OPENING POSITION

September 1999 

I find myself in the odd position of being back in a job I left nine years ago, that of editing Technical Analysis of STOCKS & COMMODITIES. Of course, the magazine has improved tremendously since then: It's bigger, more comprehensive, and more readable, with far better graphics.

However, we have been getting some flak from you readers about the size of the images that accompany the articles and reviews, so we're trying something new by enlarging them, breaking some of them out in greater detail and actually increase the use of pictures to show what we're talking about. We're trying to think of our stories in pictures as well as words, something of a transition for all of us in this field. You'll see the first steps we're taking toward this in this issue, so I welcome your suggestions and comments on this. Let us know whether you think we're on the right track.

Stepping up to the Editor's job again has made me look around and take a closer look at the state of the trading scene than I have been. It's easy to note that trading is now a popular activity, whereas in 1990, it was still suspect. These days, at country clubs, work places, and health clubs, people chatter familiarly about this stock or that stock's daily move in response to the latest report. Daytrading is almost respectable and, of course, the bull market has provided many success stories. Commission rates have fallen, the amount of information available is overwhelming, bucket shops -- the 1990s version -- abound, and communication is close to instantaneous. Whatever you think of the market's prospects, you've got to admit we have a great trading environment these days.

That said, the fundamental issue of trading seems to be the same: dealing with uncertainty. Some handle it with quick reactions, with a finger on the pulse of the market. Others rely on their faith in a long-term uptrend in equities. Still others depend on diligent company research, while others hold fast with quantitative tools, our personal favorite here.

As the Interim Editor of STOCKS & COMMODITIES, I'm interested in stories and techniques that give the reader the tools to picture the uncertainty of the markets and to deal with it. We cannot know the future, of course, but some guesses may be better than others; some market behaviors more consistent than others; some personal disciplines, some trading techniques, more productive than others. With the help of our writers and authors, I aim to get those ideas to you. If you have ideas along this line, let us know. And in the meanwhile --

Good Fortune!

John Sweeney,
Technical Editor

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