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The S&P 500, and the Nasdaq
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The Dow Today in 3-minute Intervals
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The Dow
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Moving Averages: 4-day (Blue), 9-day (Green), 18-day (Red), 50-day (Black Dotted)

       Investors revealed their confidence in the economy and market even before the Fed’s Wednesday report by investing money in bonds and stocks. Equity funds got a $16 billion infusion while bonds saw inflows of $7.8 billion, according to EPFR data (investors showing confidence in both asset classes). Also, cash funds had $300 million in outflows, and gold funds had outflows of $1.3 billion.
       The Dow closed at 33926.01, down 127.93 points or 0.38%, the S&P 500 closed at 4136.48 down, 43.28 points or 1.04%, and the Nasdaq Composite Index closed at 12006.95 down, 193.87 points or 1.59%.
       Today (Friday), the Dow continued in its consolidation pattern, swinging above and below the line labeled “P.” Much of the following was posed yesterday, but it was left here to give context because there has been no significant change in the Dow’s status. Today, we interjected comments where we though they might be helpful. added comments The biggest losses [on Thursday] were in industrial names, including Boeing, Dow, and Caterpillar. [While there was some modest improvement in Dow and Caterpillar on Friday, Boeing had another bad day.] The S&P 500 and Nasdaq Composite Index both rose Thursday, [but profit-taking set in on Friday. Nevertheless, the Indexes both closed in pretty good shape.] The Market Bias Indicator shows a slight decline in its Indicator line rather than rising with the S&P 500 because it includes a mush broader range of stocks and is not a heavily concentrated in technology. If we were to base the MBI on all the stocks in the Dow, for example, the indicator line would be in a generally declining trend since 12/13. While the S&P 500 is often used as a proxy for the market, it is not doing a good job of that right now, in our opinion. On the other hand, if you concentrate your investments in S&P 500 stocks your prospects would be better than if you select from a broader range of stocks. The S&P 500 surged through , and closed above, the resistance of line “D” [on Thursday, but closed slightly below that line on Friday. It is still getting a little support there, but it may not be enough if selling continues on Monday]. The Nasdaq Composite Index surged to test resistance at “M” and pulled back to close a little below that level. The Nasdaq pulled back to get support at “C.” Yesterday, we said, “This gain is, in our opinion, a relief rally, and it was a bit much for one day. The reason for the magnitude of the gain is probably because tech stocks have been under pressure because of fears regarding what many see as a draconian rate policy by the Fed. The strength seems to be a result of what the Fed did not say combined with today’s jobs and other data. Powell had an opportunity to relay a hawkish message and didn’t take it. He could’ve said that markets are overly optimistic in believing the Fed will back away from its aggressive rate tightening, but he didn’t take the opportunity to counter the optimism. Investors still have a strong positive bias (look at the Market Bias Indicator).”  [We have no reason to change any of this.]
       A buy signal has been generated. Relative to yesterday’s readings, the 4-day moving average has risen, the 9-day moving average has risen, and the 18-day moving average has risen. Now, regarding the Donchian system, the last signal generated was a “Buy.” Relative to yesterday’s readings, the 20-day average is rising, and the 5-day average is declining. The 5-day moving average closed at 33,975.21. The 20-day moving average closed at 33,792.84.
.  Date of latest editing: Wednesday 2/3


The Market Bias Indicator (MBI)

