Here’s Rick’s take on today’s market action.
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The Dow came back strongly today as did the S&P and Nasdaq
How do you know I did not take the course smarty?
I believe that he was referring to me.
I simply don’t use technicals because I think that you have to be a real expert to trust them.
My particular philosophy has treated me well in the past, by the way.
Fundamentals still work on long time horizons Al. For the very shortest of trades the computers run the show. It is that medium term period where the rest of us play and technical’s still have validity and trades can yield results. The long term is under the management of the big banks and CB’s though. it is a policy driven world we live in. There is just a little space remaining for real trading between the lightning fast computer algos and the big picture multi-year policy moves but even that is being squeezed day by day. When that last little space if finally taken over we people will all become irrelevant. Either that or a revolution breaks out. Who the hell really knows.
Most if not almost all of my investments are for the long term. But, I have gotten lucky in the past and been able to get out sooner at a profit.
I went completely techy on my trades this year. I used fundamentals in 2012 and 2013. Seat of my pants last year in marijuana penny stocks. This year has been tight making $$$ on Wall Street for me so I had to start charting.
How did you do in the marijuana penny stocks. I did not see a lot of successes there.
I am subscribed to rick and try to use his picks for swing trading…he has made me several thousand….even just piggybacking on others touts in his chat room can be immensely profitable. Each of Doc Gary and Rick have learned to ignore their gut go varying degrees and focus on charting and cycles. If the markets did what made sense than the banksters woul not make nearly as much $ swindling everyone during these gyrations…like today’s -280 to just -69 or so move on the dia. Fundamentals dont matter unless you have a multi-year outlook and even then its important to know charting or follow one who does to see yourself into a position at a good price.
Pretty good points “Proud”!
Everyone here especially A.L. should take Rick’s trading course and learn that true traders like Rick don’t make calls based on his personal view looking for “aren’t you great R.A. pats on the back” its the key levels of resistance holding or falling that one positions off.
SIMPLETONS