Throughout the last several weeks I've dedicated several articles to a discussion of how I combine various information sources to create a comprehensive swing trading system. For streaming real-time quotes I rely on Interactivebrokers, and for streaming real-time charts I employ Livecharts. To spot opportunities in a consistent group of stocks and analyze them with multiple indicators, I use Stockcharts. For sector analysis and overall market indicators such as the McClellan Oscillator, I rely on Decisionpoint.

In addition to these paid sources, there are three free websites at which I find myself a regular visitor. By far the most important for me is Yahoo. Typically I first check the news stories because so much that happens in the geopolitical arena has an immediate impact on the financial markets.

If you haven't already bookmarked the "Finance" section of Yahoo, I suggest you do so. I find it useful in innumerable ways and would pay to use the site if required (but please don't let them know that!).

Yahoo is primitive as a technical analysis site, but great for fundamental research. There are eight sections that I check regularly:

• World Indices -- Late in the evening I will look at the S&P futures on Livecharts. I will then often check how the foreign financial markets are trading and what insight I can gain about the next day's opening. Since I am on Mountain Time, Tokyo, Hong Kong and Taiwan have been trading for several hours by about 11 P.M. my time. If I retire late, Frankfurt, Paris and even London let me know how world markets are trending.

• Briefing.com -- Typically my first pre-market opening stop of the morning is Briefing.com's "In-Play" which is found on Yahoo. In-Play summarizes the overnight foreign market activity, the U.S. futures and early stock headlines such as earnings activity and news releases. "In Play" becomes active about 6 AM Eastern Time and updates on a delayed basis throughout the day. I will often correlate "In Play's" stories with the CNBC ticker tape to see if there are any news-driven trading opportunities. Once you have found "In Play," make sure to bookmark it since it can be tricky to return.

To do in-depth research on a specific stock, enter that symbol in the box at the top of the Finance page. There are six sections of stock-specific information I frequently investigate:

• Historical Prices -- There are times I want to find exact support and resistance levels on a stock and can do this by consulting the historical prices. This section contains data on the open, low, high and close of a stock daily. Information on sector indices and broader indices such as the S&P 500 is also available.

• Profile -- There are occasions I find an interesting chart pattern and want to understand what sector the company is in and what its products or services are. The profile section provides a quick snapshot of company activity.

• Headlines -- Large changes in prices are often explained by unexpected news the market has not yet discounted. I will consult this section both intra-day and after the close to find out what fundamental factors have driven an unusual move in share price. Headlines are archived for several years so historical research can also be done.

• Key Statistics -- This section contains fundamental information such as Price toSales and Price to Earnings (P/E) ratios. While a bull market will often ignore fundamental overvaluation, a bear market is seldom forgiving. A technical observation of a downtrend, corroborated by fundamental overvaluation, gives additional evidence that a correct judgment of the stock is being formed.

• Analyst Estimates -- While I disregard brokerage analyst's stock ratings, I pay a lot of attention to consensus estimates, as they are reasonably accurate. This page also lists past earnings surprises, which is important information if you are holding a stock immediately before earnings are released. When I am doing in-depth fundamental analysis on a company, a ratio I use is calculated by dividing the current P/E by the one-year estimated growth rate. This ratio gives me a quick snapshot of under or overvaluation--a ratio of below one is positive and over two means the stock is pricey.

• Insider Transactions -- Insider buying and selling can tell you a great deal how they feel about the company. If insiders are going onto the open market to buy shares in significant numbers, they probably believe the company is undervalued. Conversely, if there is a pattern of persistent selling, they may know something most traders don't.

Yahoo has many other sections I use on occasion. If you haven't spent much time on the site, it is well worth exploring the finance section. Yahoo also has a good news summary, but I find an even better one on CBS Marketwatch. If I have not watched CNBC during the day, I will almost always check this site to catch up on the important news events of the day. Key stories are presented in separate articles and are commented on in detail. There are frequently articles on technical analysis. The site also summarizes trends in overseas trading starting in the early evening.

Finally, I will mention Kitco, a site I visit when gold or silver bullion are affecting the market. Kitco is a gold-bugs site, so expect its commentary to be biased in favor of the precious metals. What I value about the site is that it provides free near real-time updates on precious metals and the price of crude oil. Free charts are also available.

While I consult many financial websites and am always checking out new ones, the ones I have described --both paid and free -- are "my best friends." In totality they give me the information I need to stay abreast of the markets and spot emerging trends. Hopefully, in this series on financial websites, I've introduced you to some new buddies as well.

Good trading!

Dr. Melvin Pasternak
Editor
The StreetAuthority Swing Trader

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