Present Indian Stock Market Scenario

July 3rd, 2009

The Indian Stock Market is a collection of various regional and national level stock exchanges in India. It is platform for the masses of the country to invest their savings and also as a source of funds for various organizations and institutions that feature in business category.

What is Indian Stock Market ?

Indian Stock Market contains more then 20 Stock Exchanges, some of which are popular nationally as well as regionally. The first stock market started in the country was the Bombay Stock Exchange (BSE). Its the oldest stock market in Asia and was established as “the Native Share and Stock Broker’s Association” in the year 1875.It has around 5000 listings and a volume of more than US$ 1 Trillion. The other most popular Stock Exchange is the National Stock Exchange (NSE). Its also the largest Stock Exchange in the country and third in the world. These two exchanges constitute a major part of the Indian Capital Market.

What is their purpose ?

Stock markets basic role is to provide a platform for the masses of the country to invest their savings and also as a source of funds for various organizations and institutions. It provides an opportunity for any person to become a part-owner of the company by buying the companies shares. These shares can be sold and exchanged as well as used as collateral in certain cases. One can deal in a variety of financial instruments in a stock market such as Equity which has already been explained, Future’s, Retail Debt, Wholesale Debt, Currency Future’s, Derivatives, Bonds etc. Trading can only be performed by a registered broker of the respective stock one wants to deal in or through a broker.

Impact on The Economy

The stock market has both positive and negative effects on the Indian Economy. Some of which are listed below

Provides a source of funding for organizations
An investment avenue
A source of income for investors
A source of revenue for the government in the form of taxes
A source of employment opportunities
Meeting place for investors and organizations
Idle funds of common investors can be used for profitable purposes

Present Scenario

The current condition of Indian markets have drastically improved. There is absolute transparency and instant transactions. All Indian Stock markets are now computerized and Internet Trading has become a common phenomenon. Indian stock markets have also developed a dynamic nature and can change from a bullish temperament to a bearish slide. Any small bit of information or even a rumour from any part of the country can affect the market and is a fairly accurate indicator of the prevalent atmosphere in the region or country. People from across the country and globe get in touch with minute wise readings on the stock market and gain a lot of trading aptitude after daily seeing BSE Stock Gainers or BSE top losers list which does a world of good to their investment portfolio.

Conclusion

The Indian Stock Markets can be a very rewarding avenue of investment but the constant changes and the inherent dynamic nature of the markets can wipe out your funds or savings within a minute. Thus, the key words for every retail investor is to be constantly alert and very observant. Don’t always rely on the daily list of BSE top gainers or BSE top losers as it only takes a minute to get the things changed here. Keeping ones eyes and ears open can the insure the investor against any major losses. Following such rules and with some experience and practice, one can emerge victorious and can churn out a fortune for himself as well. Hence, it is a way to turn your savings into a fortune.

For more to know on Indian stock market visit http://www.paisawaisa.com/

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Here’s a Great Way To Make Terrific Money In The Stock Market!

July 2nd, 2009

Penny stocks are an exhilarating investment opportunity. Some people don’t look at these sorts of investments since they think that they are full of risk. The nice news is that there’s so much opportunity to make enormous cash with penny shares if you know what to look for.

Typically I consider any stock under two dollars to be a penny share and invest in newer companies rather than established companies. Some shares of established companies are inexpensive based on problems that the business has had. Rather than invest in these companies, I look for newer companies that are in the growth stage. This makes it possible to earn some huge cash in the future.

We should now have a look at how you can find the best penny shares. Once you understand what to look for, you can start making remarkable cash.

The first step is to do is to analyze the industry that the organization is involved in. Is the industry growing?. Is the competition too stiff for a new company to enjoy success? This is an overall look at the industry to make sure that the organization is in an industry that affords them the opportunity to be a success.

And of course you need to analyze the organization. How do you feel about the management? It’s also crucial to analyze what the company offers its customers and analyze if their product differs from what others in the industry are producing. Possibly they make a unique product, or perhaps they are going to compete by offering lower prices than the rest. It’s a good choice to look for a company that produces something unique and sticks out from the competition in some way.

Have a look at the financials of the organization to see if anything stands out to you, however do not let yourself panic if they aren’t earning income when you do. Quite often this is the case with newer businesses. But I do ensure that the business has access to money. Whether they have entree to credit a line of credit or cash sitting around, the business must have money so the company can invest money in their organization and develop moving forward.

