the emperor has no clothes, page-36

Good post Ninelives - its a pleasant change to hear another view for once on the PEN forum. I had to pinch myself a couple of times to be sure I wasnt dreaming that someone had actually written something bearish about PEN on the PEN forum! Heaven forbid!

For those saying why would Ninelives not know anything about PEN's fundamentals, I say to them such is the essence of charting. Techincal analysis is not concerned with the underlying value of the security, rather it studies the effect of the forces of supply and demand on the price. There are plenty of people who have made good money from studying the patterns, mathemtactical orders, etc of financial securities without knowing anything about fundamentals of the security.

As staated before, charts dont like. However fundamentals - or what we are told are fundamentals - can certainly be misleading, manipulated etc. The open/close/volume on the other hand does not lie.

After Fukushima I remember a poster on here mentioned his technical levels had been breached, triggered his stops and bailed out. That was around 9 cents, - good on him, he was right and we were wrong. You didnt need to know anything about PEN's fundamentals to put on that trade. Maybe he also believes in fundamentals and bought them all back at 3.8 cents, who knows.

Anyway cheers for the analysis Ninelives, I hope you are wrong!