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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (36472)	1/3/2000 12:17:00 PM
From: bearshark	Respond to of 99985

Mr Hays made a minor error. He said "For one, the Federal Reserve had tightened monetary policy for the third time on April 19, 1968 activating the "3 Steps and a Tumble" rule that Edson Gould had popularized. But the momentum of the optimistic speculation had refused to cave in." Edson Gould's rule is called the "Three-Step-and-Stumble-Rule." The rule states that "Whenever any one of the three rates set by the monetary authorities--the rediscount rate, the rate for bank reserve requirements, and margin requirements on stocks--increases three times in succession, the stock market has subsequently, usually with some delay, suffered a sizable and sometimes severe setback." (bold added)