The Men Who Stare at Charts: “Damage Done”

This man who is staring at you right now also stared at his charts and noted that the damage has been done to the stock market.

“From a technical perspective, the damage that has been done technically to the stock market is much, much worse than people are talking about,” he told MarketWatch in a phone interview on Tuesday.

‘Godfather’ of chart analysis says ‘damage done to the stock market’ is much, much worse’ than anyone is talking about

Now Mr. Acampora is the Godfather of we men who stare at charts after all, so I will not feel too bad that he is on my theme, which is also ‘damage done’. But it is unfortunate when these pronouncements appear when the market is already deeply oversold and the media’s readership deeply over bearish.

They tend to appear at max pain and max reinforcement of emotional distress (or on the over bullish side, max euphoria).

The article goes on to cite more Men Who Stare at Charts, including Biiwii’s own (well, he’s his own man and entity unto himself, but work with me here… ) Tom McClellan.

As a man who stares at charts myself, I would just warn you to take the self-importance that the nerds present their cases with… with a grain of salt. When all you got is lines and squiggles, you tend to layer on the bullshit. That is one reason I realized long ago that it is fine for me to stare at charts, but there’d better be more to the analysis than that.

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