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Trading the Trend (Collection) by Michael W. Covel

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Fundamentals Are Religion

My own view is that this planet isused as a penal colony, lunatic asylum,and dumping ground by a superiorcivilization, to get rid of the undesirableand unfit. I can’t prove it, but youcan’t disprove it either. It happens tobe my view, but it doesn’t challenge anyof the findings of Darwin or Huxleyor Einstein or Hawking.1

There are two basic market theories. The fundamentalist studies economic realities—supply and demand factors—that they believe underlie market values. Fundamental analysis relies on government policy, economic projections, price-earnings ratios, and balance sheet analysis (and so on) to make buy and sell decisions. The religion of fundamental analysis is about telling stories:

• Crude oil traded near ...

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