Lastly, Keep in mind it’s always a smart idea to be able to get news on the business. By having the ability to read updates from the business, either on a internet site or some type of news publication, you are able to keep up with what’s going on with the company.

These shares can provide you with tremendous gains if the business starts to enjoy some success. By knowing how to findlocate a strong penny stock, you can earn some terrific profit.

Click here to read about a proven trading system that has been generating terrific profits for several years now!

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Options Trading – Advantages and Disadvantages

April 4th, 2007

What is Options Trading?

An option is simply granting someone the right to buy or sell something in the future. In the case of Dow index futures options, when someone buys a Dow call option they are buying the right to purchase that underlying Dow future at a specific price, known as the “strike price,” at a future point in time, known as the “expiration date.” When an investor buys a put, they are essentially selling the market; a call essentially buys the market. Likewise, selling a put essentially buys the market; selling a call essentially sells the market.

In order to receive the opportunity to buy an option on this future, investors pay a “premium.” If the market does not reach the strike price of the option, then that option will expire worthless on the expiration date. If the market does reach the strike price of the option on the expiration date, then the investor will be assigned the underlying future at that strike price.

Advantages of Options Trading

Flexibility. Options can be used in a wide variety of strategies, from conservative to high-risk, and can be tailored to more expectations than simply “the stock will go up” or “the stock will go down.”

Leverage. An investor can gain leverage in a stock without committing to a trade.

Limited Risk. Risk is limited to the option premium (except when writing options for a security that is not already owned).

Hedging. Options allow investors to protect their positions against price fluctuations when it is not desirable to alter the underlying positon.

Disadvantages of Options Trading

Costs. The costs of trading options (including both commissions and the bid/ask spread) is significantly higher on a percentage basis than trading the underlying stock, and these costs can drastically eat into any profits.

Liquidity. With the vast array of different strike prices available, some will suffer from very low liquidity making trading difficult.

Complexity. Options are very complex and require a great deal of observation and maintenance.

Time decay. The time-sensitive nature of options leads to the result that most options expire worthless. This only applies to those traders that purchase options – those selling collect the premium but with:

Unlimited Risk. Some option positions, such as writing uncovered options, are accompanied by unlimited risk.

Overall Options present a good opportunity to formulate plans which can take advantage of volatility in underlying markets as well as price direction. However for most traders the disadvantages are significant and online futures trading is usually a better option.

Author: Tim Wreford

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Momentum Trading: A Practical Day Trading Strategy to Get Profits from Hot Stocks

March 27th, 2007

Momentum day trading can be extremely profitable when done correctly…

Day trading momentum stocks can be a very risky adventure. You can lose a lot of money when you pick the wrong opportunities.

The stockmarket can present you with a lot of hot stocks every day. Some of them are extremely risky while others are not as good as they seem. When you know how to identify and approach the best momentum stock opportuntites, you are able to generate a consistent and respectable amount of money in a very short period of time.

We know that day trading stocks with momentum is not the only way to make money investing online in stock market. But it can be the fastest way when you do it right. We also understand that a lot of people shy away from momentum stocktrading and think that only a few online stock traders can profit from it. It’s true. Only those traders with proven knowledge have the ability to profit consistently from momentum stocks.

You don’t necessarily have to trade momentum hot stocks all the time. But you can learn how to take advantage of them when you encounter the best stock opportunities while at the same time limiting your trading risk.

At ChatHotStocks.com Our hot stock trading methodology will show you how to take advantage of profitable day trading tactics that will improve the way you buy and sell momentum stocks from now on. Take a look at the valuable strategies and bonuses that you will get:

