Random price movements indicate A. irrational markets B. that prices cannot equal fundamental values C. that technical analysis to uncover trends can be quite useful D. that markets are functioning efficiently 26. The small-firm-in-January effect is strongest A. early in the month B. in the middle ofthe month. C. late in the month D. in even-numbered years 27. Proponents of the EMH typically advocate A. a conservative investment strategy B. a liberal investment strategy C. a passive investment strategy D. an aggressive investment strategy