Bear vs Bull (1962)
We talked a bit about the magazine cover indicator Wednesday night. I don't think Ken Heebner on the cover of Fortune is not a great example.
How is this June 1, 1962 Time Magazine issue? Perhaps this is a more significant example of the Magazine cover indicator?
That cover, showing a Bear mauling a Bull, took place when stocks were getting whacked.
As you can see from the chart below, this obviously Bearish cover worked well as a contrary indicator -- it was not a bad entry point to get long equities:
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Dow Industrials 1962 - 1968
click for larger chart
Friday, May 30, 2008 | 01:30 PM | Permalink
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I completely agree w/the premise of the magazine indicator....but to be picky and for the record:
DJIA = 611 @ 6/1/62, 622 @ 5/24/62
DJIA bottom = 536 @ 6/25/1962
DJIA 62 close = 652
Posted by: sorry to be picky | May 30, 2008 1:46:17 PM
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