I think you're right that these theories and explanations are rarely useful for trading, but that's not the same as being wrong or unfounded. There is clearly

I think you're right that these theories and explanations are rarely useful for trading, but that's not the same as being wrong or unfounded. There is clearly some causality in the economy. There is also a causal relationship between the economy and the stock market. It's just that identifying a correct causal relationship or correlation and even making a correct prediction doesn't make you any money if everyone else is making the same correct prediction.