The first month of 2017 has begun with a very tight trading range for U.S. stocks. Just as with the election in November, many market pundits were forecasting a collapse in stocks after the inauguration, but that has thus far failed to take place. Projecting short-term stock prices is truly a fool’s errand. Being right once or twice can often work against an analyst, as it makes them inherently confident in their ability in predicting random events, thereby continuing the practice. The study of technical analysis is a great example of the disconnect between time and effort placed into an activity, and actual investment results. How many billionaire investors focus most of their time on technical analysis? I cannot name one personally, yet I can name a dozen that focus on a deep value investment philosophy that is derived from the teaching of Benjamin Graham and perpetuated from his adherents such as Warren Buffett.