Yak, I think you make a very cogent point. I hope to add something
to it, ...then it's off for a nice night out for me & mine.
Most of the true classical die-hard Tech Analysts I have come to
know & I have been taught by (one of which was also a Market Maker, was
a CEO, consultant, & college professor who taught economics as
well as stock theory) pay hardly any attention to the fundamentals
of a company.
Today Pipe made a nice statement about being a well-rounded trader
by paying attention to fundamentals as well as the chart & what
it can reveal to you. Case in point: take a look at the ONLY
listed stock under "my picks" in dumbledoor's acct: it is LITERALLY
a sinking ship! An A/S of 2Billion with an O/S of ~1B, a limited
information label on PS & his call was that a "KEY REVERSAL"
(to the upside) happened on May 20th. The stock has sunk even lower
since then ($0.0009 to $0.0011 close). So far, an e-mail to the
TA has got me nowhere...I don't know that the TA is gagged but
think about the recurring costs of running a company AND
operating a boat at sea to find sunken treasure...are you
kidding me with that business model? I am not saying it isn't
viable, just saying it is FAR RISKIER fundamentally
then what TYTN has going for it!! A proven CEO with a track record
beyond reproach, in an industry for which he has already earned
millions & proved he could build a solid business. Excellent
reputation, fine management skills & a work ethic to match. This
company has current information, stellar filings, an excellent
foundation & all the contacts to exploit putting it on the map--
QUICKLY from here.... (I can't help but think the guy just wants
shares & is doing his bit to make people uncomfortable with what
is typical market fluctuations in a penny stock. I am not a fan
of that kind of behavior, but... to each his own).
My main point however is that often true chartists are playing
the flip, the trend, channel, bounce, fib re-trace,... & don't
always look to find stocks with solid fundamentals from which
to use their charting skills to find an entry & accumulate at
lower risk than someone who may find a fundamentally sound
company & knows not a chart from a bocci ball.
Worse, they know not of other investors experience &/or goals
& start to play the expert. Charting & TA is NOT an exact
science & is fallible. Telling investors, like someone with little
experience not to buy is inappropriate as they do not share the
same requisite skills, risk appetite, nor trading ability than
a flipper, scalper, day-trader, swing-trader, etc. might & therein
lies my pet peeve with the whole situation. Many shareholders
on most penny stocks are probably best off finding a company
with rock-solid fundamentals & accumulating on dips or as money
is available then selling according to their goals & market
metrics (if they even know what those are). Anyway, thanks for
the reminder that chartist often fail to thoroughly review
the fundies of a company & take that into acct. Even though one
of my very own mentors was a classically trained economist & pro-
fessor who could easily read a balance sheet; he had excellent
trading knowledge & experience to dispense with those formalities,
trusted his method & did very well. Most here, including myself,
are not of that caliber. And, as Pipe pointed out, why not
bring both to bare while investing-- to me, that makes the most
sense.
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