Bill;
I regret jumping down this rat hole. I DO NOT ADVOCATE TECH ANALYSIS!
I hate being in this role, no one should pay attention to this type of analysis by itself. The real fortune is tied up in the earlier discussions about market size/penetration rate/profitability. Tech analysis is the color commentary on Monday Night football. I still use the tools, they tend to keep me from buying peaks, but I've also missed some biggies.
The spread I mentioned is the day hi/low. The tools work sometimes on some stocks. Like I said before, I have a good idea of where the stock will be in 10 minutes, after that the validity is about nill. I also said earlier that TRIBY has gone non-linear. It's like trying to use seismic data to find oil while there's and earthquake. The down support according to my tools is $4.5 but my gut puts it more at $5.25. The first resistence is at $6.25 but I think a truer resistence is at $7. My gut feel is based on the power that TRIBY has shown over the last three weeks, but today is alarmingly weak.
This mornings lack of volume is an example of when these tools don't work. A complete suprise, the traditional Tech would say that if the price moves, the volume will spike, and the price move will be amplified, in either direction, a real help right?. The $10 number was an upside trendline (connect the dots of the peaks).
This is my last Tech analysis post. I've tried to contribute high quality information here and other boards. It really bothers me to read junk on the boards. The tech information that I'm capable of is pretty junky.
Best regards,
peter |
