It's the beginning of a new decade so it is useful to look back at market behavior. Human behavior does not change, but the mechanisms of the market change and this changes market behavior. It is one of the important challenges for market analysis because the analysis methods must always adjust to new conditions.

The first significant change is the way we participate in the market. Technology has made it easier for all market participants to collect the relevant market information quickly and at the same time. More importantly, technology has given all market participants the same analysis tools. The charting and technical analysis programs used by independent traders are very similar to the programs used by brokers and fund managers.

The second important change comes from how we analyze the information. Everybody has the same price and volume information. The same information is available to everybody at the same time. Previously there were significant advantages for people who received information first. Now these advantages are smaller because information is more easily available. The difference between success and failure depends on how we analyze the information.