Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: macavity who wrote (43178)	12/13/2003 10:43:56 AM
From: Seeker of Truth	Read Replies (1) of 74559

No,no,no Macavity, you're a sensible guy, please don't be taken in by chartism, now known as "technical analysis". It is full of false breakouts, false shoulders, false cups and saucers; I wouldn't eat at that restaurant at all. The food is false. Once upon a time the chartists were challenged by some university investigators; the right side of the charts were covered and the chartist was supposed to predict it, seeing the left side. The chartists failed dismally. Recent studies conducted on a huge scale showed a tiny correlation between yesterday's results and today's. It wasn't large enough to pay for two brokerage fees. Two days away, the correlation became so small it was a subject of arguments whether it existed or not. Three days away, definitely no correlation. It isn't the past prices that predict the future; it's the situation itself as of now. Trade journals are quite useful, by the way, not past performance. Good luck.

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