It’s is great that Jon Stewart informed the world last week that the media pundits at CNBC failed to provide accurate information about the impending financial crisis. But by using technical analysis, I warned my readers last June what the charts were telling me and transferred my pension money out of mutual funds to money market funds:
“Look at this weekly chart of Bank of America (red line= 30week average; click on chart to enlarge). Other bank stocks with similar charts include : WB, UBS, STI, and DB. When major bank stocks are in a free-fall, can the rest of the market be far behind?” (Posted on June 8, 2008)
The media pundits and the financial advisers are self-serving when they try to convince us that we need their wise counsel. I say that one can rely on the market itself to alert us to danger. I use the TC2007 charting program to analyze the market trend and post my conclusions on this blog. I know a lot of you have used my blog to protect yourselves….