Ibexx, re: <Does it amaze you that no one--not a single T/A person--on SI had predicted INTC's rebound today?>
One, I don't think there are too many TA's on SI. I know you dis the TA folks, and I'm not the one to defend them as I'm not really good at it, but some know their stuff and make money.
Some points:
- Intel traded in a 5 point range yesterday, and happened to close near the top of that range. It's still below where it has been most of the time for the last 3 weeks. Moves like yesterday are significant for day traders (in and out in hours), but for most TA people I think this is just a small part of a trend they are attempting to predict.
- Intel made a higher high and a higher low yesterday, a change from lower lows and lower highs on previous trading days. This is the good news but could just be short term. A string of several similar days would signal a trend reversal.
- Intel looks very oversold if you follow/believe in stochastics, but still has some room to be "more oversold".
At any rate, I think it's unfair to criticize TA because people didn't predict an interday 4 point move. They didn't predict the 3 point move down, between 1:30 and 2:00 (est) either, but that doesn't invalidate the whole "art" (not science) of TA.
Good luck, I *may* be adding more VN's today/next week.
John
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