Stock charts are helpful, but not the be all, end all
I was looking through a list of watch items and came upon NEO.TO, which is something I’ve had my eye on casually for a couple years. Last I had seen it, it appeared to be making a nice bottom, had taken out the SMA 50 and appeared to be on the way to a test of the SMA 200.
Well, it succeeded in that test!
For a day. Tough racket for those buying a breakout and the Men who stare at charts who might’ve gotten excited. This was an obvious example of the TREND being the driver, not a ‘breakout’ that was summarily executed the next day. I like seeing things like this because it makes me continue to realize that I should never pretend that my charts have more to say than they do.* All this one ultimately said was “trend down”.
* Well, the nominal charts, anyway. I find a lot more value in my inter-market ratio charts but that is for the macro work. Nominal stock charts are for positioning (or not) in individual equities/markets.
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This Post Has 2 Comments
Metals and miners holding up well today…
Problem being that HUI is acting like the commodity complex. Hence, inflation bugs still infest it.
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