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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (12906)2/26/1998 10:51:00 AM
From: Broken_Clock  Read Replies (1) of 95453
 
BB-
I have been watching Jan and the P&F. I believe yesterday she said P&F sell.I think P&F is a better long term TA indicator. Candles are better sort term used in conjunction with support and trendlines. One reason for the short covering in oil is that yesterday oil bounced off the downtrend line. Now, many here don't give credence to TA, however, there are are a bunch of TA traders out there that are on staff with the funds and the fund managers listen to them for buy in points. Point...if the funds use it and you know that, you can also jump in or out with them and participate. TA has a lot to do with mass psychology. If oil can't break down thuogh a price what does that say? To me it doesn't say anthting about fundamentals. It says heaps about the traders "perceptions" of those fundamentals.If fundamentals was the only factor to move a stock then we'd still be at 80 on CDG.
I view TA as an attempt by traders to quantify the psycholgy of the buyers and sellers. The variable is news that can't be planned for...it is after all "new" information. TA is like a rudder on a boat. It gives direction. The FA is the boat. The wind is the news. So all come into play. Today we have good news. The boat was still floating and headed in the right direction. We're just getting a little tail wind.
PK
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