StockTwits: Useful or Just a Bunch of Twits?

Howard Lindzon has said some very nice things about my books. Now that the disclaimer is out of the way: what in the world is the purpose of StockTwits? For example, from their ‘about us’ page:

“Log into the site with your Twitter details or download the StockTwits Desktop and you will be joining a community where market participants share their very best ideas in a continuous real time and open conversation.”

And:

“The beauty is the simplicity. Messages are short and allow a person to read several interesting bits of stock information from various sources at a glance. The lightweight approach highlights the power of delivering vertical value to a horizontal community, where both constituencies share a common passion: the desire to consume and share real-time information.”

And:

“In essence, StockTwits® helps people interested in markets socialize ideas. Whether you are a short term trader, swing trader or investor, whether you prefer stocks, Forex, options or futures, whether you want to eavesdrop or participate, you will find a wealth of information streaming at your fingertips.”

Sure, everyone has a view, but not everyone has a view that you should pay attention to. In fact, if trading as a trend follower ALL of these views are worthless.

Let me blunt: I know who the best traders on the planet are and NONE of them do any of this. Agree or flame me because I am 100% dead on telling the truth. This is financial news and information taken to its useless extreme.

Note: I am an equal opportunity ripper of news whatever. CNBC doesn’t escape my sword.

The Author