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To: MichaelW who wrote (34828)	3/18/1998 4:08:00 PM
From: Boplicity	Respond to of 176387

OTOT LU biz.yahoo.com Greg

To: MichaelW who wrote (34828)	3/18/1998 4:12:00 PM
From: Chuzzlewit	Read Replies (2) \| Respond to of 176387

Michael, that's part of the great nonsense that goes on here. If something corrected, doesn't that imply that there is a correct value? Now, if there is a "correct" value of the market, just how do we compute it? It can't be done, and if it could be done then lots of very bright people with very big computers would be buying at the slightest hint of "undervaluation", and selling short at the slightest hint of "overvaluation". The net result would be that the market is properly valued as a result of this kind of massive arbitrage. Here is the bottom line: the market is a stochastic process, and stochastic processes are not predictable. It's oxymoronic isn't it: the TA-ers rely on something they call "stochastics" to make predictions. Regards, Paul