  We pose the estimation and predictability of stock market performance. Three
cases are taken: US, Japan, Germany, the monthly index of the value of realized
investment in stocks, prices plus the value of dividend payments (OECD data).
Once deflated and trend removed, harmonic analysis is applied. The series are
taken with and without the periods with evidence of exogenous shocks. The
series are erratic and the random walk hypothesis is reasonably falsified. The
estimation reveals relevant hidden periodicities, which approximate stock value
movements. From July 2008 onwards, it is successfully analyzed whether the
subsequent fall in share value would have been predictable. Again, the data are
irregular and scattered, but the sum of the first five harmonics in relevance
anticipates the fall in stock market values that followed.
