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To: marketbrief.com who wrote (2836)	6/26/1998 11:21:00 AM
From: David E. Smith	Read Replies (1) \| Respond to of 5827

A reasonable response. Thanks... When I was in graduate school in 1967 (yeah, I'm thaaat old!).. I was somewhat fascinated by technical analysis. I proposed and did an experiment using historical data from a randomly selected stocks (100 stocks), as I recall. We converted five popular graphical stock indicators into logical Fortran formulas, giving buy/sell signals. After a lot of keying in of data, we processed the it and evaluated each of the decision criteria over varying time periods. The results were absolutely inconclusive. I interpreted these results as being an invalidation of the "theories". I am admittedly out of date!!! Question... Can you point me to any recent academically generated evaluations of recent "theories" which use random stocks and have yielded positive results? Given the universal availability of trading data and the computing power available today, there should be hundreds (or even thousands) of studies available. Thank you.

To: marketbrief.com who wrote (2836)	6/26/1998 2:28:00 PM
From: John Curtis	Read Replies (1) \| Respond to of 5827

Of course one thing you failed to mention is the effect rendered on the market when all the self styled "Wizards" are using the same tools. This, in and of itself, guarantee's unpredictability. Ah, the intrinsic nature of the human animal. Sophisticated guessing by any other name my friend. It's all merely sophisticated guessing. No matter how much you "gussy" it up with cogent market-speak. But don't take this comment as a critique. I'm right in there with ya! ;-) Good luck with your gambling! John~