4. Summary of Findings The study indicates that there is, on average, an upmove in the DJIA commencing in the days prior to the new moon and ending about 6 to 7 days afterward. The breakdown of the cycle by decade demonstrates this as does the Guarino study. In addition, the buy-and-sell tests show that buying the lows outpeforms buying the highs. Whereas the 'batting average' of profitable trades did not decrease when the highs were used as buy points, the magnitude of the profits shrank while the magnitude of the losses grew. This cycle is too weak to be relied upon solely as a trading timer. The buy-and-sell study shows that such a strategy does not keep pace with a simple buy-and-hold strategy. Only 54% of the purchases timed by the cycle were profitable. This percentage is approximately in line with the percentage of rising days (52%) in the DJIA as calculated by Arthur Merrill. The two percentages are not comparable on an apples-for-apples basis, but the scant excess of the cycle-generated trades over 52% does not seem encouraging. Methods designed to enhance the returns did not succeed. The addition of technical oscillators as a confirming mechanism did not improve the results, nor did selling cycle highs or confirming buys with the annual cycle. Traders who are tempted by the sale of such trading systems are advised to think twice before purchasing any system based upon this one cycle. These findings should not discourage further attempts to link price series cycles to phenomena outside of the marketplace. OEX traders with short-term time horizons who rely upon cycles may wish to take note of certain findings. By itself, the lunar cycle does not outperform. But the DJIA does demonstrate more upside volatility from the phase prior to the new moon to the phase immediately after. There also is a slight tendency for the DJIA to show more downside volatilty after the cycle peak. This may be useful knowledge to shorter-term players who employ leverage.

a:= Mov(C,365.2425,E); a1:= Mov(C,29.53059,E);