This is from Tuesday's Quick Takes Pro newsletter in the "Today's Lesson" section. Enjoy!
The chart of Qualcomm really illustrates what has been becoming a bit too common in this market. False moves, fake-outs and a "whichever way the wind blows" culture is driving old school chartists crazy. Exceptions are now the rule and we wonder if technical analysis would have even gotten off the ground it if were invented today.
For those wondering about the captions, we try to keep the swearing to a minimum. Look what happened this month - a trend break that lasted more than just a day, a strong rally to prove it was false, and then a total collapse to be sure everyone lost money.
What we have is a broken trend and now a broken support. We have observed that the market does finally give proper signals after this sort of shake-and-bake, for lack of a better term.
As for the CeeLo Green reference, that is the cleaned up radio version of the f-bomb.