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To: DavidG who wrote (28913)	2/25/1998 1:59:00 AM
From: Kerry Phineas	Respond to of 53903

DavidG, it really depends on the stock. I think any time you have a BIG bull market, TA gets to be very pervasive. The late 60's and 20's were like this. Interestingly enough, it seems like the time to have really made some real cash out of momentum strategies was the 70's, when of course we had a significant bear ta wasn't pervasive. IMO when you have TA get to be so dominant, it starts creating whipsaws in stocks where things start to look like they are obviously going one way then the bottom drops out or a squeeze comes into effect. BUT, you'll have stocks like MU that have mediocre fundamentals but a good chart AND a history of going against fundamentals AND a lot of analyst support and for long periods of time it goes against fundamentals because people have seen that it has done so before and assume that if it is going up it will continue to go up. This kind of stuff really destroys the efficiency of the market, imo.