Which of the Following Are Ineffective Strategies for Producing Excess

Multiple Choice

Which of the following are ineffective strategies for producing excess returns if the market is semistrong-form efficient?
I.graphing past prices searching for patterns
II.watching the daily market movements
III.studying the latest analyst's reports
IV.analyzing a firm's financial statements

A) I and III only
B) I and IV only
C) I, II, and III only
D) II, III, and IV only
E) I, II, III, and IV