       When the black line with dots (the indicator line) is above the horizontal blue line, this indicator is telling us that the market has a positive or bullish bias (in the short-term to intermediate-term, even if not in the long-term).  If the black dotted line is declining toward the horizontal line, bullish sentiment is decreasing but still present.  A negative or bearish bias will be indicated when the black line crosses below the horizontal line.
       Assume, that the market has a positive bias (the black line is above zero).  If the green line is rising, it is confirming that the environment is supporting bullishness.  In this case, long-term and intermediate-term investors who take bearish positions will be in an environment that is working against them.A declining green line in a market with a positive bias means the positive bias is not currently being confirmed … the MBI is detecting counter-currents of negative momentum that are not yet significant enough to change the market’s positive bias status.  That means investors may find situations where bearish positions can be taken with somewhat less risk than when the market has a confirmed bullish bias, but because the general environment is bullish, there is still risk in taking bearish positions.  Great caution is recommended.  Money can be made only on carefully selected bearish positions taken by short-term or intermediate-term investor/traders who know how to trade bearish positions in a market with a positive bias.  If the black indicator line crosses below the dark red dashed line, it means that the bearish sentiment is becoming more significant, but since the black line is still above zero, probabilities still favor bullish positioning.  In this environment, carefully selected bearish positions are more likely to be profitable than before the black line crossed below the dashed line.  From the perspective of an experienced short-term trader, the non-confirmed reading is giving a “go-ahead” for quick bearish trades. Here, the indicator would be giving nuanced information a level deeper than most indicators.  If the market has a positive bias, a green line turning down merely means the conditions are not “optimal” for short-term bullish positions. That does not mean they cannot be very profitable if carefully chosen.  However, a downturn of the green line in a market with a negative bias is much more problematic for bullish positioning, even for very short-term traders.
       Assume, that the market has a negative bias (the black line is below zero).  If the green line is declining, it is confirming that the environment is supporting bearishness.  In this case, long-term and intermediate-term investors who take bullish positions will be in an environment that is working against them.  A rising green line in a market with a negative bias means the negative bias is not currently being confirmed … the MBI is detecting counter-currents of positive momentum that are not yet significant enough to change the market’s negative bias status.  That means investors may find situations where bullish positions can be taken with somewhat less risk than when the market has a confirmed bearish bias, but because the general environment is bearish, there is still risk in taking bullish positions.  Great caution is recommended.  Money can be made only on carefully selected bullish positions taken by short-term or intermediate-term investor/traders who know how to trade bullish positions in a market with a negative bias.  If the black indicator line crosses above the dark red dashed line, it means that the bullish sentiment is becoming more significant, but since the black line is still below zero, probabilities still favor bearish positioning.  In this environment, carefully selected bullish positions are more likely to be profitable than before the black line crossed above the dashed line.  From the perspective of an experienced short-term trader, the non-confirmed reading is giving a “go-ahead” for quick bullish trades. Here, again, the indicator would be giving nuanced information a level deeper than most indicators.  In a market with a negative bias, a rising green line is letting an investor know that if they are very careful, there are some opportunities. For example, a setup pattern could offer a good opportunity for a 1-week price surge [a pre-surge “setup” pattern is meant here. For more on these patterns see the bottom half of the Stock Alerts page on this site]. A swing-trader may take such a position to participate in the surge and sell immediately as the surge loses momentum. These trades can enable a person to capture a gain of maybe 3% to 12% and sometimes much more than that (we have captured more than 30% in a single day).
       As for the green line, its position above or below either the black Indicator line (or Dashed red line) is not relevant.  It is the direction of the green line, not its position, that is relevant.
       The dashed red line can be used in combination with the black dotted line as a short-term buy/sell signal generator, but all signals must be confirmed by the green confirmation line. For example, say the black dotted line is below the horizontal line (indicating a negative market bias), and it crosses above the dashed dark-red line. If, at the same time, the green line is rising, then a cross above the red line may be interpreted as a buy signal in a negative environment for a short-term trade. All such signals must be viewed with respect to the prevailing context and the risks implied by the current configurations. Nothing on this Website should be interpreted as a buy or sell recommendation. Our indicators may generate buy or sell signals, but never buy or sell recommendations.
       So, what if the Indicator line is above zero (indicating a positive bias), but it has crossed below the broken red line?  If the green line is declining, it is confirming that bearish positions can be taken within the bullish environment.  However, it must be remembered that risk is higher than if the market has a bearish bias.  If the green line is rising, it is not confirming the short-term sell signal created by the Indicator line crossing below the red dashed line.  Instead, it is confirming the positive bias indicated by the black indicator line’s position above the zero line.
       On the other hand, if the Indicator line is below zero (indicating a negative bias), but it has crossed above the broken red line, simply reverse what was said in the above comments.

