shows economically and statistically significant forecasting power for approximately one fourth of the Dutch stock market data in Chapter 4. This is the case for approximately one third of the local main stock market indices in Chapter 5, if 0.50% transaction costs are implemented. It can be concluded that the DJIA and stocks listed in the DJIA are weak-form efficient. That is, these data series are not predictable from their own price history at normal transaction costs. The AEX-index and stocks listed in the AEX-index are weak-form efficient, only for transaction costs above 0.25%. For transaction costs below 0.25% profit opportunities exist. From the results in Chapter 5 it can be concluded that technical analysis applied to the stock market indices of emerging markets in Asia, Latin America, the Middle East and Russia has statistically significant forecasting power only for low transaction costs (≤ 0.25% per trade), while for the Japanese, Northern American and Western European stock market indices the null hypothesis of weak-form efficiency cannot be rejected for all transaction costs cases.