TA from Paul Cherney anyone?
From personalwealth.com today Paul Cherney says there is downside risk for the next 14 trade days, and that it's premature to go long now.But if you're already long he says to be patient. He doesn't see the naz going below 3652 unless technical conditions change. When asked if any he sees any sectors where the charts look "prettier" he mentioned medical health care, hospital management, and maybe for the short run, insurance companies and brokers.
Regarding his TA style he says that "I use no moving averages, for one. My chart interpretations are based exclusively on sideways consolidations, which represent either support, if they are below current prices, or resistance, if they are above current prices. Other measures the comprise my models run from the VIX to put to call ratios, breadth measurements, and new lows divided by the total issues traded. And about 40% of all my models measure the volume that goes into a price move." |
