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And so as all of the talk centered around how Apple had suddenly and significantly reversed its upward stock price march the "Talking Heads" were begining to swoop down on the carrion.
There were lines drawn.
Figurative ones for certain, but also the literal lines drawn by the technicians with well coiffed hair and highly tailored suits.
Then there was omenous talk about the meaning of the decreasing stock price in the face of heavily rising volume.
All scary concepts.
To me, no one will every be able to explain in purely technical or fundamental terms how a stock price can so abruptly change direction in the absence of news. For the die-hard technicians, there will certainly be someone to point out some line crossed or not crossed and use that as an explanation for Apple's reversal.
Was some decree passed that I missed? Can people no longer liste to music or talk on cell phones?
50 Day Moving Averages. 200 Day Moving Averages. There is not shortage of examples to demonstrate points that are screaming to be made.
To those, I ask if they've ever heard of the concepts of "sensitivity' or "specificity?" How about "false positives and false negatives?" Have they never heard of "The Zune?"
A couple of generations ago a deservedly disrespected past President spoke of the "silent majority." I think that in the world of stock charts the silent majority are those that don't behave quite as predictably as a technician would have anyone bothering to listen, believe.
No one is ever going to show you the charts where the stock prices didn't move as the technicals predicted that they should.
More than one Talking Head mentioned how no one was daring to mention how that if Apple floundered it would take the rest of the market with it.
Obviously, they don't listen to one another and based on their ability to revise the past, they probably don't listen to themselves.