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Crraaasssshhhhh !


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thought you thought chartism was akin to astrology

I do. These charts merely show what has happened to several hundred banks' share prices over the recent past. It proposes that some will fall further.

Chartism to me is some gibberish about Fibonacci retracements etc. as if an inanimate object, such as the price of a share in a bank somehow knows that it should follow some pre-determined pattern, possibly because something similar happened in the past.

The beauty of chartism (as with Astrology) seems to be that for every failure to follow an expected trend there is an excuse - oh this is actually the third head and shoulders wave fo the fourth Fibonacci retracement... blah blah blah.

According to chartism the Dow should be up now compared to 2007 because we are in the year of a presidential election. Apparently this historic "fact" overcomes any negativity about the economy in 2008.

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snip....

A chart shows you where buyers buy and sellers sell. That's it. Finito. But since the price of something is important then it matters to know where this buying/selling has occured. Fibonacci retracements, head and shoulders etc are imho simply attempts to describe patterns of buying and selling at different price levels. Nothing predicts the future.

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I do. These charts merely show what has happened to several hundred banks' share prices over the recent past. It proposes that some will fall further.

Chartism to me is some gibberish about Fibonacci retracements etc. as if an inanimate object, such as the price of a share in a bank somehow knows that it should follow some pre-determined pattern, possibly because something similar happened in the past.

The beauty of chartism (as with Astrology) seems to be that for every failure to follow an expected trend there is an excuse - oh this is actually the third head and shoulders wave fo the fourth Fibonacci retracement... blah blah blah.

According to chartism the Dow should be up now compared to 2007 because we are in the year of a presidential election. Apparently this historic "fact" overcomes any negativity about the economy in 2008.

How true.

I use chicken gibblets in a bucket for my predictions. But I always remove the spline spleen as its generally distorts the readings.

Phrenology is where its at.

.

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