* How to pick momentum stocks every day in an easy and fast way.
* What kind of stocks to look for and how to classify the opportunities for greater trading profits.
* Profitable momentum trading without technical analysis
* What kind of stocks and “opportunities” to avoid and why. Save thousands in losses from trades gone bad in the future.
* The “little details” you should look for before you consider a momentum daytrade.
* Things to consider when trading low float momentum stocks
* Buying micro cap and small cap stocks with momentum.
* Trading NASDAQ stocks or OTCBB – OTC stocks ?
* Getting ready for the trading breakout. Position your self for success.
* Will my market rally last more than 5 minutes or less? What to do
* It’s all about the rally. The rest is just a bunch of elegant B.S. Learn to focus on what matters.
* How to lock in profits on the way up
* Should I hold overnight trading positions for a possible gap up ?
* What to do if the stock rally stops moving.
* Level 2 trading ( L 2 ) strategies for momentum.
* Time frames for trading stocks with momentum, Pros and Cons
* Premarket stock trading strategies and tips.
* Trading momentum stock opportunities during market hours.
* Trading at the open or waiting till the dust settles to make your move. It depends. This can make a big difference in your results.
* Stock trading during lunch hour ?
* After hours trading tactics and tips.
* Become an expert of your hot stock watch list.
* You don’t need to watch the stock market all day. Profitable stocktraders have a better way.
* Stock trading is not a job. Don’t make it another rat race.
* Watching charts and stocktrading all day ? Overtrading is not the way to go. Learn why
* Testing the high probability trading plan
* Stress free day trading tips and strategies for beginners and experienced daytraders.
* Free stock market resources and tools for daytrading on line with our strategy.
* Real examples of recent on line trading opportunities. Learn in a practical way.

Momentum trader strategies worth a constant Gold Mine at ChatHotStocks.com

Like an expert surfer that focuses on riding the big waves as much as possible or a shark that waits for the best moment to capture a big prey, those are the moves that we can show you how to catch every day with our powerful hot stock trading course.

Just picture your self waking up EVERY morning fresh and confident knowing you can spot, validate and take advantage of outstanding momentum trading opportunities that are capable of generating you very profitable results.

Get access to our powerful and disciplined momentum stock trading strategy today at Chat Hot Stocks
Author: Daniel Sheldon

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Beyond Stock Market Basics: Discover Day Trading Secrets & Powerful Online Stock Trading Tools

March 26th, 2007

Day trading is all about making buy and sell decisions. When you make a trade either your going to lose money or your going to make money, and some other times you will break even. When you win some body else will lose and so forth, but that’s NOT what’s important.

The most important aspect of day trading is the knowledge FILTER you employ to make your buy/sell decisions. There are many “fantastic” strategies outhere, but you need to test them in order to discover which ones help you the most. That’s part of your homework as a daytrader. Test, test and test again.

Complicated strategies that rely on a “boat load” of technical indicators can make you slow, and being slow in this game can be as dangerous as not knowing what to do in the first place.

I think the worst thing that can happen to a beginner trader is to get information overload. It’s better to go step by step, and test a simple strategy that can show you how to focus on concrete ways to make money.

Fortunatly there are some good sites on the web today that can show you how to trade in a practical and effective way. One of those sites is Hot In Play Stocks ( HotInPlayStocks.com )

In the end, day trading is all about buying and selling according to your knowledge FILTER. Once you master and follow youre proven filter parameters like a clock, you can expect to start making serious amounts of cash on a consistent basis.
Author: Bill Bradley

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Day Trading the Index Futures – How to Judge Good Entries

March 25th, 2007

QUESTION: If the SP futures fall through support and go straight down for another two points, and I want to get short, should I a.)enter immediately, b.) two points below support, or c.)should I wait for a pullback and then try to get short?

You’ve got to be patient enough to wait for entries that have two things: first – a high probability of immediate gain, and second – a small potential for loss if the worst happens and your hard stop gets hit. This principle applies to all entries, and it’s useful to think about it when you’re trying to decide whether to enter on a pullback or a continuation of a move.

Entering on a pullback offers less dollar risk than chasing the market because you can place your hard stop on the other side of support or resistance and risk only a point or two. (Of course, this doesn’t mean you’re going to hang around and let the market hit your hard stop if things go wrong.)

Entering on a pullback also gives you a better chance of gaining a point or so in the first 30 to 60 seconds of the trade. This is important, though very few people seem to be talking about it, perhaps it’s a well kept secret.

I rarely (almost never) chase the market. Here’s why. Usually, if you chase the market for your entry, you’ll get filled about the same time the crowd’s emotion is exhausted. The market will pull back and you’ll have to get out immediately (if you’re smart). On the other hand, if you’re stubborn and you don’t get out immediately, you’ll have to suffer through the pullback and *hope* that the trend continues before your stop is hit. If the market gets close to your stop, you’ll be tempted to move the stop away just a little bit. Once you give in to the temptation, you’ve got an expensive trading habit that may eventually take you out of the business.

