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Technology Stocks : Advanced Micro Devices - Moderated (AMD)
AMD 258.86+9.0%3:59 PM EST
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To: AK2004 who wrote (4366)8/10/2000 5:40:41 PM
From: Eric K.Read Replies (2) of 275872
 
Albert-- The idea of going to a website, which lists a MAC oscillator and other "indicators" and making a decision based on a program some human inputted into a computer, is almost as stupid as the person who reads a brokerage report from Ashok Kumar and acts based on its data alone. The fact that TA can be easily reduced to automated buy/sell signals is why there are so many stupid applications and adherents to it.

That being said, a person who applies qualitative techniques and pattern recognition to charts could perhaps have some success. Moreover, if 30% of the money is being controlled by technical analysis (this figure is not as unreasonable as it seems since the proponents of the EMH-- a big chunk of the mutual fund companies-- basically end up magnifiying moves in whatever direction the stock market goes since they claim fundamental analysis and information processing are useless exercises from the perspective of outperforming the market), then it is not out of the question that there actually could be some meaning to TA, not necessarily because of inherent laws governing stock prices, but due to how many traders believe such laws exist. In other words, if enough of the stock purchases, intentionally or not, are made based on TA, then some people can be better or worse at it then others and it can become meaningful.

-Eric
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