NEW YORK ( TheStreet) -- Regular readers will know that I shun short-term charts and "technical analysis." Such tools carry a low degree of reliability, since they are built upon numerous false assumptions (beginning with "free and open markets" and "perfect information"). I submit to readers that markets have never been less free and open, and information has never been so far from perfect.Long-term charts, on the other hand, are an entirely different matter. The much, much higher level of reliability which is provided by a longer time horizon is a powerful compensating force vs. the margin of error caused from using flawed assumptions. Relying upon superior tools inevitably means greater clarity when analyzing any particular market.
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