Technical Analysis: You Can't Handle The Truth

Richard Ross, respected technical analyst at Auerbach Grayson, rewrites the movie A Few Good Men with a technical twist to it. He's been warning investors about the 1120 level in the S&P500. Check out this selection from Ross' note this morning. There is typically zero humor in Technical Analysis but this is hilarious:

“We live in a world of walls, and those walls need to be guarded by men with charts. I have a greater responsibility then you can possibly fathom. You have the luxury of not knowing what I know: that the breakdown in the S&P 500 below 1,120 while tragic, probably saved billions. And the charts of Crude, the Euro and Emerging Markets, while grotesque and incomprehensible to you, save jobs! We use words like “Support”, “Resistance”, “Fibonacci.” We use these words as the backbone of a life spent defending something. Fundamental analysts use them as a punchline! I have both the time and the inclination to explain myself to investors (see charts) who rise and sleep under the blanket of the very freedom that I provide. I would rather you just said “Thank You”, and traded our way. Did I order the Code Red on “Risky Assets? You’re darn right I did! Do you understand these rights as I have just read them to you? All you did was weaken a market today. You put prices in danger. Sweet dreams, son.”

Well done Mr. Ross!

Source:

Technical Analyst: Did You Order the Code Red? You're Damn Right I Did (Barrons) $SPX