What sort of horseshit is this? Cramer is out again with his voodoo charts, suggesting if the market should indeed trade higher tomorrow, even by the most meaningless of ways, then henceforth we shall soar to new highs, summarily ignoring all fundamental concerns.
While a rally may indeed be in the cards, I find it very childish to rally around the idea that tomorrow’s trading session holds the skeleton keys to the fate of global equity markets. As the market moves higher, accordingly, the news flow will become exceedingly bullish. The same could be said for when markets drop. As such, the noise is loudest by people talking their books at these important inflection points.
Until this time, the opinions of a certain James Cramer, have hitherto been of the ursine varietal–regularly running about the earth warning others of an impending doom. BEHOLD his metamorphosis from mouth foaming mad bear into a red faced steaming bull.
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Some dude on fast money said all time highs on the s and fucking p..by sometime around May. This year, May 2016..
The Bull Case- plenty of central banking activity tonight with the RBA and Dudley speaking in China to erase these losses by sun up.
The bear case- just about every fundamental data point in the world.
I like how Cramer feels compelled to not only refer to Fibonacci as a “medieval” mathematician but then follows with some blurbish explanations. Next up, the reading of goat entrails, backed up by a “biblical” mathematician. (Nothing against Fibonacci; it is just that his work is widely abused.)
No TeeVee personality lasts forever, and this bear market will see the end of Cramer.
Furthermore, I would add a philosophical observation: Everybody wants magic. Whether it be Religious, Medieval, Keynesian, Voodoo or any other of a thousand variants. There is no permanent free lunch…but you can get a lot of them for a while in a land of illusion.
This is the shit that gives technical analysis a bad rap. Just insane.
like your web site Nate
@anjing..lol.
Cramer talks so much that he’s bound to be correct a third of the time or so, which would amount to a lot of correct predictions for him to boast about.
I love Fibonacci because the Physic Quants that wrote all the algo programs use it. But OMG that “Fibonacci Queen” charts are so “basic”, sort of sad just seeing them. But IMHO to succeed in this game you can’t do just T/A or Micro Bottoms Up, you really have to have a full grasp of Macro Top Down and a handle on all Global Equities/Bonds and Commodities. And even with all that, lol, some Central Banker will still mess you up, lol.