Jim Cramer has an article reporting on the SEC's enforcement action against SEBL for revealing nonpublic information during a Goldman conference with 200 people present. Apparently the SEC is taking the position that such information must be disclosed initially in a press release or on the company website, not at a private conference for big bucks clients of a wire house. Cramer commented that this will make life difficult for hedge funds who are used to getting such information and trading on it before it is widely available. I fully support the SEC's position, but I wonder if it will not have unforeseen side effects. The fundamental premise of technical analysis is that smart money leaves tracks in the market that you can follow. The premise is the same whether you are trading breakouts or reversals. Now paradoxically, we may be in a situation where the smart money will be just as much in the dark as everyone else. The most obvious effect will be many more gap openings, based on new data being released by issuers. Hello gap and go.