Brooke,
I think it is time to implement the plan you suggested in September of 2001.
"This leads me to propose a remedy for a market has demonstrated an inexplicable tendency to move against TA signals, a willful contrariness that technical analysts can no longer tolerate, a mulish intransigence, an intolerable ungovernability: TA traffic cops. Yes, it's time to bring the force of law to bear on an inflexible, unmanageable, bear-headed market.
In the future, if the market fails to obey generally accepted trading signals, it should be curbed -- pulled to the side of the road and fined. For example, if a stochastic oscillator crosses up through 30 and the market tanks, trading should be halted. Sellers should be cited, fined or (in severe cases) imprisoned.
All TA gurus will be given an official badge, cudgel and blue hat and the opportunity to serve as TA traffic cops. They will have the authority to interrupt regular programming on CNBC whenever the market fails to follow trading signals. From now on, when your favorite gurus' infallible trading signals fail in the market, it won't be the guru's reputation that suffers; it won't be hindsight that comes to the rescue; there won't be any need for endless revisions of signals; gurus need no longer be as slippery and hypersensitive as electric eels. From now on, it'll be the market that suffers the consequences of "invalidated" or "negated" signals.
If the market knows what's right for it, TA traffic cops will begin appearing on CNBC tomorrow. " |
