Jeff, this post settles the issue; it's a New Bull Market:
To:J.T. who wrote (13668)
From: J.T. Thursday, Jul 25, 2002 1:49 AM
View Replies (2) | Respond to of 13810
On August 17, 1982, the melt-up began very similar to todays action.
First, the day of the '82 launch, the market registered the highest single point up day in history as the DOW closed up 38.81 points. On this trading day, July 24, 2002, the DOW posted its second largest point gain ever of up 488.95 points only surpassed by the 499 single point up day on March 16, 2000. Today was the second biggest percentage gain ever rising 6.4% since the second day after the crash on October 21, 1987, when the DOW rose 9.2%. Both days action, the 1987 melt-up and today, occurred on a Wednesday.
Second, and more importantly, todays action in 2002 was on the highest recorded volume ever. This was preceded by record volume of 2 billion plus shares the last three days. On August 17, 1982, the launch was the second highest recorded volume ever - which was barely under the all time high volume of that day on January 7, 1981. August 17, 1982 was a Tuesday. January 7, 1981 was a Wednesday and was a down day.
The first trading day after the melt-up on August 17, 1982, the DOW and SPX both were down slightly for the day as gains were consolidated.
Third, there are skeptics today in the news reports just like there was in 1982.
Fourth, there was institutional panic and major short covering in both time periods.
lol |
