Haven't had a post on Jimmy Crack Corn Pone in a day or so and I happened to run across a bunch of his picks on the old tout machine and I pulled three of them out to illustrate his idiocy - if you follow this guy you will go broke -
AAPL - he put the bad mojo on AAPL - said it's going to 100 - meanwhile every young TA follower in the world can see that AAPL is forming a head and shoulders. And I know I don't believe in head and shoulders but what I believe in is the down leg of an M formation - if you are in AAPL - next up is the down leg of an M formation. It will rebound off there, of course - so don't panic.
Now an example of "dead money walking" in CLF -
And finally another example of "dead money" but this time with a second example in the same chart -
Will someone tell me why the 02/20 week is different from 03/19 week? And if it isn't different is it possible that the same thing is going to happen? What concerns me most about this chart is the fact - the absolute incontrovertible fact that all gaps are filled. And if that is the case then this stock will see 64 before it sees 84 - if I remember we'll look back again sometime in the future. Needless to say these are just my opinions and I'm usually right but not always.
Another strange pick from this batch was SUNW. Now SUNW is on a roll - I mean look at this chart -
Let's see - it started collapsing at the end of January and in a month or so it has actually dropped all of 70 cents. It gave back all of its Bernake rally gains on Thursday and Friday and Jimmy says because it has new management it is going places. No - it isn't - it's day trading scalper favorite that every once in awhile returns 10 cents on a trade - anyone who invests in this stock for a long term is nuts.
Anyway Jimmy Crack CP says he "never looks at charts" and he is a value investor who invests in the management of the company - which is well and good but I guarantee you won't make money doing that - and in fact he never did. Yes he did well in the 90's - but so did I and so did my Mom and my Grandma too. And so did my barber, my butcher, my baker, and my bookie. I don't listen to any of them - why should I listen to this shill?