In June, I wrote about the launch of Wall St. Scanner, a cool iPhone application that allows retail momentum investors who play U.S. markets to run with the sophisticated algorithmic trading crowd.
Since then, it has been highly rated and downloaded by over 80,000 users. And starting now, day traders interested in the 289 stocks listed on the S&P/TSX Composite Index and S&P/TSX 60 Index can allow take advantage of this tool.
Simply put, the free app provides a forecast of next day price directions for stock indexes and equities using text analysis and proprietary algorithms to analyze the direction of investor sentiment toward public companies from seven million web pages published by over 16,000 sources (including news outlets, financial analysts, corporate websites and social networking sites such as Twitter and Facebook).
Sentigo, the privately held Israel software development company behind Wall St. Scanner, says it is on a mission to revolutionize the way the public consumes financial information. And the application, which provides quick charts and features hot stocks experiencing unusual market conditions, is clearly a great way to watch what is happening in financial markets and summarize information about stocks on a handheld device.
However, be warned, trading is always a risky game.
As Greg Newman, a wealth management advisor and associate director with ScotiaMcLeod’s Newman Group, advised when Wall St. Scanner was launched, Wall St. Scanner looks helpful. But good traders need to take a proper approach to investing and have a solid understanding of the game, not to mention a healthy respect for markets, as much as they need an ap that offers clues on what the pulse of market sentiment will be in the short-term future.