Highest RSI Stocks
        The Relative Strength Index (RSI) oscillates between 0 and 100. Look for a divergence in which the security is making a new high, but the RSI is failing to make a new high. This divergence would be an indication of a probable reversal.  If the RSI then declines and falls below its most recent trough, it is considered to have completed a failure swing. This would be considered to be a confirmation of a probable reversal. The RSI usually tops above 70 and bottoms below 30. The RSI usually forms these tops and bottoms before the underlying security. However, please be aware that a stock that is very strong can have an RSI that is well above 70 for extended periods. Thus, many short-term traders like to find high RSI stocks in order to “hop on” for a ride.
       Also useful to note is when the RSI surpasses a previous peak or falls below a previous trough (low). The RSI sometimes reveals more clearly than a price chart, the location of support and resistance.  The formula is RSI = 100-[100/1+(U/D)] Where: U = Average of upward price change, and D = Average of downward price change The RSI should not be confused with our own strength algorithm (used in our Strongest Stocks and Strongest ETFs reports, and in The Valuator). The RSI measures short-term strength over the most recent 14 days. If the following list is not updated within a few hours after the close, look for it early the next morning.

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Stochastic Oscillator
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       The Stochastic Oscillator charts above are referencing the Dow (left) and the Nasdaq Composite (right). It has been observed that as prices increase, closing prices tend to be closer to the upper end of their price range. In down trends, the closing price tends to be near the lower end of their range. Two lines are used in the oscillator — %K (red) and %D (black dashed). The %K line is calculated by the formula %K = 100[(C- L10)/(H10-L10)] where C is the latest close, L10 is the lowest low for the last 10 days, and H10 is the highest high for the last 10 days. A very high reading (over 80) occurs when the closing prices are near the top of the price range for the last 10 days, and a low reading (below 20) means the closing prices are near the bottom of the range.
       The second line (black dashed line) is the %D line, and it is the 3-day smoothed version of the %K line. The major signal to watch for is a divergence between the D line and the price of the benchmark being referenced (Dow or Nasdaq in this case) when the D line is in an overbought or oversold area. It seems the best buy signals occur when the D line is in the 10 to 15 oversold range and the best sell signal in the 85 to 90 overbought range.
       A bearish divergence occurs when the D line is over 80 and forms two declining peaks while prices continue to climb. A bullish divergence occurs when the D line is less than 20 and forms two rising bottoms while prices continue to decline. Assuming these conditions are met, the actual buy or sell signal occurs when the solid K line crosses the dashed D line after the D line has already changed direction. That is, the crossing should take place to the right of the peak or trough in the D line. For example, at a bottom, the buy signal is stronger if the K line crosses above the D line after the D line has already bottomed and started to rise. At the top, the sell signal is stronger if the D line has already peaked and begun to decline before it is crossed by the K line. That is, the crossover is stronger if both lines are are either rising or falling.
       The right-sided crossover is not as important a condition if the trade is in the direction of the original trend. For example, if prices are only in a short-term corrective dip within a prevailing uptrend and register a buy signal from an oversold area, the right-sided crossover is not particularly important. It become much more important if the signal is indicating that a trend reversal is taking place. It takes a stronger signal to reverse a trend than to resume one.
       In general, an alert or setup exists when the %D line is in an extreme area and diverging from the price action. The actual signal occurs when when the D line is crossed by the K line.

