When I am in need of quickly looking at overnight markets and accompanying price action I use BarChart which is a good little site but like all sites that have a firm technical analysis bent it is prone to making stupid statements. Whilst looking at the site this morning I noticed this bit of inanity.
The highlight is mine – can anyone tell me WTF a 72% buy actually means. Does it mean that if you were going to buy 1000 shares you should now only buy 720 – I literally have no idea what it means.
Any guesses?
“The only way a society can avoid being crushed by the burden of its idiots is if the non-stupid work even harder to offset the losses of their stupid brethren”.
But our “society” is now is now global and clearly we don’t have enough motivated non-stupid people. And thus was it ever so and thus will it ever be. We are now end-stage Homo sapiens participating in a vast array of fatal functions now exhibiting their end stage exponential acceleration phase. Jarad Diamond was prescient.
72% chance they think the trade will work? That 2% is important apparently.
Probably some measure of the strength of the signal?
A system should only give buy or sell signals it should not be giving some form of dimensionless number.
Ah, don’t be confused CT, it simply means that they are dumb enough to quantify their stupidity! Such idiocy in these pandemic times brings some degree of comic relief. The share price is going sideways, not up, not down, but sideways. Enough said.
I think it means you should only be 72% certain that you want to buy it?
I think there is a 72% correlation between these people and those who describe wines.