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Strategies & Market Trends : Ask DrBob
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To: iowamann, Spam Queen who wrote (33783)5/16/2001 12:21:34 PM
From: bcrafty  Read Replies (1) of 100058
 
iowamann, there's just too much that the charts can't predict and I think it becomes more apparent the shorter your timeframe is. I thought there might be a little dip buying today, but I didn't see a gap down then a gap fill this morning, either.

When we had a gap down two Friday's ago only to see the naz rise out of it like a phoenix, nobody predicted either one of those from the charts. And when we had a gap up last Thursday due to the surprise cut by the central European bank, only to see pukage all day after that, nobody saw that coming from the charts either.

Charts can never see the news driven events (wild cards) that we have often talked about, and there are other things in play too, such as hedge fund maneuvering or other activity by the "big houses." The single most informative article I have ever read from James Cramer was back in January about hedge funds having big plays throughout the day that can cause major intraday movements. I'm convinced that they happen more than we realize, and sometimes they're not done with large share blocks that can be easily seen.

I guess all we can do is keep the faith and stick to our discipline and watch the market take us wherever it wants to go for the next day.
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