Pivot Points

Explanation Of Pivots
A pivot point is a price level that is used by traders as a predictive indicator of market movement. A pivot point and the associated support and resistance levels are often turning points for the direction of price movement in a market. Prices tend to swing between two levels. For example, if a price is right at the first level of support (“Support 1”), the probability is that it will move back toward the “pivot point” These levels are very weak, and have most relevance for intraday action. In an up-trending market, the resistance levels may represent a ceiling level in price above which the uptrend is no longer sustainable and a reversal may occur. In a declining market, the support levels may represent a low price level of stability or a resistance to further decline. Pivot points were originally used by floor traders in setting key levels. Before the market opened, floor traders would calculate the pivot points for the day. With these pivot points as the base, additional calculations were used to set support 1, support 2, resistance 1 and resistance 2. These levels could then be used as trading aids throughout the day. The resistance levels are where sellers are likely to enter the market, depressing prices. Therefore, it is significant if a stock can push its way through the selling pressure. It takes buying demand to push shares higher through levels at which sellers are waiting. Likewise, the support levels are where buyers are likely to enter the market, exerting upside pressure on prices. Therefore, it is significant if a stock declines through the buying pressure. It takes significant share selling for shares to continue dropping, even through levels at which buyers are waiting. The price of a security or Index will remain between pivot support 3 (S3) and pivot resistance 3 (R3) 80% – 85% of the time. Therefore, many traders will wait for a move toward either R3 or S3 to show signs of stalling. When the stalling is evident, they will buy a stock that has been declining toward S3 or sell a stock that has been rising toward R3.

Group Pressure Gradient

       The market has an effect on shares analogous to the effect of air currents on an airplane. The greater the speed of the wind counter to the direction of the plane, the more difficult it is for a plane to make headway. However, a plane moving in the direction of the wind will find it much easier it to make headway and to gain speed. An airplane has its own driving force, but the plane’s environment exerts its external force on the plane. Likewise, shares have their own motion based on supply/demand and sentiment considerations pertaining to those shares, but the environment in which the shares exist exerts forces on the shares that are unrelated to the merits of specific shares within that environment. We refer to this “force” as the Group Pressure Gradient.” A Group Pressure Gradient reading near zero might be compared to flying on a windless or near windless day, and a reading of 28 might be compared to flying with a gentle to moderate tail wind. To continue the analogy, a reading of 28 to 57 might be compared to flying with a moderate to strong tail wind, while a reading of 57 to 85 would be like flying with strong winds to gale level tail winds.  Negative readings would reverse the above comparisons. Of course the analogy is not perfect because a pilot would not want to fly in gale winds, but we certainly would not mind investing in shares when the market is registering 57 to100 on the pressure gradient scale.  The Group Pressure Gradient has both magnitude and direction. Hence, it is a vector.  A river or stream has many currents, cross-currents, counter-currents, eddies, and minor whirlpools. If a person wants to know what the pressure gradients are in a stream, he must select a specific spot in the stream to conduct his measurements. The same thing applies to pressure gradients in the stock market. To measure a pressure gradient, it is necessary to select a specific group of stocks within the market. We are currently calculating this indicator for three groups of stocks: stocks in the Dow, stocks included in the Nasdaq Composite Index, and stocks that make up the S&P500 index (the last time we checked, the S&P500 consisted of 50.8% mid-cap, 45.4% large-cap, and the rest were small-cap). Measurements are not made for individual stocks in isolation. It is the general environment of the stocks in these groups that is being measured. Please be aware that some big-cap blue-chip stocks are in all three of our benchmarks (the Dow, in the S&P500, and on the Nasdaq), and each grouping has its own group pressure gradient. Therefore, when a stock is in more than one group, it is best consider each environment but give the strongest weighting to that of the Dow (because the Dow has the greatest relative concentration of investors in blue-chips who also represent the biggest relative concentration of big money). If you are not investing in blue-chips, then you might give more weighting to the S&P 500. If you are investing in a portfolio of technology stocks, then give emphasis to the reading for the Nasdaq. Usually the groups have similar readings, but sometimes they are quite different. The GPG of a group may decline while the corresponding Index rises, or rise wile the corresponding Index declines.  Also, individual stocks within a group can surge (because of a news event, for example), even when there is a negative pressure gradient.
     The indicator is extremely sensitive and can change dramatically from day to day. It might be best to think of it as measuring the current status of the pressure gradient. Earlier, we gave the analogy of an airplane flying with or against the wind. Bear in mind that air currents are constantly shifting in direction and intensity.

