Timing - When to Buy And Sell In Todays Markets (1938)
Title: “Timing – When to Buy And Sell In Todays Markets”
Author: JOHN DURAND
Publisher: TICKER PUBLISHING COMPANY, NEW YORK, N. Y.
Year of Publication: 1938
LOC Catalog Entry: None found
Copyright Status: Public Domain in the United States and countries following the rule of the shorter term
“Whether you are a long pull investor or an active trader, careful reading and application of the principles and methods described in this book will bring tangible dollars-and-cents results.
From an investment standpoint, it should mean more rapid capital growth through the purchase of securities that are not only sound fundamentally, but are in a strong technical position. It should represent the saving of many years, income through the reduction of avoidable paper losses.
From a trading standpoint, it should enhance greatly the percentage of profitable commitments so that profits can be diverted steadily to an invest-ment backlog. What is more important, in active trading, risks and losses should be minimized to remove to a large degree the possibility of serious impairment of working capital.
When to buy and when to sell is by far the most important factor for successful investment and trading. The need of this book, outlining in a useful manner the chief timing factors to observe and follow, has been emphasized by the collapse of the market in 1937.
The book, therefore, not only appears at a particularly opportune time, but its contents are most practical. They are based on a comprehensive study of what might be considered a complete market cycle under New Deal conditions . . . the recovery from February 27, 1933 to March 10, 1937, and the subsequent decline.
It was a source of pride to me that the prepara-tion of this book fell to my lot. Actually, it is the product of The Magazine of Wall Street . . . the result of the studies and tried-and-proven methods of the market technicians on our staff. I have availed myself of the long training and experience of the heads of our Chart, Tape Reading and other departments which have to do with the forecasting of the trend of the market.
In addition, I have taken advantage of the knowledge at hand of the mechanics of the market, the research made in analyzing capital structures, and financial statements, etc. Many rules and precepts, some new and some old, which have long been followed by our organization are divulged for the first time. Naturally, these are always in a state of development, but as this book is written, the information presented is up-to-the-minute.
The case illustrations given have been selected with the utmost care. They are widely diversified in treating of the various ways of making money in the stock market . . . through pyramiding, arbitraging, operating on margin with use of stop-loss protection, determinants of important intermediate turning points, etc; Their value exists in their illustration of how the rules and principles laid down by this book should be interpreted and applied.
While realizing the vast importance of timing as a market factor, our organization fully recognizes the need of investing in those securities that are not only sound, but offer the greatest possibilities of price appreciation; of trading in stocks that have many underlying advantages and are likely to do much better than the averages.
In the selection of issues recommended to our clients for investing and trading, our security analysts give every consideration to earnings, capital structure, management, sponsorship, as well as to diversification and objectives. Having been with the organization for many years, I esteem most highly the unceasing care and accurate judgment of our counsel and am glad to commend the resources, facilities, contacts and personnel of this public-serving organization at 90 Broad Street.
After reading this book, if you would like to receive individual assistance in your investment and trading problems, please do not hesitate to write to us. I assure you that we are always ready and glad to be of service to you.”
New York, N. Y., January 25, 1938.
TABLE OF CONTENTS:
I. Understanding Modern Markets
New Technical Factors—How Today’s
Market Differs From Predecessors 13
II. Charts—Their Use, Advantages and Limitations
Kinds of Charts and How to Read
Them—Trends and Turning Points 33
III. When to Buy and Sell
Gauging Sentiment—Tape Reading—
Judging the Breadth of the Market—
Limiting Losses—Timing the Effect
of News—Danger Signals 59
IV. Mechanics of the Market
Dividends, Rights, Etc.—Short
Selling—Puts and Calls—The
Specialist’s Book—Floor Traders—
V. Selecting Industries and Individual Issues
Characteristics of Certain Groups—
Gauging the Possibilities of Issues—
Analysis of Financial Statements—
Shaping Your Portfolio 101
VI. Case Histories US
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