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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (46275)	7/18/2002 7:09:29 PM
From: ajtj99	Respond to of 209892

John, one thing I always tell people who don't believe in T/A is that if enough people do buy and sell according to T/A, it becomes a self fulfilling directional indicator. With hedge funds and computer trading, that's what's happened. I know one guy who graduated at the top of his class in Economics at Harvard. He refuses to believe T/A or any type of pattern that can be used to divine future prices. He believes in a fluid market of supply and demand, and if the T/A was valid the target price would be met immediately. His portfolio is down massively. I remember begging him to sell RNWK at $160 in Dec. 2000. He said it was a good company with good technology, and he thought it would do well <G>. Anyway, he passed the bar last year and now bills out at $300 an hour (he just started at a top firm in the US). I guess he doesn't really need that portfolio anymore. I also remember mentioning to him about getting some S&P puts as a hedge on his dad's portfolio when the S&P was at around 1150 this Spring. No doing. He won't sell it either. There are lots of stubborn people in this market right now. I think its mostly retirees that are selling right now. The under 45-crowd has yet to pull the plug, IMO.