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Technology Stocks : Dell Technologies Inc.
DELL 133.67-0.2%3:46 PM EST
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To: Augustus Gloop who wrote (83298)12/2/1998 1:28:00 PM
From: Chuzzlewit  Read Replies (5) of 176387
 
Nasdaq, TA may be perceived as an important tool, but it flat out doesn't work! Go to any thread on SI and look at all of those intrepid forecasts and categorize them as to bullish and bearish. Then go forward in time and see what percent were accurate. I think you'll be surprised if you keep an open mind.

But back to the issue of support, here's what I've seen repeatedly. There are three possibilities: (1) the stock never reaches down to the level of "support", so the issue is academic, but the TAers will persist in calling this a level of support; (2) the stock goes to the level of support and then rises -- all the TAers will say "see, it's support!"; (3) the stock goes below the "support" level and the TAers will now feverishly calculate new support levels, and glumly mumble about what a bad sign this is without ever questioning why a stock breached its supposed support level!.

In science there is a maxim that says that a hypothesis can only be taken seriously if it is falsifiable -- that is, if it can be shown to be false by the failure to achieve certain predicted outcomes. Judging by the behavior of of TA devotees it would seem that TA is not falsifiable, and therefore must take its place as one of the religions of the stock market.

TTFN,
CTC
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