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 stock is fairly priced.

b.

The technical analysis of publicly available information will lead to abnormal returns.

c.

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

d.

Past returns cannot be used to predict future stock returns.

e.

Stock prices reflect all publicly available information.