If this is ‘29…
Posted By Mike On Oct 12, 2008 @ 11:47 pm In crash, technicals | 3 Comments
History is supposed to rhyme, not repeat, but [1] market action Friday was eerily similar to Black Thursday, ‘29, the first day of full-on panic.
If the whole thing plays out like ‘29, we close up 3% tomorrow (exactly where futures are), then crash Tuesday and Wednesday by 10%+ each day, then rally 19% Thursday and Friday and crash to new lows by the end of the month.
Whatever happens, it won’t be boring.
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Article printed from The Sovereign Speculator: http://sovereignspeculator.com
URL to article: http://sovereignspeculator.com/2008/10/12/if-this-is-29/
URLs in this post:
[1] market action Friday was eerily similar to Black Thursday, ‘29: http://sovereignspeculator.com/2008/10/10/on-black-thursday-1929-the-dow-closed-down-2/
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