The tick got to -1600, -1800 and even -2000 in the
1996 sell off, the Oct 27th 1997 decline, that was
over -2000 I believe, down to around -1700, on the
August 31st 1998 decline and over -1850 and close to
-2000 on Oct 8th.
the reason that's not happening now, is that many groups
are doing just fine, the insurance stocks, the utilities,
tobacco, food, drug stocks savings and loans, regional
banks, chemicals, companies making military equipment.
basic metals companies.
even the XAU index has made a spirited advance in the
past few weeks, it's at it's 200 dma today.
the bottom price of the London gold fix was already 16
months ago.
That's how bull markets begin, because 16 months into
them no one has a clue, and you get a very big retracement
of the initial price advance.
the new treasury secretary is from Alcoa...interesting,
not many of Bush's admin come from a tech background.
John |
