Sunday, August 23, 2009

Rally That Nobody Believes In Continues

Weekend Tape Talk from Tickerville. Quint is a technical trader, and of course he says what he says: [fundamentals don't matter, because] "We continue to play the charts."

"People refuse to embrace this tape. And until they do the market is going to discourage them. When they capitulate, that is when we'll have to start to become concerned."

(Well, I've heard Q-man going short several times during the run from the March low and gotten squeezed out. Nobody is perfect.)

I took his stock trading camp (webinar) back in February 2008. The stock market was still iffy after (then-)miserable January. The webinar was mainly for the "future", when we could trade again from long positions. That future did come, after the Bear Stearns cataclysm in March, and my portfolio did recover almost back to 2007 high by June.

Then, after the stock market spending 3 months slowly descending, the real cataclysm hit in September. I do not think TA could have saved many investors/traders. You would have needed a macro perspective, not just economic but also political.

For now, TA for the long side is still working, and as long as it is working and the stocks that I've been holding (some of them since mid March) act well, I will keep the stocks and remain long. I'm keeping an eye on the emergency exit door, though.

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