Whenever you find yourself *hoping* that the market will come back and get you out of a bad position, you really have to head for the exits *now*. Don’t even think about the commission, or all the time you spent waiting for the setup. just get out.

QUESTION: What if there is no pullback?

If the market breaks through support and keeps going down without a pullback, you just have to be a pro and let it go. All the lost opportunity in the world won’t take your account balance down, but chasing high-risk, low-probability entries will cost you.
Author: Mike Reed

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Crisis of Confidence in the EU

March 24th, 2007

The European Union (EU) constitution was dealt a double blow, first by a French “no” vote on 29-May and then by a follow on “no” from the Netherlands on 01-Jun. To add insult to injury, one low level Italian diplomat quickly called for a referendum in Italy to decide if a return to the lira was warranted. Additionally, Prime Minister Tony Blair, who took over leadership of the EU on 01-Jul, indefinitely postponed the British referendum on the EU constitution.

This news along with plenty of speculation about the repercussions dominated the international headlines for much of the month of June. Not surprisingly, all the hubbub about the EU had a direct impact on the FX market. The euro fell to a new seven month low following the French referendum, reaching a low of 1.2371 and the “single currency” has been under pressure ever since. Probes below the 1.2000 level were seen ahead of 30-Jun, suggesting additional near term downside potential toward 1.1756 and beyond.

Since the inception of the euro in 1999 central banks, especially those in Asia and the Middle East were seen diversifying out of dollars into the euro. They were not only looking to scale back their substantial dollar holdings in the face of a declining market, but they also sought the higher returns available in the eurozone. However, returns on eurozone deposits slipped below those in the United States in December and the FED’s string of rate hikes bodes well for those differentials to further widen. Combine the better returns in the US and a generally more favorable dollar outlook with the specter of continued political turmoil within the EU and it seems there is little incentive to hold euros at this point.

Truth be told, the EU was facing some rather significant hurdles long before the double “noes” derailed confidence. Many of these hurdles are associated with expansion. Discontent on the part of established club members with the admission of central European countries in May-04 and general hostilities about the proposed admittance of Turkey played significant roles in the recent referendums. In addition, diverging economic performance, productivity growth, inflation and fiscal performance among member nations are all fodder for further turmoil.

Worthy of particular note is the broad based economic malaise in Italy. Italian consumer product manufacturers are losing their battle with Asia and consequently the trade balance is moving into the red. Unemployment is up, as is the budget deficit. Being part of the euro, and therefore having a relatively high exchange rate, essentially thwarts any effort to compete with Asia on price. Without its own currency, Italy is unable to devalue out of its non-competitive position. Hence, the aforementioned comments by Italian Minister Maroni. Countries such as Portugal and Greece are also in rather dismal economic health. The budget deficit of the former has already reached 7% of GDP.

Many have noted that the EU constitution may be dead, but it’s not buried yet. I’m not so sure that I would agree as approval of all 25 member counties is needed for ratification. The initial thought was that any dissent was likely to come from newer or smaller EU countries and that a little economic arm twisting by the likes of France and the Netherlands might encourage them to reconsider. Unquestionably the long standing skepticism of the Brits was going to be an issue. However, rejection of the constitution by two of the founding members of the EU certainly throws a wrench in the works.

I don’t believe that we need to worry about the European Monetary Union (EMU) breaking up any time soon. In other words, the euro will continue to be actively traded on the global spot market. A Reuters poll early in June suggested there is only a 5% chance of an EMU collapse within the next 15 years. However, around the same time the German weekly magazine Stern reported that the failure of the EMU was discussed at a meeting attended by German Finance Minister Hans Eichel and Bundesbank President Axel Weber. Having said that, I don’t think there is any question that there is a greater risk premium attached to the euro than there was a month ago.

In the months ahead, look for continued political wrangling within the EU. Further bad news is likely to be forthcoming, which should help keep the euro under pressure, creating trading opportunities not only against the dollar, but in the cross rates as well.
Author: Peter Grant

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Where is the Market Going?

March 23rd, 2007

If you ask me whether the market will have moved up or down by this time next year, well I may as well flip a coin, because I don’t know.

If you ask me whether the market will have moved up or down by this time next month, well again, I may as well flip a coin, because I still don’t know.

