island, i think what CMP is getting at is the last ten years/so there have been some disturbing trends with stocks. i think a lot of it has had to do with the general publics lack of understanding of market forces (take for instance the saying "buy on rumor, sell on news".

it used to mean "buy when it's cheap and you have early info, sell on the PPS spike when news hits"....recently, i've seen novices (and a lot of them) take it to mean "jack the price up on rumors, sell it into the basement when the rumor becomes reality"...the PPS eventially corrects itself based on fundamentals but it really messes with the natural order of things...

TA is good for "channeling" and other historical trading methods but since the late 90's the growing number of "get rich with our trading methods" programs have become a self fulfilling prophecy....believe it or not, i'm seeing a return to some real fundamental "old school" investing methods (like people actually paying attention to P/E ratios and dividends), i think it has to do with a lot of "flash in the pan traders" dropping off....

in the end the game does'nt change. fear, greed and perception rule the market.