Stock-Market «Patterns» and Financial Analysis: Methodological Suggestions

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21.11.11 11:57

Название: Stock-Market "Patterns" and Financial Analysis: Methodological Suggestions.

Of all economic time series, the history of security prices, both individual and aggregate, has probably been most widely and intensively studied. While financial analysts agree that underlying economic facts and relationships are important, many also believe that the history of the market itself contains "patterns" that give clues to the future, if only these patterns can be properly understood. The Dow theory and its many offspring are evidence of this conviction. In extreme form such theories maintain that only the patterns of the past need be studied, since the effect of everything else is reflected "on the tape."

A common and convenient name for analysis of stock-market patterns is "technical analysis." Perhaps no one in the financial world completely ignores technical analysis-indeed, its terminology is ingrained in market reporting-and some rely intensively on it. Technical analysis includes many different approaches, most requiring a good deal of subjective judgment in application. In part these approaches are purely empirical; in part they are based on analogy with physical processes, such as tides and waves.

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Теги:
stock-market patterns :: financial analysis

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