Trading Against the Crowd
Profiting from Fear and Greed in Stock, Futures and Options Markets
By (author) John F. Summa
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Trading Against the Crowd by John F. Summa
Book DescriptionEfficient market theorists contend that markets are random and thus not predictable. With the publication of Trading Against theCrowd, however, noted author, economist, and professional trader John Summa convincingly shows that investor sentiment can be incorporated into profitable stock and stock market trading systems. In this groundbreaking book, Summa explains how to use popular gauges of crowd psychology, such as put/call ratios, option-implied volatility, short sales, investor surveys, and advisory opinion to trade against, or contrary to, prevailing market sentiment. He also makes compelling arguments against the efficient markets hypothesis with the presentation of his own quantitative weekly bear and bull news-flow intensity indices, which he builds from news scans. This data series, and other popular measures of crowd psychology, are processed through custom indicators that are programmed into profitable trading systems, such as Squeeze Play I & II, Tsunami Sentiment Wave, and the Fourth Estate. Trading Against the Crowd is the first book to provide a comprehensive assessment of investor crowd psychology, offering valuable market timing tools and trading techniques, including: MetaStock and Trade Station system and custom indicator code; comparative statistical studies of CBOE, OEX, and equity-only put/call ratios; straightforward instructions for combining price triggers with sentiment indicators; a practical guide to understanding put/call ratios, short sales, investor surveys, newsletter opinion, and stock market news-flow intensity; how to use LEAP options as trading vehicles to avoid use of stop loss orders; use of put/call ratios for trading the Treasury bond futures market; and test results and evaluation of trading system performance. Many of today's professional money managers rely on investor sentiment for improved market timing. They know that at extremes of market sentiment, markets tend to be the most predictable.Trading Against the Crowd shows how you can begin to profit from these short- to medium-term sentiment waves generated by the actions of the speculative crowd. Put into practice powerful sentiment data using thoroughly back-tested trading systems, and rise above the herd mentality of the investor crowd, where potentially large profits await.
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Book DetailsISBN: 9780471471219
(231mm x 161mm x 21mm)
Imprint: John Wiley & Sons Inc
Publisher: John Wiley and Sons Ltd
Publish Date: 9-Nov-2004
Country of Publication: United States
Books By Author John F. Summa
Getting Started in Employee Stock Options, Paperback (January 2010)
An A to Z guide for understanding employee stock options (ESOs)While most of upper- and middle management in organizations use advisors to help manage their employee stock options (ESOs), only a small percentage of those below them can afford to do the same.
Options on Futures, Paperback (February 2002)» View all books by John F. Summa
Authored by acknowledge experts in the field, this book helps traders understand options on futures and arms them with cutting-edge strategies and techniques for making the most of these incredibly versatile instruments. The authors cover all key trades, including credit spreads, ratio spreads, calendar spreads, and more.
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Author Biography - John F. Summa
JOHN F. SUMMA operates his own commodity pool and managed account program. He is an NFA-registered commodity trading advisor (CTA) and licensed, series-3 options broker. In 1997, John founded one of the first option advisory Web sites, OptionsNerd.com. More recently he established a new trading advisory site, TradingAgainstTheCrowd.com. He is the coauthor of Options on Futures: New Trading Strategies and Options on Futures Workbook, both published by Wiley. John regularly writes for Investopedia.com and has published his trading ideas in Technical Analysis of Stocks & Commodities magazine and Futures magazine. A former professional skier, John also holds a master's degree in economics from the prestigious Graduate Faculty at New School University in New York City.
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