No, it doesn't assume that at all. It just assumes that they are i.i.d. (so all permutations of ranks are equally likely). Still probably not a good model of st

No, it doesn't assume that at all. It just assumes that they are i.i.d. (so all permutations of ranks are equally likely). Still probably not a good model of stock prices (which presumably are correlated more with the previous day than ten days ago)