I used to depend on charts. With such strong emotions and fear in the market I no longer depend on any charts. Look at the move today in TBSI. Did any chart predict this type of move and why? I think momentum these days is more reliable. When a sector rises or sinks I think it's a better indicator than looking at a chart trying to predict movement. I used to really be into charts.....not anymore. At least in this type of market.
Look at EXM and DRYS after good earnings and not so bad guidance in this environment. DRYS bluff has already been called by DRYS themselves. This is a bad environment for shippers, maybe the worst ever.