Tuesday, March 16, 2010

Does Anyone Use StockTwits.com, And Is It Any Good?

StockTwits is a social networking and micro-blogging site much like Twitter, but exclusively for stocks.

The website advertises:
"Discover & Share Real-Time Investment Ideas."

They plug themselves as a "financial community with thousands of active, daily contributors" all eager to share their real-time trading ideas, and claim to have a world-wide audience of more than 100,000 investors and traders.

Sounds impressive. But is it any good?

It obviously has a sizeable user base so when I say, "does anyone use StockTwits?", I mean anyone reading this blog. ;-)

I'm serious. I have no idea whether the service is worthwhile. I'm more of a long term investor than a short term trader, so my gut reaction to StockTwits is that there would be too much short term noise for me to tune out to be of any use. But I can see where the concept could really be boon for traders.

Of course, I could also see where it could become so large and influential that it could start impacting the markets for small and micro cap stocks in the short term. It could become the tail that wags the small cap dog, if you will.

Michael Arrington, over at TechCrunch.com, writes StockTwits Evolves, Becomes Must Use Site For Traders, and I tend to think that's a fair assessment for the moment. It will likely service the traders niche and any new technology that brings people and ideas together is bound to be a "must use" kind of site, but I think time will tell if it will be useful over the long term.

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