Recent Blog Posts
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The Times' Rorshach Geithner Story
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Sinking Animal Spirits
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Counter-cyclical Urban Policy
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Be Your Own Counterfeiter
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Being Tim Geithner
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Notes From a Press Conference Naif
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What Good is the News?
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Stressful Enough
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Not Regretting the Pound
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Introducing the New Ford Squeeze
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Non-Economic Questions of the Day
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The Stress Test Blind Alley
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Happy Hour
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Recovery Without Rebalancing
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The Shape of Your Recession
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Adventures in Technical Analysis, Apple Edition
Every so often, one comes across a piece of technical analysis mumbo-jumbo so glorious in its meaninglessness that one can only stand back in admiration, as though it were a Leonardo painting or perhaps a magnificent skyscraper. Yesterday, Mark Gongloff found a true classic of the genre:
Tuesday’s Large Range Extension on substantial volume left a buy signal on Apple. On the heels of Monday’s slight break of the afore mentioned triangle, Tuesday’s convincing breakout above the top of the pennant triggered a Triangle Pendulum Buy Signal.
Note that the upper end of a Parallel Channel is in the low 130s.
This Square of Nine chart shows how 50, 83 and 123 resonate...
I'm particularly impressed by the Square of Nine charts (isn't that a character in some Star Trek spin-off?), if only because they really are indistinguishable from astrology. If only these things had been combined with a double evening star, or an exclamation point on a doji star – but then there would be nothing left to look forward to, I suppose.
