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Subject: Re: CFTC decision on technical analysis
>There are some prestigious academics who do acknowledge the importance of
>technical analysis. I'm thinking in particular of MIT's prestigious Dr.
>Andrew Lo.
<Snip>
Wasn't there an article in Futures Magazine in either 1996 or 1997 that
stated that 2 economists from either the Fedreal Reserve or the Treasury
Dept. found that there was some validity to the "Head and Shoulders"
pattern's preditive powers about 60% of the time? If is so, that technical
analysis works. Logically, then that the efficient market THEORY (sorry for
the big caps but I want to state that it is just a theory, not a rule or a
law) and the random walk theory has been debunked?
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