The modern literature has moved forward in bringing to bear more rigorous tests and econometric
methodology. The introduction of the bootstrap allows testing of various complex null hypothesis for which
analytic approaches would be impossible. It also offers a possible method to adjust for the biases induced
by data snooping. To thee conometrician, technical trading rules can be viewed as simply another set of
moment conditions that can either be used in specification testing, or in estimation.2 They therefore play a
dual role as an interesting behavior which might have some practical value, and as a data description that
economic theorists should be aware of.