Gary,
It's rainy & snowy today, so I sat at home and took a look at some historical data.
This was the last 500+ point event. Friday 10-24-97 through Wednesday 10-29-97.
This is when the DOW on:
10-24-97 Friday DOW closed at 7751
10-27-97 Monday DOW closed at 7161
10-28-97 Tuesday DOW closed at 7498
10-29-97 Wednesday DOW closed at 7506
I did this because popular opinion believes that a correction is coming soon.
I wonder. It seems that money keeps coming into the market, and when there is bad news,it seems to just switch from one sector to another and doesn't really leave to go anywhere else.
Lets face it, where else is there to go.
This market Psychology is different that what I remember 10+ years ago.
Back to my October historical stuff, I consider that week in October a tough one, yet with in a few days the market was back to 99% of where it was the week before. The market didn't do much for the rest of 1997, but 1998 has been unbelievable.
Another thing is the NASDAQ. The DOW and the NASDAQ have been doing their own thing. On major news, they do move together but mostly they are not connected at the hip.
I think I am rambling a little, but what's starting to look obvious to me is that there doesn't seem to be any one news story, one big fund, or one of anything that can steer the market for more than a day or two. That means much less manipulation than times past.
I think we are all waiting for something to happen, and I wonder if that kind of stuff is still the way things are.
The individual investor is becoming a major force and I think that we may be giving the market more stability that it has ever had before.
Just a thought.
Joe |
