Well, buy and hold is over-simplified. You'd get killed if you don't pay attention - for example, a perfectly good company like Tyco went completely to hell when the crooks took over, similarly for MCI. I guess what's unresolved is whether people can out-perform arbitrarily picking stocks.
IMO, it's pretty clear that market ativities are influenced by what's already happened, particularly in the recent past, so technical analysis should work. It's just that nobody's really figured out how. It's funny, though, I have a friend who's very into TA, and he completely called the March 2000 crash a few weeks prior. "Get out now", he told me, "the MACD on the Dow and NASDAQ is set up for a correction". After talking to him, I was actually short QQQ the day the crash started, but I closed that position after about 10 days - pigs get slaughtered and all that.
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