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Dear Allan,
The comments made by Judge Levine, as I understand them, were part of the
record. I am trying to dig out the article. If you take it literally, every
technical analysts is committing fraud, including every technician who works for
a brokerage house, the fund groups, etc. It's the old random walk theory and
nothing will help anyone do better.
Allan Kaminsky wrote:
> I'm not a lawyer, but my understanding is that legal precedent can only be
> set by a Court of Appeals or higher (and such precedent only applies to the
> district or circuit in which the court resides).
>
> If such an opinion were part of the record, it could probably be used as
> one component of an appeal.
>
> Allan
> ___________________________
>
> At 09:52 PM 5/13/98 +0000, sptradr@xxxxxxxxx wrote:
> >
> >manning stoller wrote:
> >>>> I suggest that you get a copy of the article in the Wall Street Journal
> >regarding the CFTC action. Judge Levine said (in essence) that all
> >technical analysis was useless and that it was a widely accepted fact by
> >all who should know that no technical analysis can not help in buying and
> >selling decisions and ANYONE who uses it and attempts to advise anyone else
> >is a FRAUD.
> >I will try to dig up the article and send it out to the list. <<<
> >
> >Did Judge Levine make these statements as a part of the official court
> >record? If he did, then they have force of law as a precedent for future
> >cases. In this case, any nonregistered system vendors are in deep doodoo.
> >
> >Or did Judge Levine say these things off the record? If so, his personal
> >opinions are irrelevant.
> >
> >-Tony Haas
> >
> >
> >-=-=-
> >SBG-Priority: 3 (Normal) http://www.internz.com/SpamBeGone/
> >
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