No, I did not intend to bash technical analysis. I was bashing analysts in general but it did not come through that way on edit.
Perhaps I was just getting down on technicians who were like John Kerry in Dubya’s TV ads in 2004. Any way the wind blows.
Golden cross? Must be true, get bullish!
Head-and-shoulders? Must be true, get bearish!
Failed head-and-shoulders? Must be true, get bullish!
My head is spinning from all the flip-flopping. Suddenly the SpongeBob theme song is in my head and I see analysts dropping to the deck to flop like a fish. Go as your kids for the lyrics sheet if you do not understand.
Here’s the deal – the market is doing its job. It is making as many people as possible look bad as it chops up daring swing traders. Day traders – awesome. Swing traders – chop, chop, chop. My own picks are well underwater right now but the higher this rally goes, the better the shorting will be. I personally took a nibble near the close.
