“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot
11 October 2011
SP 500 and NDX Futures Daily Charts - US 3Q Earnings Season Begins Today
The US kicks off third quarter earnings season after the bell as Alcoa reports.
The markets remain thinly traded and headline driven.