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Sunday, August 06, 2006 3:16:26 PM
A bad chart can, by itself, help cause a sell-off. A good chart will encourage buying.
But charts are not absolute predictors of the future. If they were, all chartists would be rich, and no longer posting on Ihub, imho.
I always pay attention to RSI, however. Overbought RSI (like 80-90) nearly always indicates a sharp sell-off sooner rather then later, in my experience. That's why I hate parabolic rises in PPS.
I have in the past wished it weren't so, but most rockets have to come back to earth.
Therefore, I don't think it is the end of the world if SLJB trades sideways for a while, and consolidates before it's next leg up. There are alot of extremes in opinions on this board, but I think the truth is somewhere in the middle.
Facts will be verified, one way or another, and the PPS will reflect reality.
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