Do you chart-only readers thing stonks would have tanked today if retail had not dissapointed?

[SoyUnGanador]

For people that only go by chart readings, and think they are the be all and end all, do you really think that stonks would have tanked they way they did today if the retail sales numbers had not disappointed? I don't think today's drop was precipitated by prior price action, but instead the very bad retail sales numbers that came out today. If those numbers had impressed I think the market would have looked very different today.

Convince me I'm wrong!!!

 

[KGTrader4]

No disrespect, but your comments make no sense.
I look at fundamentals, but i have learned over time that charts tell alot. Think about this - the fundamentals are known to everyone. And its what you dont know that can hurt you in the market, not what you know because what you know, everyone knows, and so its priced in (in most cases)

You may be right, if retail news was better, stocks might not have tanked. But the news was bad. Thats all that matters. What its telling us, is the consumer is weak. Can you spell RECESSION> Because we are probably in one already. Everyone talks about great unemployment numbers and all that and how we cant be in a recession. But these are all lagging indicators. By the time retail news is good again, and unemployment numbers are bad again, the recession will be almost over.

Which brings me to your comment - "dont think todays drop was preciptated by prior price action, but instead the very bad retail sales numbers".... well, think about that - the prior price action was IN ANTICIPATION of bad retail numbers due to a slowing economy. Thats why the charts are important , maybe even more important than the fundamentals... because the prior price action was caused by all the hedge funds and institutional investors who have the resources (research, channel checks, etc) that led them to realize that the economy was slowing before it became news.

Sorry for the long response.

 

[smallfil]

Stocks have been trending down for a while. Why would anyone who uses stockcharts to make trading decisions care about the news? Dumb question. Get a clue.

 

[nooby_mcnoob]

For people that only go by chart readings, and think they are the be all and end all, do you really think that stonks would have tanked they way they did today if the retail sales numbers had not disappointed? I don't think today's drop was precipitated by prior price action, but instead the very bad retail sales numbers that came out today. If those numbers had impressed I think the market would have looked very different today.

Convince me I'm wrong!!!

Charts reflect what PEOPLE are doing with respect to their investments. My job is to figure out what the people are doing and capitalize on that. I truly don't give two shits about earnings, except as catalysts.

 

[JackMorgan]

He's so bored , he fell asleep during thte carnage

 

[nitrene]

I agree. I was watching the futures market when the Target earnings hit and it totally collapsed. Up until that point it looked like the futures were going to recover in fact YM turned positive right before the Target report and then it completely tanked.

YM dropped 1300 points from 0500 CST to the close. I think it was the culmination of AMZN WMT and TGT that triggered a cascade of selling especially the consumer stocks. Even the food stocks I owned got crushed. Only my tobacco stocks were unchanged (PM MO).

 

[getthatintoya]

Index Making lower lows, lower highs so the trend was down so was always very susceptible to going down again.

 

[formikatrading]

Not much else to say other than market was ST overbought in a downtrend. The news just justifies it going down.

For people that only go by chart readings, and think they are the be all and end all, do you really think that stonks would have tanked they way they did today if the retail sales numbers had not disappointed? I don't think today's drop was precipitated by prior price action, but instead the very bad retail sales numbers that came out today. If those numbers had impressed I think the market would have looked very different today.

Convince me I'm wrong!!!

 

[M.W.]

You state that everyone knows the fundamentals (which is in itself blatantly wrong) but suggest charts contain all the past price action and anticipated price movements that everyone can quickly glance at? THIS I find not making any sense whatsoever.

No disrespect, but your comments make no sense.
I look at fundamentals, but i have learned over time that charts tell alot. Think about this - the fundamentals are known to everyone. And its what you dont know that can hurt you in the market, not what you know because what you know, everyone knows, and so its priced in (in most cases)

You may be right, if retail news was better, stocks might not have tanked. But the news was bad. Thats all that matters. What its telling us, is the consumer is weak. Can you spell RECESSION> Because we are probably in one already. Everyone talks about great unemployment numbers and all that and how we cant be in a recession. But these are all lagging indicators. By the time retail news is good again, and unemployment numbers are bad again, the recession will be almost over.

Which brings me to your comment - "dont think todays drop was preciptated by prior price action, but instead the very bad retail sales numbers".... well, think about that - the prior price action was IN ANTICIPATION of bad retail numbers due to a slowing economy. Thats why the charts are important , maybe even more important than the fundamentals... because the prior price action was caused by all the hedge funds and institutional investors who have the resources (research, channel checks, etc) that led them to realize that the economy was slowing before it became news.

Sorry for the long response.

 

[M.W.]

And your following paragraphs make even less sense. Price action on the charts pointed to the upside, we had several days of strong up moves. NOTHING in the charts predicted nor anticipated the bloodbath today whatsoever. The sell-off was purely news and positioning driven, none of that was contained in any charts. Get real man....

No disrespect, but your comments make no sense.
I look at fundamentals, but i have learned over time that charts tell alot. Think about this - the fundamentals are known to everyone. And its what you dont know that can hurt you in the market, not what you know because what you know, everyone knows, and so its priced in (in most cases)

You may be right, if retail news was better, stocks might not have tanked. But the news was bad. Thats all that matters. What its telling us, is the consumer is weak. Can you spell RECESSION> Because we are probably in one already. Everyone talks about great unemployment numbers and all that and how we cant be in a recession. But these are all lagging indicators. By the time retail news is good again, and unemployment numbers are bad again, the recession will be almost over.

Which brings me to your comment - "dont think todays drop was preciptated by prior price action, but instead the very bad retail sales numbers".... well, think about that - the prior price action was IN ANTICIPATION of bad retail numbers due to a slowing economy. Thats why the charts are important , maybe even more important than the fundamentals... because the prior price action was caused by all the hedge funds and institutional investors who have the resources (research, channel checks, etc) that led them to realize that the economy was slowing before it became news.

Sorry for the long response.