>
>Look, I know I'm over budget here, but both my morning paper and my Sony
>are blabbing at me about how Ozzie markets are gonna be taking great heart
>from Wall St's Friday bounce. And then I have to wear a lot of bollocks
>about ten unbroken years of running bulls. Er, what am I missing?
>
>Ain't the NASDAQ 50 whole per cent down on year-highs? Ain't the NYSE 25%
>down? Ain't more stocks showing lows than highs? Haven't the DJI been
>languisjing under the 11000 for a year and a half? I mean, this is
>Goebbels-like stuuf, ain't it? Repeat the lie often enough, and the people
>will believe ...
After a run of nearly 20 years, prices just don't turn around and head south. It takes a long time for these things to develop. I think the worm is turning, but at a leisurely pace. There's an old Wall Street saw that people don't know they're in a bear market until it's nearly over.
Doug