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To: WaveSeeker who wrote (1564)	7/15/2004 4:48:02 PM
From: LPS5	of 2534

Your opinion? I have a couple of studies I'll be posting over the next few days that reach similar conclusions, and I'd love to hear other traders' opinions. *** (Excerpt from conclusion:) "...[The] popularity [of technical analysis] derives in part from tradition as an attractive way of analysis in comparison, for instance, to fundamental analysis. The present research shows that many technical analysis signals represent common psychological biases such as the gambler's fallacy, anchoring effect, or herd behavior. All real technical analysis signals were assigned a high predictive value by financial analysts who responded to the questionnaire. The "technical" signals created by the author of the research either represented psychological biases or not. If they did, they received high scores from respondents as good predictors of the stock market behavior. If they did not, the respondents estimated them as bad predictors. In addition, the respondents were in general agreement about their judgements. These results confirm both hypotheses of this research: technical analysis signals represent some common psychological biases and financial analysts are subject to these biases." departments.bucknell.edu *** LPS5

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