The Evolution of Technical Analysis Financial

Throughout its history, technical analysis has flourished on the outskirts of the financial establishment, passing from one generation to the next through apprenticeships and confabulations.The authors ofThe Heretics of Financepresent the creation and evolution of technical analysis, spanning civilizations from the most ancient to the rise of Wall Street as the world's financial center. Beginning with the rise of speculative trading in ancient Babylon, the narrative arcs through the Middle Ages, Renaissance, and the Industrial revolution to the modern era. The authors also explore the Eastern markets of China and Japan, and compare and contrast them to Western practices.

Andrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT Sloan School of Management and the Director of MIT's Laboratory for Financial Engineering. His previous books include The Heretics of Finance (Bloomberg Press), The Econometrics of Financial Markets, A Non-Random Walk Down Wall Street, and Hedge Funds: An Analytic Perspective. He is the founder and chief investment strategist of AlphaSimplex Group, LLC, a quantitative investment management company in Cambridge, Massachusetts.

Jasmina Hasanhodzic, co-author with Lo of The Heretics of Finance (Bloomberg Press), is a research scientist at AlphaSimplex Group, LLC, where she develops quantitative investment strategies. She received her PhD from MIT’s Department of Electrical Engineering and Computer Science. Her works on technical analysis and alternative market betas have appeared in the Journal of Investment Management. She also serves on the board of directors of the Market Technicians Association Educational Foundation.

Introduction	p. vii
Ancient Roots	p. 1
The Beginnings	p. 2
Ancient Babylon	p. 5
Ancient Greece	p. 11
Ancient Rome	p. 15
Negative Attitudes toward Traders	p. 18
The Middle Ages and the Renaissance	p. 21
Western Europe	p. 22
Technical Analysis	p. 32
Societal Attitudes	p. 39
Asia	p. 43
Japan	p. 44
China	p. 49
The New World	p. 59
Wall Street	p. 60
Societal Attitudes	p. 73
A New Age for Technical Analysis	p. 81
Dow Theory	p. 82
Relative Strength	p. 91
Market Cycles and Waves	p. 92
Chart Patterns	p. 94
Volume of Trading	p. 96
Market Breadth	p. 99
Nontechnical Analysis	p. 99
Technical Analysis Today	p. 105
Trends	p. 106
Patterns	p. 109
Strength	p. 111
Cycles	p. 112
Wall Street's Reinterpretation of Technical Analysis	p. 114
A Brief History of Randomness and Efficient Markets	p. 131
Prices As Objects of Study	p. 134
The Emergence of Efficient Markets	p. 137
What Is Random?	p. 141
Academic Approaches to Technical Analysis	p. 149
Theoretical Underpinnings	p. 150
Empirical Evaluation	p. 151
Adaptive Markets and Technical Analysis	p. 161
Notes	p. 167
Bibliography	p. 191
Acknowledgments	p. 199
About the Authors	p. 203
Index	p. 205
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The Evolution of Technical Analysis Financial Prediction from Babylonian Tablets to Bloomberg Terminals

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