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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (45073)	10/11/2008 1:31:16 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71138

Continued concerns regarding the credit crisis, a slowdown in consumer spending, and a further weakening of the US economy sent the Dow down more than 7% on the day. Today also marks the one-year anniversary of the current correction. The Dow put in its record high of 14,164.53 back on October 9, 2007. Today, the Dow closed at 8,579.19 -- down 39.4% from its one year old peak. For some perspective on the magnitude of the current decline, today's chart illustrates how the Dow performed during the first year of all major corrections since 1900. As today's chart illustrates, the first year of the current correction has been more severe than the first year of any correction since 1900 -- and that includes the correction that began in 1929. chartoftheday.com [Johnny: Interest comment and chart. I remember an article saying that most bear markets will take stocks down 40%. We moved the final way there in the span of a week. You don't do that kind of damage without moving violently in the other direction. It will only be a counter rally correction, but I expect the current low to be tested again if the high volume wash out is confirmed when the markets open on Tuesday. It may just be traders squaring their position ahead of a long weekend. We won't know till Tuesday above 1 hour after the open.]