Does the Dow Jones Industrial Average (DJIA) fluctuate randomly from quarter to quarter? (A quarter refers to a quarter of the year. For example, January-March is the first quarter.) A stock analyst selected 40 consecutive quarters and computed the percentage change in the DJIA. He indicated positive percentage changes with a P and negative percentage changes with an N. The following are the results. Conduct a runs test for randomness on the sequence of quarterly market fluctuations at the α = 0.05 level of significance.

Return Quarter Return Quarter Quarter Return First, 2005 Third, 2008 First, 2012 Second, 2005 Fourth, 2008 Second, 2012 Third, 2005 First, 2009 Third, 2012 Fourth, 2005 Second, 2009 Fourth, 2012 P P First, 2006 Third, 2009 First, 2013 Fourth, 2009 Second, 2013 Second, 2006 P P First, 2010 Third, 2013 Third, 2006 P Fourth, 2006 Second, 2010 P Fourth, 2013 First, 2007 First, 2014 Third, 2010 P Fourth, 2010 Second, 2007 P P Second, 2014 Third, 2007 First, 2011 Third, 2014 Second, 2011 Fourth, 2014 Fourth, 2007 First, 2008 Third, 2011 Fourth, 2011 Second, 2008