SWEENEY AGONISTES by John Sweeney
I must start off this issue with an apology. In the November 1986 issue, Frank Tarkany published
evidence of non-randomness and serial dependence in Dow Jones prices. The Figure 7 we published,
which estimated the trading windows at confidence levels from 95% to 99.5% was just a repeat of Figure
6. Below is the correct Figure 7. Frank's article, which defines the time horizon within which we may
reasonably expect to define effective trading strategies, clearly deserved far better treatment. Once again,
my apologies for this error.
Recently revived is the Foundation for the Study of Cycles (124 South Highland Avenue, Pittsburgh, PA,
15206-1666 (412) 441-1666) with a new director, Dr. Jeffrey Horovitz, and a new push from its board to
expand membership and promote the study of cycles.