The definition of Technical Analysis: Technique that claims the ability to forecast the future direction of prices through the study of past market data, primarily price and volume, It is that simple and this works because of the "herd mentality". Well, I use this tool for those days where there are no significant earnings reported or the market appears to be quiet like today. Although ISRG is seriously down from its 300.00+USD high; today, 01-12-09, it went up without any significant volume and when all intra-day technical signals indicated that the stock was not going to continue to push forward, I bought a few puts as shown below for a nice Monday profit:
Filled Sell to Close 15 +AXQMT Limit 2.60 10:48:17 01/12/09
Filled Buy to Open 10 +AXQMT Limit 1.85 09:59:45 01/12/09
Filled Buy to Open 5 +AXQMT Limit 1.90 09:52:54 01/12/09
Folks, DO NOT try this at home unless you have put in your 10k hours of training (you may "paper trade" to train yourself, first).
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