This paper attempts to investigate whether or not anomalies exist in weak-form market
efficiency by utilizing several mechanical trend following systems using simple moving averages.
The paper is divided into the following sections. Section 2 examines past research done in the
area of trend following and moving average trading systems. Section 3 presents the data used in
the study. Section 4 presents the methodology employed in testing. Section 5 presents the
results of the tests. Finally, section 6 presents the conclusions drawn from the results.