CCI For The Dow (left) and Nasdaq Comp. Index(right)
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 (What the readings mean)

       The above chart is the CCI based on the Dow (left) and the Nasdaq Compsite Index (right). Traders often check the CCI to see if there is divergence between it and its underlying security. They also look for overbought and oversold conditions. If the Dow is making new highs but the CCI is not, for example, then the Dow is probably heading for a correction or pullback of unknown magnitude. The CCI usually ranges between +100 and -100. If it is above +100, the underlying security is considered to be overbought. If it is below -100, the underlying security is considered to be oversold. However, there is much more nuance to the usefulness of this analytical tool.Learn more.

SETUPS: Increase your odds of making a profit by focusing on “setups,” chart configurations that are most often seen before a price surge. Be sure to wait for the “trigger event.” A “trigger event” is your buy signal, assuming there is not overhead resistance or other contrary indications. For more on setups, go the Q&A page and read item 13 . Then use the link at the end of that explanation.


The MACD
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The MACD  The MACD (Moving Average Convergence/Divergence) is a popular buy/sell indicator. Here, we present the MACD chart for the Dow (left) and the Nasdaq Composite Index (right).  The MACD is the blue line. The “trigger line” is the dotted red line. The basic MACD rule is to sell when the MACD falls below the broken signal line and buy when it rises above its signal line. A crossing of the zero line is a confirmation of the signal. The MACD can give buy/sell indications in three ways: signal line crossovers (the indicator is bullish if it is above its broken signal line and bearish if it is below this line), overbought and oversold conditions (the MACD is in an Overbought/Oversold range when it pulls dramatically away from the broken line; when this occurs, it is likely that the market is overextending and will soon reverse direction), and divergences.  Divergences occur, for example, when price makes a new swing high or a new swing low, but the MACD histogram does not, indicating a divergence between price and momentum.  Bar Colors: Red = Negative & Down, Purple = Negative & Up, Blue = Positive & Down, Black = Positive & Up

Chande Momentum,Stochastic Oscillator, Relative
Strength,
& CCI
 for the Dow, Nasdaq, and S&P 500

 Do not click on image to enlarge.  Instead, press “Ctrl” and “+” simultaneously.

What is PAL?

These Indicator charts will be updated weekly (sometimes more often). If an indicator chart is based on more than one day, it can take several days for the indicator to show much of a change even if the index makes a big move on a single day. Even if an indicator is very sensitive to daily Index changes, it can be helpful to compare the current Index with the posted chart.

McClellan Oscillator
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       The McClellan Oscillator is a breadth-of-market indicator that is effective for interpreting short-to-intermediate-term market moves.  It is the number of NYSE stocks advancing minus the number declining in price from the previous session that forms the raw data for the McClellan Oscillator.  Hence, the top chart is that of the NYSE.. 
       McClellan Oscillator readings of ±150 are extreme and tend to correlate well with buying and selling climaxes in the market. In the white space above the Oscillator chart you will see the outline of two boxes.  They are for +150 and -150 respectively (the overbought and oversold levels), but the numbers do not show there.  Instead, horizontal white lines show at those levels.  The McClellan Oscillator reaches these extreme values, measuring overbought and oversold conditions, in advance of market turns. It then passes through zero at or very soon after market turning points (to put this in perspective, extreme readings occur much less frequently than a pass through zero. McClellan Oscillator passes through zero tend to indicate market reversals at approximately 2 to 6 week intervals). The type of action to be taken, if any, depends on the major trend of the market (as indicated, for example, by 50 and 200-day moving averages) and on whether the move originated from an extreme reading. Thus, in the early and middle phases of a bull market emphasis might best be placed on buy signals. In a bull market, buy signals occur earlier, and positions can be taken when the McClellan Oscillator clearly moves out of its basing pattern, even if it is still negative. In a bear market, sell signals occur when the oscillator moves clearly out of a topping formation, even if it is still positive. The amplitude of the oscillations above and below zero correlates with the general volatility of the market. The oscillator shows distinct cycles (lasting 22 to 24 weeks) between significant bottoming formations. Divergence between oscillator moves and conventional market indicators forecasts an impending change in market direction. Conventional trendline theory can be applied to oscillator patterns. For example, a triple top formation in the McClellan Oscillator forecasts a termination of the preceding up-trend.

