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Yes, there was an article, don't recall if it was Futures mag or not, but
Fed did give credence to Head & Shoulders pattern & hence to some degree,
technical analysis.
Perhaps the good judge would allow someone to fade his trades.
Most likely he lacks the intestinal fortitude to put any on and probably
breaks into a sweat when he rolls over a T-Bill.
FPI
At 10:47 AM 5/14/98 -0400, you 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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