A loyal reader emailed us yesterday to say that the market was obviously going to crash because the chart was “forming a bugle.”
In the comments, I once again invited readers to send us one study–any study–suggesting that technical analysis has any validity whatsoever.
Eddy Elfenbein of Crossing Wall Street immediately responded by sending us the following incontrovertible proof, which was originally published in the finance journal The Onion:
(If anyone else wants to send further evidence/proof, we’ll be glad to consider it…)
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