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To: Mephisto who wrote (13021)	1/2/1999 2:04:00 PM
From: Christopher	Read Replies (4) \| Respond to of 64865

Mephisto, You are right, they installed UNIX on the PC instead of Windows NT. Technical Analysis(TA) detects Institutional buying and selling on a stock. Fundamentals take too long to catch up with a stock. TA tells you the whole story about a stock in less then two minutes. However, there are many people who profess to know TA. They usually have some knowledge of it and will usually come up with the wrong conclusion about a stock. As a result, many FA people are very skeptical about TA and for a good reason. Jack Schwager has written many books on TA. He said he never believed in TA at some point and was 100% FA. He joined a company as a Director. His TA Analyst was always right which persuaded him of the validity of TA. The Fed now believes in TA. Here is couple paragraphs made by the Fed on TA: Technical analysis, the prediction of price movements based on past price movements, has been shown to generate statistically significant profits despite its incompatibility with most economists' notions of "efficient markets."(Federal Reserve Bank of New York, C.L. Osler and P.H. Kevin Chang, Staff Report No. 4, August 1995.) A more recent report, published in the fall of 1997 by the Federal Reserve Bank of St. Louis says the following: The success of technical trading rules shown in the previous section is typical of a number of later studies showing that the simple efficient market hypothesis fails in important ways to describe how foreign exchange market actually function. While these results did not surprise market practitioners, they have helped persuade economist to examine features of the market ... that might explain the profitability of technical analysis. (Neely). Good trading, Christopher