A Case For Investing Via Cyclical Timing Using Technical Analysis
"To investors willing to buy and hold common stocks for the long term, the stock market has offered excellent rewards over the years in terms of both dividend growth and capital appreciation. The market is even more challenging, fulfilling, and rewarding to resourceful investors willing to learn the art of cyclical timing through a study of technical analysis.
The advantages of cyclical investing over the "buy and hold" approach were particularly marked between 1966 and 1982. The market made no headway at all – as measured by the Dow Jones Industrial Average (DJIA) – in the 16 years between 1966 and 1982. Yet there were some substantial price fluctuations. Although the DJIA failed to record a net advance between 1966 and 1982, the period included five major advances totalling 1500 Dow points. The potential rewards of cyclical investing were therefore significant."
~ Except from Book "Technical Analysis Explained"
By Martin J. Pring
