I came across this article this evening as I was scrolling through today’s
As I usually do, when I hear Cramer and his BUY! BUY! BUY! BS, I go straight to my chart. I seldom see anything on his list that gets me too excited to be honest.
And then I saw this one today, and I though are you kidding me? WTF is bullish about this chart? Why the hell would anyone be long this thing? It’s in a tailspin, and it’s been in a tailspin for months. Does a stock need to be down 50% before you are wrong?
Forget the downgap yesterday, this thing has been setting lower highs since the end of may and clearly not only broke trend, but completed a H&S top. There was zero reason to be bullish on this stock, the thesis was flawed from the start and was clearly displayed in the price action.
I will credit him for admitting he was wrong, but he should have realized that between 7/22/2015 and 7/24/2015 @ $22, not $16.
This is the beauty of technical analysis. It’s not perfect, nothing is, but we define when we are wrong going into a trade. It’s called risk managment. My goal with this site is to teach that, to those that follow.
As my profile and site thesis states, Fundamentals are in price END OF STORY!
Hey Jim, Contact me, I’ll really make you some Mad Money!