DJIA without a 2% One Day Decline
I have been meaning to post this since December, but never got around to it: We're now at 930 or so trading days.
Courtesy of Birinyi Associates
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This makes sense...it's been 2.5 years without this kind of overreaction. The pinnicle of irrational (emotional) selling occured at the "Duct Tape Bottom", around that time. At that point, stocks were being puked out...this was our last view of Joe Sixpack in the equity markets. Everyone who needed to sell did it then (margin machette)...they all then went to the "easy" trade of bonds and housing. I believe that Mr. Sixpack is looking to be back in equities, now that housing is toast....so he buys dips, creating support.
Posted by: Fred | Jan 31, 2007 10:57:04 AM
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