ABSTRACT
Few human activities have been so exhaustively studied during the past century, from so many angles and by so many different sorts of people, as the buying and selling of corporate securities. The rewards the stock market holds out to those who read it right are enormous; the penalties it exacts from careless, dozing, or "unlucky" investors are calamitous. Technical Analysis is the science of recording, usually in graphic form, the actual history of trading in a certain stock or in "the Averages" and then deducing from that pictured history the probable future trend. Moreover, the technician claims, with complete justification, that the bulk of the statistics the fundamentalists study, already out of date and sterile because the market is not interested. In the parlance of "the Street," one of these is commonly referred to as the fundamental or statistical, and the other as the technical.
