Yes he has said as much. I also agree with Warren and the CFTC when they say it is a bunch of bunk. Warren thinks TA is a joke, and he's right. Do you think he buys into support? The guy may have never seen a chart in his life. This is like an Amway convention pushing this stuff. Sure lots of people have made money as they get higher on the pyramid. The TA folks help the rest of us make because they are like lemmings with this stuff, very predictable. Everything becomes a self-fulfilling prophecy.
are markets truly effecient........it would seem not. is most TA a load of bunk.......it would seem so. Analysis of price/time would seem to be very useful. however, most 'indicators' have zero predictive power.
Pretty good trend so far. I just wanted to add: More people using TA <b>weakens</b> its efficacy NOT enhanced. You want people NOT to use TA. ---Fish
It's no big suprise. Every now and then some big shot comes out and says TA is nothing but glorified tea leave readings, while others (myself included) absolutely believe the markets are inefficient. Warren Buffet, George Soros and the like are not the luckiest men in the world as academia would have you believe. Staying lucky for 30+ years? If the markets are truely "efficient" why were JDSU, QCOM and the Nazzdogs of the bubble years trading at 500+ times earnings? That's efficiency? I'd hate to think what inefficiency would have been!!
LOL ! ever think bollinger bands, MA's, regression channels, etc. follow the SPX and COMPX ?? it's not the other way around . in addition, your 90% precise statement is false.
And when price pulls back to a popularly followed average, finds support, and rallies... is this the average following price? No.
Be careful , paying too much attn to the stuff they 'teach ' you could be fatal. Ask the teach how his 401k/2 is doing. Granted, there is considerable randomness and 'noise', in the market, but someone , somewhere has more information than you and the public at large. If nothing else, the t+13 guy in Chicago knew he was in the pipe, and may or may not have waited, goosed the price down, or participated in some other way and affected the game, prior to his entering the large buy. Almost everything in the world is random to an ant, and profs that don't get it.