$3.$ Which one of the following would provide evidence against the semistrong form of the efficient market theory?

a$.$ About $50\%$ of pension funds outperform the market in any year.

b$.$ You cannot make abnormal profits by buying stocks after an announcement of strong earnings.

c$.$ Trend analysis is worthless in forecasting stock prices.

d$.$ Low P$/$E stocks tend to have positive abnormal returns over the long run.