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A Note on Stock Market Indicators and Stock Prices

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  • Gup, Benton E.

Abstract

Do changes in stock market indicators, such as the short interest ratio, signal changes in stock prices? Popular stock market lore and numerous books and articles support the worth of “technical†analysis. On the other hand, to the extent that stock prices follow a random walk, technical indicators would seem to be of no value. The two positions can be reconciled to a degree by realizing that a variable can follow a random walk with respect to its own sequence and still be successfully predicated by some other variable(s). Furthermore, successful predications of stock prices can be made on the basis of available information, if that information is used in some unique manner that has not been fully developed by other market participants.

Suggested Citation

  • Gup, Benton E., 1973. "A Note on Stock Market Indicators and Stock Prices," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 8(4), pages 673-682, September.
    • Handle: RePEc:cup:jfinqa:v:8:y:1973:i:04:p:673-682_01
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    Cited by:

    1. Robert T. Daigler & Bruce D. Fielitz, 1981. "A Multiple Discriminant Analysis Of Technical Indicators On The New York Stock Exchange," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 4(3), pages 169-182, September.
    2. G—mez Mart’nez, Raœl & Paule Vianes, Jessica & Martínez Naval—n, Juan Gabriel, 2018. "Eficacia de las prohibiciones de las ventas en corto en Espa–a || Effectiveness of Short Sales Bans in Spain," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 26(1), pages 250-268, Diciembre.

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