16 Mar MOMO Makes a Mark on Mobile Stock Trading
Anyone who’s invested in stocks and shares would do well to check out Mometic’s new MOMO Stock Discovery app for keeping track of markets on the go.
Dallas-based Mometic has managed to stay under the radar so far, despite making some significant strides since launching its app last summer. Described by Mometic as a “unique stock tracking tool that helps find market breakouts,” the iOS-based app gives traders a way to keep up to date with stock-market activity in real time, ensuring they never miss opportunities or events that could significantly impact the value of their portfolios.
Of course, there are plenty of big-name finance apps out there already, but MOMO (not to be confused with the popular Chinese language dating app of the same name) offers a number of useful features that helps it to stand out from the crowd. First, MOMO allows users to customize the layout of the app based on the market segments they’re most interested in; for example, by filtering out specific industries or market leaders from the more than 6,500 U.S. stocks it tracks, based on the user’s own research. Second, and perhaps where MOMO really excels, is in helping investors to discover and track new potential trade opportunities.
“Finding good ideas is important to all traders, regardless of time-frame or strategy,” said Evan Medeiros, founder and CEO of The Trade Risk, who reviewed MOMO last December. “Those good ideas reveal themselves every day in MOMO.”
MOMO presents its real-time stock-market updates in a live stream, updating users on the new highs and lows of the markets they’re interested in multiple times a day. By keeping an eye on the stream throughout the day, it’s possible to gain an understanding of the consistency of buying (or selling) pressure, Medeiros said.
“For example, if a stock has a high number of new highs towards the end of the day, this tells me it has been in strong demand and deserves further research to see if it meets my criteria for a swing trade candidate,” he explained.
Other essential features of MOMO include push notifications for specified stocks, which notify users only when something interesting is happening. “This is far more time efficient than checking quotes every five minutes,” Medeiros quipped.
In a blog post, Mometic described how MOMO can also be used for passive stock market awareness: by setting MOMO up on iPad and a stand next to your workstation, so you can simply glance at it for updates from time to time.
“If you are like me and are always wondering or at least like to be reassured that the market isn’t making notable moves, MOMO stock alerts are ideal for providing reassurance,” the company said.
Mometic hasn’t yet secured any significant funding rounds, nor has it released figures on how many times its app has been downloaded, but it’s clearly a company that’s going places. Last October, Mometic founder Brent Gaynor was invited to present MOMO to the Stocktoberfest Fintech conference in San Diego, and in December of last year, just six months after its launch, MOMO became the top-grossing app in Finance in the Apple store.
Now, Mometic is on the lookout for fresh new developer talent in order to further enhance its product. Gaynor recently issued a call to developers on Facebook, saying that the company has received development funds and also several new API feeds from business partners that will greatly enhance MOMO.