 Chaikin Money Flow & Chaikin A/D Oscillator

The top chart above is the Chaikin Money Flow indicator.  The indicator line is heavy and red.  It attempts to measure money flowing in and out of a security (in this case, the Dow).  The movement of money into or out of the market can give us clues about the meaning of price movement.  Look for divergences between the Chaikin Money Flow indicator and price action.  If the price moves higher and Chaikin’s Money Flow indicator moves lower, the rise in prices is not supported by an influx of money, and the rally is likely to be short-lived.  If Chaikin’s Money Flow indicator is between zero and .10 (0 is marked by the solid horizontal black line and .10 is marked by the upper dashed horizontal black line), then it is thought to be reflecting weak buying and is not particularly bullish.  However, Chaikin Money Flow readings above .10 are bullish.  If Chaikin’s Money Flow is between zero and -.10 (the lower dashed horizontal black line),  then it is considered to be weak selling and it is not particularly bearish.  Readings below -10 are normally considered bearish.  Readings of .20 are bullish (-20 is bearish), and these levels are marked with dashed red lines.  Readings above .25 (the upper horizontal blue line) are very bullish and indicate higher prices are probably ahead.  Readings below -.25 (the lowest blue horizontal line) are very bearish and indicate that lower prices are probably ahead.  Please note how the flow of money often precedes price action.  However, money flow and price action will sometimes diverge.  When that happens, do not trust that the current price action  of the Dow will continue.  When money persistently flows into the Dow, expect an advance.
       The Chaikin Advance/Decline Oscillator is on the bottom.  Here, too, the indicator line is heavy and red.  This indicator uses the same data that is used in the accumulation/distribution line.  However, it is created by subtracting a 10-day exponential moving average of he accumulation/distribution line from the 3-day exponential moving average of the accumulation/distribution line.  The premise for the Chaikin Advance/Decline Oscillator is that a healthy price advance is accompanied by strong volume accumulation (a rising Chaikin Oscillator).  It is a positive indication if the Chaikin Oscillator declines while the Dow declines (volume is not supporting the decline).  Because volume drives rallies, lagging volume during a rally is a sign of weakness (the rally is “low on fuel”).  The Chaikin Oscillator was designed to indicate the flow of volume into and out of a stock (the Dow in this case).  Comparison of this volume flow to the Dow’s action can help identify tops and bottoms.  Look for divergences.  When prices reach a new high or low, especially at an overbought or oversold level (see the stochastic oscillator), and the Chaikin Oscillator fails to make a new high or low and then reverses direction, it is a warning that price direction is likely to change.  Another use is to view a change in direction of the Chaikin Oscillator as a buy or sell signal, but only in the direction of the trend.  For example, if the Dow is above a rising 50-day moving average, then an upturn in the Chaikin Oscillator while it is in negative territory would be a buy signal, especially when the Dow is very close to the 50-day moving average.  A scale on the right is in millions and should be ignored because it is not necessary.  The important thing is the movement (highs, lows, and direction) of the indicator (red line) relative to that of the Dow.

