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Hi Andy,
I know it's just a theory but there are many economists, academics etc. who
hang their hat on this theory. I certainly don't agree with it and frankly, I
thought this was debunked years ago but Judge Levine's statement is all the
more ludicrous. Lets see, does that mean that anyone who gives a technical
opinion is a fraud? The only exception is given to newspapers - they can talk
about it.
Andy wrote:
> 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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