In realmoney's columnist conversation he said:
Aaron, I'm not a believer in much of TA, and I've spent a lot of posts explaining why, including the one to which you refer and link, which I think delineates part of my stance rather well.
That said, I've also been quick to point out that none us in the market can avoid using TA.
As for day to day, and especially intraday movements -- I don't do much day trading, and most of the time I think such intraday moves are usually a function of broader movements in the markets. A great recent case in point -- can you imagine what we'd all be reading as explanations for the market's actions if we'd sold off immediately after the London bombings rather than rallied?
From being cautious in late 2004, to being outright "aggressively bullish" in April of this year to my current "cautious" stance (all of which I've been very vocal about here in these pages), I certainly do move and bob with the markets, depending on the pitches it throws to me.
But my biggest point in most of the commentary to which you're referring is that, at least right now, things in this market and in this economy are pretty darn steady-as-she-goes.
Finally, as for Helene -- I read a lot of what she writes and am a big fan. Notice that, for example, her "TA" analysis today does not include a bunch of "pivots, supports, and resistances" which are dervived from a bunch of apparently random moving averages and time frames, as so much other "TA" does seem to. It's that "type" of "TA" that I'm mostly questioning/dissing.
Shooot, one more "finally". Finally, I'm decidedly not trying to make this an "us" vs. "them" thing as in fundies vs. TA. I'm just calling things like I see them, as usual.
Love that movie "Pi", which was all about an ultimate TA key to Wall Street
Aaron, I'm not a believer in much of TA, and I've spent a lot of posts explaining why, including the one to which you refer and link, which I think delineates part of my stance rather well.
That said, I've also been quick to point out that none us in the market can avoid using TA.
As for day to day, and especially intraday movements -- I don't do much day trading, and most of the time I think such intraday moves are usually a function of broader movements in the markets. A great recent case in point -- can you imagine what we'd all be reading as explanations for the market's actions if we'd sold off immediately after the London bombings rather than rallied?
From being cautious in late 2004, to being outright "aggressively bullish" in April of this year to my current "cautious" stance (all of which I've been very vocal about here in these pages), I certainly do move and bob with the markets, depending on the pitches it throws to me.
But my biggest point in most of the commentary to which you're referring is that, at least right now, things in this market and in this economy are pretty darn steady-as-she-goes.
Finally, as for Helene -- I read a lot of what she writes and am a big fan. Notice that, for example, her "TA" analysis today does not include a bunch of "pivots, supports, and resistances" which are dervived from a bunch of apparently random moving averages and time frames, as so much other "TA" does seem to. It's that "type" of "TA" that I'm mostly questioning/dissing.
Shooot, one more "finally". Finally, I'm decidedly not trying to make this an "us" vs. "them" thing as in fundies vs. TA. I'm just calling things like I see them, as usual.
Love that movie "Pi", which was all about an ultimate TA key to Wall Street
