CNBC -- critique. Message Board

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Pastimes : CNBC -- critique.

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To: Ted David who wrote (1365)	8/9/1998 9:45:00 PM
From: capitalistbeatnik	Read Replies (3) of 17683

Yes I disagree. And I deny that there is any such thing as streaks in sports too, even though it seems so "obvious" that there is. In fact, probability analysis shows no that neither technical patterns nor streaks exist. TA patterns have never proven to be of any value and I cite Malkiel's work on the subject. So if patterns like head and shoulder were in fact valid at one time, wouldn't the very presence of so many technical traders nullify the value of those formations since price anticipation would correct the pattern? No, there is in fact a random walk, and that is why Acompora did his about face on Tuesday. Well, since you put astrologers on the air, it's no surprise that you would put technicians on either. A lot of patients might put their faith in blood letting too, but that's no reason for a doctor to do it. As far as watching them, I'll just turn away and ignore them. I'll pay attention when you get Lynch on. I'm open to reconsideration on this matter. Show me one reference that technicians can reliably beat the market and I'm on board.

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