Hello Cadaver,
Well I agree with you but you see I think charts ARE psychology - a history of and, if you can read them, a reasonable prediction of future psychology. They wouldn't have any meaning if they were not this. I'm not trying to make a doctrinaire point here, but charts are on most occasions all you have to go on. Events, announcements, press statements can be interpreted in every conceivable way. Why were USRX's results so bad? Why were the employment numbers so good? Why were IBM;s results good and INTC's so-so? Anyone can pull a rabbit out of the hat at the appropriate moment, and you see them doing that every day in the papers to say this is a bear market, this is a bull market etc. We're going down 1000 points, we're going up...
Anyway, I do see that some charts I was looking at were mildly bullish = PSFT for instance. This seems to be a mistake. Some I don't think are anything but bearish, still, but we won't go into that now.
But about being a cynic: is it cynical to play a sudden bull reversal and then have that explode in your face, as it may do?
I don't know, I guess I'm just too slow in that case with my cynicism.
So I presume you are waiting to be bullish now? Let us know what you think.
For my part I think it may be a bit late to buy calls to protect the puts. What do you think?
Good luck
dppl
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