If you ask me whether the market will have moved up or down by this time next week, AGAIN, I may as well flip a coin, because I don’t know.

And if you ask me whether the market will have moved up or down by this time tomorrow, I am sorry, but I JUST DON’T KNOW!

But… if you ask me whether the market will move up or down in next few minutes, well I will have a definite opinion. Why? Because if I can see the CURRENT state of buying and selling in the market NOW, then I can make a reasoned and fairly accurate estimate of what the market will do in the next few minutes and moments.

My prediction will not be based on some secret formula; it will not be based on some esoteric sounding indicator, nor on some complex mathematical equation. No, it will be based on my evaluation of the current state of supply and demand.

Predicting the long-term movements of the markets is a guessing game. All we have to go on is the past; all we can reasonably do is assume that what has happened in the past will continue to happen in the future. Basically that is what trend following is, making the assumption that the past equals the future.

In my trading world, the only law that works is that of supply and demand: if there are more buyers than sellers then the market will go up; and if there are more sellers than buyers the market will go down.

It matters not one iota the whys and wherefores of the buyers and the sellers. It does not matter that a trader has chosen to sell now because the 9 period moving average has crossed the 14 period; or because he has just lost his shirt; or because he is taking a profit; or because he is just plain bored.

No, I don’t care why a trader has entered a buy or a sell order, I just care that they have, by their act, added to either the buying or the selling pressure.
Author: Malcolm Robinson

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The Yin and the Yang of Markets

March 22nd, 2007

I am reading a fantastic book on trading, first published in 1924, by Richard D. Wyckoff, titled “How I Trade and Invest in Stocks & Bonds”. Although most of the examples in the book pertain to stocks, the insights into the nature of trading are relevant no matter what instrument you choose to trade.

I am particularly drawn to the authors’ appreciation of the ebb and flow nature of markets and how this perspective can be used to great effect.

“It is difficult to over-emphasize the importance of studying the technical position, particularly when making a speculative commitment. Many people may say, “What is a weak or a strong technical position?” My reply is, in brief, that a stock is in a weak technical position on the bull side when it has been purchased and is held by a large number of outside speculators; when most of these are looking for a profit; when the price of the stock has advanced to a point where no further buying can be stimulated for the time being. It stands to reason that when buying power is exhausted a stock must decline, no matter how strong its finances, management or earning power.”

“On the other hand, a stock is in a weak technical position on the short side when the bears have exhausted their ammunition by selling all they can afford and when the buying power of investment and speculative purchasers is such that it resists the pressure of the bears; in other words, when demand overcomes supply. The weakness in such a position is found in the fact that all those who are short are potential bulls; they must, sooner or later, cover their commitments in order to close their trades. They do not wish to remain short indefinitely.”…. “Bears, after they have sold short are an element of strength, not of weakness.”

Perhaps the nature of all markets is best described by the Chinese Yin Yang symbol.

In every bull move, and in every bear decline, are the seeds of their own destruction.
Author: Malcolm Robinson

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10 Steps To Professional Day Trading

March 21st, 2007

Everyone trades a little differently. The trading method outlined below is MY personal approach to trading. This method has worked for me for the last 20 years, and has helped me to avoid big draw downs since the mid 1980’s. My trading strategy has helped me to make a good living trading.

It takes some time to learn my method of trading because it’s based on tape reading and getting a “feel” for the market. This is *not* about a fast,easy formula to “get rich quick” while you sweat out every trade. Instead, this is about developing confidence and trading consistently without fear and without big draw downs.

Here is my 10 Step Approach to Learning My Style of Trading:

1. Practice exiting trades at break-even, using a one-tick target, a two or three tick soft stop (mental stop) and a 1.5 point hard stop. Never *allow* the market hit your hard stop. Exit by moving your target toward your hard stop, not by moving your hard stop towards your target. With time, all of this must become a reflex. You won’t always be able to keep your losses down to 2 ticks, but only on rare occasions should you find yourself letting the market hit your hard stop. (”Rarely” means only about once every 50-100 trades after you get the hang of it.)

Even though your entries won’t be good enough in the beginning to make a profit trading these tight soft stops, your entries will gradually improve until you turn the corner and become profitable.

Learn exits and entries separately. Don’t let the one influence the other.

