Yes IKE is right :
<< Started By: IQBAL LATIF
Date: Apr 29 1997 12:30AM EST
Replies: 17466 >>
Too early to get older!!
IKE, You asked on JBIL and NVLS a short while back. Obviously you know what happened to JBIL, but it did show toppy signs a week ago. Too early to 'guess' where it settles.
NVLS - Just showed a bit of an early sign for me today, but could easily test support at around 30 before making any move. I would like to see 1-3 more days before choosing an early sign I like to look at ... a turn from below 20 on the Stoch, coupled with a tightening of the fast and slow MACD lines from below 0. Although the histogram is below zero, the lines are above. Will try to remember and comment on Monday or Tues.
Ike, I would enjoy getting into a discussion on this thread relative to the merits of looking at technical indicators. I am of the school that actions (given some very small actions) are taken by some prior to the major action by all, and that the technical indicators that seem to lag market response bear out these actions. Technical indicators have no magic powers, but are simply numbers that do not foretell by themselves, but can be used to see subtle signs in a powerful way of what IS ALREADY happening, somewhat unawares.
I believe there is also a secondary part to the equation. Simply because other souls are looking at the same technical indicators, the theory of crowd psychology can come into play ... a self-fulfilling prophecy will ensue when the indicators speak with any real volume, the markets will move because of the masses who follow these indicators.
Very interesting stuff IKE. I know you see the world differently, just thought you might like to discuss this side of the equation in a little more detail, and a little more philosophical approach than we have done so in the past. Please anyone chime in with your thoughts ... would love to learn a little here.
Getcher |
