Alright I have my own Fucktardedness. Uck, I'm talking like the fly.
I saw this, Over at market Oracle because I needed a few good giggles before I went to bed. I'll even link it so I can Troll him. 
Monthly DJI, and of course as a solid member of the black helicopter tinfoil hat crew, you have to do TA on the most ignored and irrelevant index in the market. But... if you are going to do Irrelevant T.A. you have to do it on the DJI... Right? its like a double negative.
Thesis is DJI 4500. HOW THE FUCK DO YOU GET THAT. I ran FIB. I get 5191. 
For those of you new to my T.A. I have 2 Pet Peeves in the market:
As I'm typing I think Tony has the first one
- YOU CANT DO T.A. PAST ABOUT 10 YEARS, BECAUSE OF INFLATION. If you had a proper inflation rated Index(not in gold Mr. Schiff).. MAYBE. SO, you cant do Trendline, and you can't do Horizontal. all you are doing is acting like a blind man in a Gymnasium trying to find a Glory hole.
- Second peeve is Horizontal resistance, by the time it's hit horizontal resistance you are WAY TOO FUCKING late. you may as well play the lotto.
Ok... here we are, Playing montly on the DJI... ooohhh I'm Giddy the above chart is the same one that shows where I'm running trend lines from.- Ok... lets start by talking about the Primary Error, FIRST the Monthly February Bar.... is ... is NOT OVER... it has 2 weeks to close. so to say it has "Broken support" IS WRONG.
- Assuming we get a down close and it breaks support on a closing basis... what are the targets..
- 4500 where did that come... out of your ass, there is support at 4K.. if you want something..
- I guess the thesis is that, there is no support from 7k through 4k... But you are wrong, In fact there is tons of support from 7-6K. There is support at 7.3K 7K, 6.8K... In fact there is more sup pore t in the 6k-7.3k. Than there is at any other place besides 1-2K
- I don't get where this meme has come from but there is a ton of support from 5-7 K TONS.
- you people are crazy
- And, THE RSI on that chart is so OVERSOLD, the earth will split first... or it will take over 2 years to hit that target.
5 comments:
I was going to show a graph of GM from 1940 to now and my thesis is that this is the second phase of a double bottom...
What do you think?
Thanks for looking at the BBT chart. Maybe look for a low volume pullback? Do you really like WFC more? I understand the bad purchase of WM, but it would be hard to undo and I think that is being factored into the stock price. It cannot be ignored.
It is amazing how many people are calling this 740 level critical... Barry likewise is looking for a fall to 600 if it fails.
I know you don't like the horizontal supports, and I have come to appreciate the trendlines... BUT, this seems like a self-fulfilling prophecy: if 740 fails, we sell down to 660.
Well, I was thinking about this. What you may not realize is that WFC is the biggest bank in the western US.
ZION is effectively church controlled bank, But still WFC is bigger here. And all across the west. There are "some" Chase banks, and a few small Citi (but these are hole in the walls, effectively strip mall banks. maybe a couple BOA. If you wanted to go to a big bank here with a significant footprint, you go to WFC.
But, if you are looking for a bounce, one sometimes is looking for a more beaten down name.
but for the investment advice, I don't want to give to you. Why don't you just spread your risk.
GM... I'd rather buy C or AIG... maybe... I don't know, I try not to think of such ugly things.
;)
I was joking about GM. See, I live in GM country where most of the revenue comes from the auto industry. I've heard this argument ad nauseum: Boy, "GM at 20 looks cheap"..."You'll never see GM at 10 again, time to buy"..."GM at 1940's levels, should buy some now", etc.
I've heard the whole "GM is the biggest car company in the world"... at one time bigger than WFC. Now it trades under two bucks and so does Ford.
Bottom line: nobody is buying GM cars so I'm never NEVER going to buy GM stock. Companies do actually go out of business in the real world, and the point should be to figure which companies will survive Armageddon.
Perhaps WFC will survive, but by every contorted metric I look at, it is not going to make it... except with massive cash infusions.
After the mushroom cloud recedes and nuclear winter turns to leukemia spring, only then will we see who survived. But that's a long time from now.
Bottom line: I don't like banks. Too many of them are insolvent, and too many of their executives and accountants are bold face liars. (White guys in ties.) For a bear market rally, maybe... but only for a swing trade at the most, and only for banks that have a decent chance of remaining solvent.
If I'm wrong, then so be it... but BBT looks like a better bank.
It is the nature of a bank to be insolvent And I've said it before, these pieces of paper we buy and sell are just that. worth every dime of the paper they are printed on.
Fundamentals on all this crap are VERY BAD... but all I need to do is find a "Greater fool".
This "Toxic asset MEME", has hit the popular culture at this point. I keep wondering how well any of these guys even understand it.
Post a Comment