Technical Analysis In Event-driven Markets

摘要

When consumer spending is down, the Fed will cut rates in response and then the market rallies. When consumer spending is up, inflation is coming and the market falls. What's bullish one day is bearish the next, and vice versa. Smart traders don't trust the news. They turn to technicals. Event-driven markets are a common deterrent to many would-be technical analysts. After all, how can lines on a chart make sense of a market that appears to change direction on news events? A common refrain on business news programs during the recent credit crisis has been that the markets "are no longer trading on the fundamentals." Other people thought that the markets were no longer trading on technicals. Most didn't know what to think.