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Published by Dr. Winton Felt

Dr. Winton Felt Educational background. Dr. Felt did his graduate level studies in Systems Engineering/Applied Mathematics, English, Management, and Clinical Psychology. During a good portion of the time he was involved in his graduate studies, Dr. Felt also operated his own business, teaching advanced reading and study techniques at four colleges in Southern California, and conducting special classes for various Christian organizations. General history of securities-related experience. Felt began his study of security trading patterns (emphasizing the “point-and-figure” method and outcome probabilities associated with various patterns) when he was in his early 20's. He became a professional in the financial services industry in 1985. He did his basic brokerage training at Merrill Lynch and achieved perfect scores on the “Series 7” in the areas of “Portfolio Analysis” and “Investment Strategies.” At Merrill Lynch he became the “Mutual Fund Coordinator.” A few years later, he was recruited by Bateman Eichler, Hill Richards (Everen Securities) to finish the development of a stock-trading system and to use it in managing a pooled account. He then founded Asset Management Systems and continued his work on the development, analysis, and evaluation of investment disciplines and strategies. He used multivariate analysis to test the profitability of more than 50,000 investment strategies. He then used the results of his analyses to design high total-return strategies. He also wrote algorithms to enable a computer to search through thousands of stocks to identify those that have any of a variety of behavior patterns known as "setups," price and volume configurations that most often occur shortly before a price surge. Dr. Felt created the Market Bias Indicator (MBI), also known as the Felt Oscillator, the Force of Trend (Group Pressure Gradient) indicator, and a procedure for discovering what he calls "Key Intraday Levels." He managed portfolios, created investment disciplines, created the publication originally known as Value Indicator (later renamed The Valuator), created what was originally a 70-page weekly publication known as StockAlerts (our present StockAlerts subscription service is a derivation and subset of this no longer available publication), and was the founder of Stock Disciplines, LLC. Work and licenses before becoming the principal officer of Stock Disciplines, LLC. Dr. Felt has held various licenses as an investment professional. During the years immediately before he became the principal officer of Felt Financial, LLC. (through which he managed investment advisory accounts), Dr. Felt held a “Series 7” General Securities license and was registered with the NASD. He also held a “Series 24” license issued by the NASD. A “Series 7” will qualify a person to be a “Registered Representative” or “Investment Broker,” and is the license held by the more qualified “brokers” at major brokerage houses. This license is a prerequisite to sitting for the “Series 24” exam. The “Series 24” license is required for those who supervise other brokers (securities regulations stipulate that every Broker/Dealer firm must have at least one individual who is licensed as a "General Securities Principal"). Having both a “Series 7” and a “Series 24,” Dr. Felt had the NASD designation “General Securities Principal” (it should be noted that registration and licensing by the State of California, the SEC, or the NASD does not represent a mark of approval or endorsement by these regulatory bodies, but that certain standards of knowledge and other requirements have been satisfied). During this time, Dr. Felt was affiliated with Titan Value Equities Group, Inc. as a Registered Representative, a Registered Principal, an Advisory Associate, and as the manager of an Office of Supervisory Jurisdiction. Felt Financial, LLC. (of which Dr. Felt was the principal officer), remained in the investment advisory business as a Registered Investment Advisor until December 31, 2005. After that date Felt Financial, LLC. became Stock Disciplines, LLC., and the firm (and Dr. Felt) stopped providing investment advisory services (use the link below for more on why the advisory business was abandoned). Dr. Felt has also conducted investment strategy seminars and tutorials for investors and brokers. Past Affiliations. Biola University in La Mirada, Asset Management Systems located in Costa Mesa and Newport Beach, and Felt Enterprises with primary locations in Oceanside and Carlsbad in California, USA. Articles Published. To see a few articles written by Dr. Felt, click on Articles. If you know or have ever met Lawrence, Carolyn, Winton, Shirley, Wendy, Anthony, Larry, or Gail, we have a message for you. Read The Message For more on Dr. Felt's strategy testing and why he stopped managing money for others, see item #10 after clicking on Leaving the advisory business. Return to About Us for information about the company. View