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Dear Allan,
I believe that you are absolutely correct.
It is discomforting to have people making decisions with such a narrow view of the
world.
How much evidence do the academics need to acknowledge that technical analysis has
its place?
It will never happen, random walk is what they said 50 years ago and it will never
change. You can trace it back to their college days when their teachers said it.
Manning Stoller
Manning Stoller wrote:
> 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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