Who cares what this idiot, or any other idiot with a blog thinks? The market will do what it wants to do at the end and after it fools the majority of analysts. This moron uses obvious analysis and tools of the last century in his guesswork. Fading his signals is a sure way to make profits. I bet some people monitor his signals and take the opposite position.
SLV has dropped over 7% in the two sessions since his bearish notice. It gapped down pretty nicely this morning. This guy made someone some easy money. I wasn't aware that using a computer program to root out and backtest the statistical viability of certain T.A. setups (on thousands of instruments) was "last century." I guess he needs to move on to more advanced techniques, like watching Fast Money.
Bulkowski is "The Authority" in regards to technical analysis. He used to be an engineer before he went into trading full-time and did a statistical analysis on just about ever chart pattern out there providing a probability for each one he observed. He wrote the encyclopedia of chart patterns. He is someone that most elitraders can only dream of being. His business was not originally trading, but engineering and grew into the trading role. Never worked for an investment bank or fund. He simply traded the market retail and has made millions retiring at age 36. Look at some of his past calls like the one in March where he draws out a chart showing the high would be in May. You cant get any better then this guy... In his writings, he shows no arrogance or hostility unlike the writings on Elitetrader. If you write him an email. he does respond. In fact, he humbles himself all the time admitting that he may be wrong. However, when he writes something about the market or charts, most of the time it does come true...
Good call by Bulkowski. He has done a lot of work on chart patterns. Actually, his worked convinced me not to use them at all but that is also a positive contribution when you know what not to use. I agree that the most successful people are not arrogant, very friendly and are willing to respond to questions. In college, the best professors were those who were very friendly and the other ones who acted arrogantly and were distant were not as good. Maybe arrogance is a defense mechanism against ignorance or personal limitations. Bulkowski is a guru on technical analysis. Another real guru is Michael Harris and by coincidence he has also engineering background like Bulkowski and he has also done a lot of work on price patterns with his automatic pattern search. I sent him a personal email once in the past and he replied same day with detailed explanations of how his system works. There are several other good people around that are very down to earth and friendly and you can learn a lot from them. Ralph Vince is another name that comes to mind. Very friendly and very knowledgeable although lately he sounds kind of disappointed with technical methods. I don't blame him for that. I believe that real gurus will not hesitate to discuss several aspects of their edge because they know that it takes more than an edge to make money in the markets. My experience is that following the edge with discipline is as important as the edge itself. Many people have read Bulkowski's, Michael Harris' and Ralph Vinces' books but I wonder how many ever managed to follow the ideas and profit from them.
I can't think of anything less rigorous than anything that guy has ever published. I can remember trying to duplicate something he did years back and questions his results. He said that the stocks he uses for his analysis are picked on discretion. Let me repeat the fact that his data set stems from nonrandom, subjectiveness. What a trip!