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By Chris Satchwell
Success in technical research is all approximately spotting, and speedy performing on, styles of industry habit. Pattern reputation and buying and selling judgements shows lively investors the way to observe while a trend is constructing, distinguish among a real trend and a deceptive sequence of occasions, and practice this acceptance for achievement in particular buying and selling occasions. A how-to advisor that steers away from tough calculations and formulation, this dynamic book--from an writer tabbed "far sooner than someone else" by way of technical research guru Martin Pring--is destined to be at the computer of each critical technical trader.
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Example text
Warburg early in 1929 for his (correct) warning of the impending bear market. The simultaneous common actions of large numbers of investors move markets. Sometimes, during low volume trading, the simultaneous actions of a small number of investors can begin a price movement, onto which a herd subsequently latches and propels. THE HERD AND EXPECTATIONS OF PRICE MOVEMENTS The importance of expectations was brought out in cobweb theory, which maintains that actions based on the expectation that future prices will remain unchanged interact with the supply and demand curves to cause price fluctuations.
Below that level, the company can simply be broken up, its assets sold and money returned to its creditors and shareholders. There is therefore a rational argument that says that a share price should not drop below this level, but in the 1920s it was difficult for the general public to know what that level (net asset value per share) was for each company. Nevertheless, wise investors would have found out and taken their assets out of “growth” stocks, backed more by stories than tangible assets, and moved them into “quality” stocks, backed by assets capable of being liquidated if the worst happened.
At its simplest, the Dow reached 100 in the early years of the twentieth century and returned there 36 years later. During World War II, the Dow advanced, then peaked at around 212 in 1946 and collapsed in the same year, and then established a bottom in 1949 just above 160. From there it began a long bull market, with hiccups in 1957 and 1962, before reaching 995 in February 1966. The 1960s and 1970s were in many respects similar to the first 20 or so years of the century, with the Dow roughly halving and doubling its value, but in this case peaking near 1,000 (not 100).