Which of the Following Is Not a General Conclusion of Studies

Multiple Choice

Which of the following is not a general conclusion of studies of stock prices?

A) The serial correlation in daily returns in U.S. stocks is positive.
B) The serial correlation in longer period returns (monthly, annual) in U.S. stocks is negative.
C) Filter rules greater than 1% generally do not make money.
D) Stocks that have done well in the past are also likely to do well in the future.
E) There are more runs in daily stock prices than we would expect to find under a random walk.