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Strategies & Market Trends : TA Science Projects & Experimental Indicators
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To: Smooth Drive who wrote (188)6/10/1998 9:58:00 PM
From: ftth  Read Replies (1) of 237
 
[TA QUOTE OF THE DAY] Hi Eric, thanks for the link. I'm familiar with Ralph Bloch and am impressed with his record and methods. Here's a passage from Bloch; the part in bold is an important distinction that most people don't make:

Technical analysis, in my opinion, is a reflection of people's perception, of what they think the fundamentals are, of the market in general, or an individual stock, when they finally put their money where their mouths are. And that's all the chart is. So if I find chart X attractive, what I want to do is get another opinion. I track down what a fundamentalist or another brokerage firm might think of the stock.

If I get a confirming fundamental opinion, obviously that's no guarantee of success, but I feel I have improved my odds because at least I have a pragmatic understanding that the chart looks good, the supply and demand factors are solid and at least one or two guys ' opinion that the fundamentals there are pretty solid. So I've improved my odds if I use the two disciplines.

To play the game of "I don't even want to know the name of the stock, just show me the chart"- that's fine and wonderful and I can play that game with every other technician, but this is the real world and
people don't like to function with that kind of drama. So I feel there's a slight edge if you combine the two disciplines.

--Ralph Bloch
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