It’s Monday and like every other Monday for the past couple months, Wall Street is up in arms over some new report of declining something or other. Despite a good industrial production reading, investors are still contemplating and worrying about a automaker bailout, job cuts at Citigroup Inc. and a continuing decrease in sales for some of the nations top retailers.
Despite weeks of bearish sentiment, there seems to be an upturn for the NASDAQ, DJIA and SP500. PredictWallStreet’s real-time sentiment meter shows bullish sentiment for the three, using processes data from millions of predictors. Let’s see how long this sentiment can hold though.
I was checking My Page today on PredictWallStreet and was really impressed to see that my accuracy rating has gone up to 54.1% I have not only become better at predicting, but have learned how to utilize the tools on the site to help increase my prediction accuracy. Between using the forecasts for the basis of my predictions and also looking at the direction of sentiment, I’ve become more affiliated with stocks and am able to make better predictions. A few months ago I was predicting the majority of my picks wrong, but now I’m correct more than half the time! It’s amazing to watch your progress and see how far you can come in so little time with just a little practice.
There are a lot of forecasts today for company’s that I don’t really know much about. I have found that it is best for me to predict on companies that I have a higher star rating for, which is coincidentally the company’s I know most about. If I predict on company’s for which I have less than a 2-star rating, I usually am wrong so I like to focus on the ones I am better at.
General Electric (GE) is forecasted to close up today. I’m normally bullish on this company which seems to coincide with the forecast. I’m also a four star predictor on GE and therefore know I have a strong affiliation with them. I have predicted up today for GE based on the forecast and sentiment. Poll results show that 72% of predictors have predicted up for GE today and looking at one month sentiment I can see that even though it is bearish now, it seems to be taking an upward turn. The sentiment chart also shows that GM has experienced some extremely bearish dips right before seeing an upsurge into bull territory.
Stumble It!
1 response so far ↓
torbjornrive // November 24, 2008 at 5:03 pm |
Interesting site you have going here. And now is definitely a good time to learn how to tread (or trade) lightly. The days of “investing” are done (for now), and we’re in for some strange times.
As far as GE is concerned, don’t forget that they’re basically a hedge fund in disguise (from what I’ve heard), and have yet to announce their true pain from the credit crunch. They’re investors and innovators, but money flies through them like a laser.
More power to swing traders. Good luck, and I’ll for sure check back on your blog and progress.