Many of the T/A predictions become self fulfilling in many cases.
If someone has a reasonable record with their T/A work,then folks will jump in quick on their recommendations which gives the stock a little push.
How many T/A people warned that KAR was about to be whacked or CNP was about to launch?
Some T/A poster said that BUY was about to breakout the other day,instead it has been smashed.
I think there are way too many amateur T/A practitioners these days all looking at the same charts rendering them neutral at best.
Some guys obviously do all right with T/A, but unless you live in $5 million mansion with a Roller in the garage,you are no different to the rest of us.
I do very nicely with my gut instincts.
BTW,I am not 'certain' that a correction is due,it is my opinion that we are very long in the tooth with this rally and sentiment is too frothy and folks are too greedy and too complacent.
The fact the selling appears to be luke warm at best suggests to me the correction has much further to go.
Corrections should engender a bit of fear into the market.
I don't see any fear at present.
But who knows,anything can happen.
We live in interesting times.
I am scouring the market looking for cheap stocks and can't find too many.
