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To: David E. Taylor who wrote (23088)	6/18/1999 3:05:00 PM
From: Steve Robinett	Respond to of 41369

David, You comment (IMO correctly) that you have never seen any convincing rationale for why TA works (sometimes) other than the fact that lots of people believe in it and in fact act upon it. That, of course, is why any style of investing works (sometimes). Take value investing on fundamentals, for example. If a stock's price gets low enough relative to earnings or interest rates or comparable companies, a whole group of people buy and the stock goes up. People buy things, including stocks, for all sorts of strange reasons, including the notion that all known information is priced into a stock so all you have to pay attention to is price action. The only reason I try to understand any style of investing--technical, fundamental, quantitative, value, momentum, growth, etc--is because other people make buy/sell decisions using them which affect my stock positions. After all, once I've bought a stock, it's other people's money, not mine, that moves the stock at the margin and other people's reasons for buying or selling that make or lose me money. Best, --Steve