Earlie, CNBC seems to disagree, as somebody at CNBC apparently looked at Bob Pisani's reporting and came to the brilliant editorial conclusion that the way to really add a lot of quality to their broadcast was (don't know if you saw it, but if you didn't, you may wanna sit down for this one)...
...put him in front of a Tradestation screen and let him perform on-the-fly technical analysis based on his recollection of a real technicians's analysis, in which he "shows" viewers possible support levels, literally drawing them on screen
Is that nuts or what? John Murphy in that position - TA guru; no problem. Bob Pisani - wannabe technician w/ a dangerous new toy; uh, Fort Lee, we have a problem.
I missed the first part of his CPQ "analysis", but he moved on to INTC (where his attempt to comment on the recent gap after the earnings warning was ridiculously confusing, considering he was using a chart in which no gap appeared, just a solid line; you sort of had to see it to understand how silly it was) then mentioned MU only in passing before moving onto NSM.
Now, wait a second...
Here's a guy who's been talking up the double-bottom in MU.
He gets to play technician for a day on national TV.
He's sitting at a screen.
The entire segment is designed to be him running through charts.
He mentions MU by name.
He mentions the earnings report...
AND THEN HE JUST SKIPS OVER IT!
He doesn't even pull up a chart of MU, he just goes right to the NSM chart.
What's up with that?
You look at a recent daily chart with some MA's and two things immediately stick out:
1) double-top hit early February
2) at the time of his report, MU poised to close under it's 50-day MA.
And then you add to that the fact that unlike CPQ, INTC and NSM, this stock just happens to be in the middle of the first session after a pretty ugly downside surprise!
Seriously, I'd like to know the names of the off-camera rocket scientists who went "yeah, let's put Pisani in front of a TradeStation and have him play John Murphy." Someone made the decision right?
And if Pisani wants to report the Lehman technician's opinion, why not have the technician himself on the air or at the very least take the effort to present the guy's views in a effective manner, as opposed to explaining a "gap" to viewers, some of whom may not know what the term means, through a chart in which no gap is visible, leaving the viewers going "huh?"
Good trading,
Tom |
