Do you watch CNBC, Bloomberg, CNNfn (or other financial TV stations) while trading? Do you find it helpful or harmful to your trading? I thought a new discussion and opinion poll on this subject may be useful to everyone.
I trade with TA so that I do not have to listen to CNBC all day. Don Miller doesn't either and he is who I follow mostly.....with a few of my own tweaks to his system. I find it makes me too nervous. Though most of the day it is on but muted. However I keep it on so I can watch the ticker go by and look at the indexes to make sure the ones on my computer are working. With all that is going on, I do keep it on in case there is some breaking news on the world situation. I always use stops to avoid the nasty spikes from news related market reversals.
I don't watch CNBC or any TV during trading hours...too much hype too much mis-info.....during lunch I do watch TV maybe a bit of CNN,MSNBC,Bloomberg, and a little Ricki Lake and if some sort of terrorist attack should occur...there is one news cast that will tell you before CNBC,MSNBC, Bloomberg, briefing.com or anything else...it's called the S&P Futures contract!
The interesting thing is that I have yet to see anything written anywhere about the role of the financial media and CNBC and their cheerleading during the bubble!!
I trade a longer timeframe than most, but I can say unequivocally that the longer I trade, the less I like to listen to CNBC, Fox or read the financial press. I do listen to CNBC during the day, but they are more like co-workers. I suppose you become jaded after a while, especially after the past three years. But when someone touts a stock, my immediate thought is they are selling it. And I am not looking for the next MSFT. Plus the other thing is that your head gets filled with ideas from the press. For instance, what if Saddam goes in to exile? Chance almost zero. Prudence in covering some shorts into the weakness, seems sound. So I took some off the table over the past few days, and hedged a little for a possible pop. But not after thinking it through, after hours, with Law and Order on the tube.
....... financial media and CNBC and their cheerleading during the bubble!! [/QUOTE] The human psychology doesn't change, they will do it again when/if they get another chance imo
I watch Bloomberg all the time. I use to watch CNBC but Maria kept giving me heart attacks. Now today on Bloomberg, Suzy Assad was wearing the most beautifully stunning polka dot dress. I watch Bloomberg in the middle of the night, there is a very fine lady on the Asian broadcast. Otherwise, there is a very good opinion from the merc each morning. And a good commentary from the bond pit at the cbot. Now and then you hear something on the dollar. Cracks me up though to see some poor fund manager saying now is the time to buy some stock, and they flash the chart in the background and only a true masochist would invest in something that looks like that. I mean those charts are chop chop chop all the way down. I just want them to ask, "This stock is down 50% from it's highs, did you ever recommend it as a short? If not, why should we give a hoot about your opinion of it as a long?" Yeah, I like Bloomberg.