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To: TFF who wrote (3517)	3/23/1998 6:35:00 PM
From: Robert Graham	Respond to of 12617

Interesting thought, irby. I can see where liquidity is an important factor. It has been my understanding that commodities generally do behave differently than stocks, and this is why systems developed for commodities have to be reworked for the stock market. I do not know the specifics of the differences between the two markets. At least this is what is indirectly referred to in the Cooper book and more explicitly in other books on systems and TA that I have read. Perhaps the difference between the two markets is basically one of liquidity. I think it is interesting to note here that Perry Kaufman, a systems developer and author of the book "Smarter Trading", in an interview did indicate that certain liquid future markets like Eurocurrencies have over time exhibited more "noise" which makes following this type of market with TA more difficult and prone to error. His explaination of this is that there are such a variety of players involved, each with their own time frames and purposes, that this provides price action that cannot be adequately described by traditional TA methods. So perhaps illiquidity is not the only criterion that a market needs to meet before TA is applicable? Any additional thoughts on this? Bob Graham