Sometimes readers sum up my position and view even better than I can. Reader M.S. weighs in on the past few weeks' columns with this simple missive: "The takeaway I have from reading your columns is that the equity market is a casino, the game is rigged and that the only way to build wealth is to position yourself as the 'house.'
"I guess I'm naive," M.S. continues, "but I actually thought participation in the equity markets meant becoming a part-owner of a business, maintaining ownership of that business with great tenacity and determination, and to share in the growth and profitability of that enterprise. Guess I got it wrong..."
M.S., of course, expresses the view right out of the Warren Buffett/Finance 101 school. My line of thinking takes the opposite view. How did I arrive there, and why?
I've touched on some of the faults of fundamentals earlier in my two-week series. At
upcoming technical analysis seminar in Mahwah, N.J., I'll spend a full hour arguing that M.S.'s thinking is, well, not naive, but certainly not optimal for making a living in the market.
Charts produced by TC2000, which is a registered trademark of
Worden Brothers Inc.
And that is the final word from the Stanhope Park Hyatt, where if NYC hotel accommodations are any indicator, the economy is doing fine. Last three times I tried to make reservations, most of the places I frequent were sold out!
And don't forget -- now is a great time to learn how to make bigger, faster profits with technical analysis and charting. Get a free trial of my newsletter,
The Chartman's Top Stocks and follow along with me.
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.
Smith writes a daily technical analysis column for RealMoney.com and also produces a daily premium product for TheStreet.com called The Chartman's Top Stocks --
click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he invites you to send your feedback to