Suppose that each month, you decide to buy stocks that performed well during the previous 6 months, and hold them for 3 months. If this is a profitable trading strategy, this finding:

The market is efficient based on all levels

The market is not efficient at all

The market is not semi-strong efficient but is weak-form efficient

The market is not weak-form efficient but is semi-strong and strong form efficient

The market is not semi-strong or strong form efficient but is weak-form efficient

$319,000