Friday, January 12, 2007
I continue to find the Correlation Tracker useful in my research. For example, since I've finally come to terms with the fact that I was a schmuck for not buying ZOLL (ZOLL) since last summer, as a glutton for punishment I decided to see which other stocks I missed like Zoll. The results? Stocks with high correlation rates are: MWP, RKT, AZZ, BAB, CAPA, CRVL, KFED, NTY, NU, and TEF.
Fortunately, some of these stocks have been on the radar (like CorVel (CRVL)) but everytime I run this I realize I've always missed a few (like Captaris (CAPA)).
When I've previously talked about this free tool, some of you told me that looking for opportunities in this manner is hocus-pocus and useless data-mining. Perhaps, but some of the most basic tools you have access to can yield amazing results. Personally I think just because a tool like this doesn't have a $2,000 per year price tag that many automatically think it isn't worthwhile. So far my research suggests otherwise.