Taking losses this way takes dedication and discipline, so stick with it. It’s the key to confident trading. If you never take large losses (and rarely medium size ones), the fear of loss pretty much goes away, and your confidence grows. Especially after your entries improve enough to support a “scalping” type exit strategy.

2. Every trade *in all market conditions* begins as a scalp. Let me clarify this: if you’re in a choppy market and you’re looking to get small gains, like a point or so, manage your initial hard and soft stops *exactly* the same way you would in a quick trend or any other type of market. That means keeping losses as close to 2 ticks as possible, taking lots of break even trades and exiting every time the market doesn’t give you *instant gratification* (within a minute or so).

No matter what the market is doing, you must demand that it moves in your favor right after you enter, otherwise you get out as close to break even as possible. This means you’ll be closing a lot of trades near break-even within the first minute. This is the foundation of learning to trade for consistent gains.

3. Don’t worry about the commissions on break-even trades. If you do, you’ll hold on to losing positions, begging them to turn around for you. This is called *hoping.* In this business, this type of *hoping* is the kiss of death. Your money-making trades must move your way in the first minute or less. When trades don’t act right in the first minute, most of them will hit your hard stops.

So don’t get hung up on the fact that your broker loves you. Who cares if he/she makes a living?

Your concern is *limiting losses*. I care more about this than anything else in trading. (Well-timed entries make my tight soft stops possible, so they’re almost as important as the exits.)

4. Practice your entries until your timing is so good that you can *reasonably expect* the market to go your way immediately, before it goes more than 2 ticks against you. This is not easy at first, but if you stick with it, you’ll get it.

5. Practice fading the emotional extremes on your entries. (Fading means entering in the opposite direction of the market’s last move.) When an extreme NYSE-Tick (often above 1000 or below -1000) occurs at the same time the market accelerates into a support or resistance area, look for a price stall or reversal and fade the move. Fade the emotion.

6. Rarely, if ever, *chase* the market on your entries. Wait for a pullback to get onboard a trend.

I favor shorts over longs… I can get out of a short position quicker than I can get out of a long position. I don’t know why. I like to say that I “see gravity better than helium.” In the rare strong-trending markets where I may chase an entry, it’s going to be a down trend, not an uptrend. I don’t trust up trends enough to chase them. Maybe it’s just a personal quirk and maybe not. I honestly don’t know.

But it’s interesting to note that most (not all) professional traders I’ve met are Bears and prefer short positions over longs. You should give it some thought and find out which direction works better for you. Are your losses bigger on shorts or longs? Specialize in one direction and trade the other direction only when things are looking real good.

7. Never let a gain turn into a loss. This will mean getting out of most trades a little (or a lot) too soon. You just have to live with it. Swing for home runs (greed) will ruin your trading. There is no mechanical formula that I know of, (such as, “move your stop to break even after you get 3 ticks gain”) that will work. You have to develop a feel for how the market is acting at the moment, and use your feel to reduce your target or advance your hard stop. This comes with experience.

8. Develop a feel for the big picture movements of the market, not just the intraday action. Use the end-of-day market internals to analyze the market’s mood and develop a daily bias.

9. Practice does *not* make perfect. Only *perfect practice* makes perfect. I learned this in my younger years, pursuing a professional baseball career. Perfect practice will keep your losses smaller than your gains in the trading business.

There are a lot of things involved in perfect practice. When you get tired, or when the phone rings, or whatnot, *don’t trade*. Always, *always* exit trades exactly the way I’ve outlined above on every trade in every market condition. Always *wait* for your pitch, the well-timed setup for entering. Don’t practice sloppy entries just because you’re bored. Only perfect practice will help you. Anything else just amounts to practicing bad habits.

10. Get a mentor. I traded for 6 years before I learned to keep my losses small. My trading turned around immediately after I met my mentor and talked to him on the phone for one week. Is there any serious profession that you can learn without a mentor? Maybe there is, but I don’t know of any. It’s certainly not trading.
Mike Reed is author of TradeStalker’s RBI Trader’s Updates. He has been trading the Market for 23 years. His support and resistance numbers have been published on the internet since 1996. Mike’s nightly support and resistance zones are specific and incredibly accurate. He offers an unlimited free trial of his nightly TradeStalker RBI Trader’s Updates. He will be offering “live” training online as well.
Author: Mike Reed

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