platform. There are so many stocks out there, so having the ability to filter them out is key. This way you can get a handful of stocks that fir fit your criteria then you can chart them and see which ones you like best. We will also go into charting eventually as well!
Now like we said above, this is just a couple tools we use. We use many more which we will explain in future posts! Give these a try and let us know what you think!
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