Published on 05-09-2010 08:19 PM
The Dow Intraday Plunge can be blamed on a computer error, Greece, high frequency trading or any other reason. They might cancel trades but the chart will remain the same. Do we now believe the chart? A chartist has to trade the market he is in and play the chart in front of him.
The market broke through support 10800 and started it's drop crescendoing down 1000 points. The Dow hit a intraday low of 9869.62 in minutes to then quickly rebound 500+, then to close @ 10520.32. The Dow was down - 347.80 to end the session.
These days and in days past, wall street is acting like a rigged casino and as always is filled with smoke and mirrors. Technical chartist use a chart as a chart not what caused the chart to be the chart. This move, plunge, computer error, or manipulation this correction was good for the chart.