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Mullooly Asset Management, Inc

Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Point and Figure Charts Are the Place to Look, Not the News

October 15, 2007 by Thomas Mullooly

The stock market has been discounting (marking down the price) of Wall Street brokers and banks since May. The charts of all of these stocks began to turn down in the spring. We really didn’t have any news why this was happening! The sector became unfavored, and sell signals were appearing on every chart in the group.

However, it’s only been the past few weeks (in late September and into October) when we learned the extent of the damage subprime mortgages caused at these firms.

And the damage has run into the billions at several firms.

But yet, during the past two weeks we’ve begun to see the stocks of banks and brokers begin to RISE.

How can they be rising with all this bad news?
Are they going up because all the bad news is out?
Maybe it’s because interest rates seem to be going lower?
Is there another reason why these stocks are climbing?

Again, different story from the previous message, but the moral of this story is still the same: don’t rely on the media for investment advice. The unemotional point and figure charts only track what’s in demand and what’s in supply. This gives us an extremely accurate picture of where our money should be invested today.

Tom

Thomas Mullooly
Mullooly Asset Management LLC
Our Only Business Is Fee-Only Investment Advice
www.mullooly.net
support@mullooly.net

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Filed Under: Asset Management

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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