Oh contraire! The news is mostly propaganda. When there is news about to be released that is hugely bullish, the people who have the greatest interest in the stock already know in advance what a company is doing and what results they are seeing and how that will affect the price of the stick so they do not wait for the news they position themselves well ahead of the news and the buying and selling that takes place as a result of their belief in which direction a stock is likely to go is all reflected in the charts. Since technical analysis is a study of price movement, the direction that a stock will most likely go next is already displayed in the chart patterns and technical indicators and no amount of bullish news can turn a market around but, temporarily when it's momentum is already moving in the opposite direction. There have been many examples of situations where a hugely bullish new article was released and the stock would respond with a rally but, by the end of the day that rally would fizzle and the following day for the next several week the price would head lower in spite of the news. Usually the only time the charts are wrong are when the analyst misinterprets them.
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