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To: capitalistbeatnik who wrote (1382)	8/10/1998 12:17:00 PM
From: SteveG	Read Replies (1) \| Respond to of 17683

<..I said the future performance of a stock has no relation to the appearance of its chart and that stocks have no memory...> You are incorrectly applying a principle in probability (that a coin has no memory) to the stock market. Your "stock" in this case is not some unbiased independant entity. The stock's PRICE is 100% a function of an aggregate subjective valuation. This valuation does NOT fulfill required statistical assumptions of iid in variance. There is CLEARLY a "memory" ("dependance" in statistical terms) associated with a stock's valuation, especially over very short time frames.