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Strategies & Market Trends : Classic TA Workplace

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To: Paul Shread who wrote (47096)	7/23/2002 4:27:40 PM
From: bcrafty	Read Replies (1) of 209892

Thanks Paul Do you have a link to that data or quote from Desmond? Yesterday's WSJ front page article featured his thoughts and he said "the psychology has progressed to complacency, worry fear. But we aren't at the panic stage yet." It also said Desmond "finds that the market turns up between a 90% down day and a 90% up day (or a pair of back-to-back 80% days)." "So far, he says, that combination hasn't occurred since 1998, which is why he thinks stocks haven't bottomed. Since the indices peaked in 2000, there have been three 90% down days and two 90% up days, but their timing has been too random to suggest a bottom."

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