I missed the entire up trend last year because I hung out there, and paid attention to Prechter. Then I discovered system trading.
Nothing like making $30K in play money after burning up all your real money in a historic bull market listening to zerohedge.
I am still waiting for J.P. Morgan to bankrupt because of their massive misspeculation in silver...I am still waiting also for the "massive" bankruptcy risk in overnight LIBOR/OIS spreads to work out as a "liquidity trap" for European banks....and just 6 weeks ago the headline was: the banking system is "finished" Zerohedge=pseudo-intellectual nonsense for wannabe bankers
Old timers learned long ago, since mid October 1987, to never listen to Prechter. Before that he was actually pretty good. He is an absolute genius when it comes to pandering to the fears of the retail trader because it pays to be a perma-bear. I don't think he believes a bearish word he says, just that fear sells and no one knows that better than Mr Prechter.
The guy makes huge money with his online ads. He doesn't give a fuck about reality, he just wants to report gloom and boom because it drives traffic to his website and makes him money
Exactly. They just pump idiotic headlines that increases eyeballs on their website that they turn into advertising dollars. They sound like a bunch of college kids who'd blow up in a heartbeat if they were actually trading for a living. Businessinsider.com appears to be using the same model. Moronic sensational headlines dressed around quasi-economic data.
Zerohedge sometime does reports good info. Like the blackrock which no other news channel or news org will report blackrock buyin Italy's debt. so good to read once or twice a day but just the headline.