You buy a stock from the capital market. If the capital market is semi-strong efficient, which of the following statements is NOT correct?

a.

The technical analysis of publicly available information will not lead to any abnormal returns.

b.

The stock is fairly priced.

c.

You cannot earn any abnormal returns above the required return by trading on public information.

d.

Stock prices reflect all publicly available information.

e.

Past stock prices can be used to predict future stock prices.