Interesting question. You won't like the answer because it is not clear cut at all on OCT 8. Here is some of the headlines from the NY Times from October 8, 9, and the 10, 1998:
October 8, 1998: Nikkei Soars After Japan Edges Closer to a Bank Bailout
October 8, 1998, Thursday
THE MARKETS: STOCKS; Price Plunge On Nasdaq Hits 15-Month Low
By ROBERT D. HERSHEY Jr. (NYT) 1111 words
Late Edition - Final, Section C, Page 1, Column 5
ABSTRACT - Prices on Nasdaq stock market decline to their lowest level in 15 months, and have fallen 17.25 percent in just the last eight days of trading; other market gauges also continue to slump; Nasdaq stocks fall 48.28 points to 1,462.71; Standard & Poor's 500-stock index loses 13.91, to close at 970.68; Dow Jones industrial average closes with loss of 1.29 points at 7,741.69; charts (M)
October 9, 1998, Friday
THE MARKETS: Market Place -- Growling, but for How Long?; Assessing the Fallout From a Season of Lower Earnings
By JONATHAN FUERBRINGER (NYT) 1390 words
Late Edition - Final, Section C, Page 1, Column 2
ABSTRACT - As reporting season for corporate earnings begins, Wall Street analysts seem to agree that profits will decline a few percentage points in third quarter, ending almost seven-year run of intoxicating profit gains; even if earnings growth resumes next year, big question looms as to whether that will be enough to put stock market back on track; investors are becoming increasingly pessimistic, and tuning out those strategists who continue to sing even a mildly positive tune; charts compare fall in Dow Industrial and S&P 500 indexes with far more pronounced drop of Russell 2000 and Nasdaq indexes over past year; photo (Market Place column) (M)
October 9, 1998, Friday
THE MARKETS; A Volatile Day Turns Wall St. To Uneasy St.
By EDWARD WYATT (NYT) 1495 words
Late Edition - Final, Section A, Page 1, Column 2
ABSTRACT - Wall Street remains uneasy, with bond market dropping and prices of hundreds of stocks plunging, even as main stock market shows minimal losses; value of dollar falls further; Dow Jones industrial average finishes day a mere 9.78 points lower, at 7,731.91; but beneath that relatively calm result is day of turmoil during which Dow fell as much as 274 points before climbing back; Nasdaq composite index drops 43.49 points, or nearly 3 percent, to 1,419.12--its lowest closing price in 16 months (M)
October 9, 1998, Friday
THE MARKETS: STOCKS; Fears of a Spreading Recession Send Markets Tumbling
By ROBERT D. HERSHEY Jr. (NYT) 846 words
Late Edition - Final, Section C, Page 6, Column 3
ABSTRACT - Stock prices tumble around world in emotional and often panicky trading; Dow Jones average drops 9.78 to 7,731.91, after having fallen 274.20 at midday; charts (M)
October 9, 1998, Friday
Japanese Index Falls 800 Points
( Bloomberg News ) 189 words
Late Edition - Final, Section C, Page 6, Column 1
ABSTRACT - Nikkei index of 225 stocks falls 799.55 points, or 5.8 percent, to 13,026.06, its sharpest decline since August 1991 (S)
October 10, 1998, Saturday
THE MARKETS: STOCKS; Dow and Nasdaq Rally to End Turbulent Week on Wall Street
By JONATHAN FUERBRINGER (NYT) 1117 words
Late Edition - Final, Section C, Page 1, Column 2
ABSTRACT - Dow Jones industrial average rises 167.61 points, to 7,899.52, finishing week up almost 115 points, or 1.5 percent; Standard & Poor's 500-stock index rises 24.95 points, or 2.6 percent, to 984.39, down 1.8 percent for the week; Nasdaq index jumps 73.37 points, to 1,492.49; US dollar plunges 13.8 percent against Japanese yen, its biggest decline in 27 years; yield on 30-year bond, after falling to 31-year low of 4.72 percent on Oct 5, hammers bonds by surging back to 5.12 percent; graph on Dow Jones industrial average; charts on stocks with large percentage gains and losses and US key interest rates (M)
query.nytimes.com
Don, it seems to me that nothing but fear and extreme volatility points out the bottom.
Was it even clear on that Friday that the bottom was in? It should have been if investors were aware of the VIX. I was not at that time.
The value of the dollar was falling then too.
RtS |
