It is not always prudent to go against the flow. It becomes especially difficult when media outlets (owned by the same conglomerates that program HFT's, for those of you who weren't aware) are telling us that the markets are not only going to tank, they are going to tank HUGE!
If that weren't bad enough, we get a million and one bloggers all telling us the same thing. Everyone is an expert on the economy and technical analysis these days.
Really?
How's that worked out for all the "experts" in the last thirty three months?
Is this "market" really about descending triangles, bearish wedges, rounding tops, head and shoulders patterns, 200 day moving averages, and broken trend lines?
We're going to use the blatantly obvious against a gang of Wall Streeters that wrote the book on market direction?
Much of what we've learned about technical analysis has gone the way of the dinosaur. It no longer applies. Why would it and why should it?
Wall Street looks at the same charts we do, but they're not in business to make our lives easy by chasing garden variety technical analysis. They're in business to get as many people on the wrong side of a trade as humanly possible. They do this by manipulating charts and the news.
How hard can it be for Wall Street to manipulate a chart when their algorithm trading platforms have the ability to pull bids or offers in a nanosecond, taking out any and all automated stops along the way?
Yes, we're told it's all about Europe and the Euro.
Perhaps it is.
It says here it's all about the media, the internet, and the people who read exactly what Wall Street wants people to read.
Believe what you want and trade accordingly.
