The trend is your casual acquaintance.
The trend is your friend unless it's in an intermediate term retracement. Then, it's not someone you want your mom to meet.
There's a lot of pretty smart people saying that the bear market rally is done, finished, you can get your left-over beer (bear) out of the fridge and head home now. And please leave a donation for the keg. But I'm not one of them. But then, TA is not supposed to be "predictive". It's just here to look pretty while I hang out with my friends. Oh, and to give me buy signals. Opps, that's almost predictive, isn't it? I'm so confused!
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Here's another prediction based on some TA.
KLAC filled it's Sept '00 gap at $48 last week, and now I believe it's going to pull back to test support at $36. The hot play would have been a short at >$45 after the candlestick advance block reversal, which I pointed out wed. nite. There's still a good play left with Friday's close of $42. This is going to be one of those "speed moves", or mo mo as Teresa called it, probably 6 points in 2 days, if Friday is any indication.
chart.bigcharts.com
Of course, there's nothing predictive about TA, is there? This is all in my imagination. Hello Harvey! |
