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

TheStreet.com's

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.

Today, the

NYSE Composite

,

Time Warner

(TWX)

,

Coca-Cola

(KO) - Get Report

,

ConocoPhillips

(COP) - Get Report

,

Symbol Technologies

(SBL)

and

CMGI

(CMGI)

.

Charts produced by TC2000, which is a registered trademark of

Worden Brothers Inc.

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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

gsmith@thestreet.com.