Technical Analysis ... Astrology?O
So what are your views on technical analysis? Correct me if I'm wrong but the basic premise is thus:
The market collectively reflects all currently knowable information - and therefore it is a waste of time to look any further than price and volume charts (and to some extent open interest).
Is it complete nonsense? Can you think of any purely technical traders who have accumulated piles of cash to back it up? Richard Dennis maybe?
If you type 'Technical analysis' in Google, chances are you will be presented with endless offerings of trading systems and regular technical reports "All for $100/month" etc. I don't know about you but if I were reaping the rewards of technical analysis I wouldn't waste my time putting together some tripe website on the off-chance one or two desperado's sign up to my services for a few bucks.
One of the reasons TA is currently on my mind is I've just finished flicking through a couple of Jack Schwager Market Wizard books. Some traders condemn the practice, some claimed TA could be useful for timing, others dismissed fundamental analysis entirely.