kleht: I agree the psychology of the markets is somewhat lost in the forest and once direction starts it should be indicated, or confirmed, in the TA. I'm not a 100% believer of TA for my long term investments, but will use it along side other factors to find a comfortable entry point.
As I said in a previous post to iowamann, I can't help but see obscured behaviour of investors selling off solid companies, having promising future growth, in order to buy into what they perceive as 'safe haven' or beaten up 'bargain' stocks when in reality they are not 'safe' or beaten up without good reason. It would make more sense to sell, take a cash position and then watch for market direction to change and if the safe havens and bargains hold their ground, review them again and then make the decisions.
I don't buy into the 'there are bargains out there to be had' theory for the quick or short term. I'm waiting for those I've had my eye on for over a year to drift down to a level that I'm willing to enter. Lately a few have come close to my target price, but climb again. I'm either being stubborn, by standing my ground, or concerned that I'll miss an opportunity by not upping target in order to take a position. I didn't think it would be so hard to have some cash on the side.
So I sit and wait.
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