exp system

[exp]

T/A bibliography:
http://www.santafe.edu/~spyros/tabiblio.htm

Traditional arguments against T/A:
http://www.wwnorton.com/catalog/spring00/malkiel1.htm
http://www.wallstraits.com/lynch/quote1.html
http://www.usnews.com/usnews/biztech/articles/030616/16risky.htm
http://www.dailyspeculations.com/archieve/The%20Speculator%20-%20Why%20the%20trend%20is%20not%20your...

And more recent academic arguments in favor of T/A:

Excellent short overview:
http://intl.econ.cuhk.edu.hk/topic/index.php?did=11

"Most economic studies concerning the profitability of technical analysis find favorable results. For example, Fama and Blume (1966) studied the profitability of filter rules for the US stock market as a test of random walk or efficient market. More recently, Brock, Lakonishok and LeBaron (1992) investigated the profitability of simple moving average trading rules and trading range break-out; their results provide strong support for the technical strategies. Following Brock, Lakonishok and LeBaron (1992), numerous studies have investigated the profitability of trading rules for stock markets around the world. Examples include Hudson Dempsey and Keasey (1996) on the UK market; Bessembinder and Chan (1995) on the Asian markets; Ito (1999) on the markets of Japan, U.S., Canada, Indonesia, Mexico and Taiwan. All of these studies focus on stock market indices instead of individual stocks."

http://216.239.39.100/search?q=cache:LwP2Jdg-pfEJ:www.sta-uk.org/rg_wita.pdf+brock+lakonishok+lebaro...

"Brock.W ,Lakonishok.J and LeBaron.B (1992) `'Simple Trading Rules and theStochastic Properties of Stock Returns' Journal of Finance,47,1731-1764, confronted the efficient market hypothesis, and showed that returns obtained by simple yet popular trading strategies used in technical analysis were not consistent with the random walk model and the GARCH family of models upon which most of the testing of financial theory is based."

Additional academic research:
http://citeseer.nj.nec.com/context/516866/0

http://www.sta-uk.org/rg_wita.pdf
http://econ.ucsd.edu/papers/abstracts/9731.html
http://finance.wharton.upenn.edu/~kavajecz/tech020516rfs.pdf