The Dow closed yesterday at 13,102. It's now 102 points above the big even number -- 13,000. If the Dow breaks below 13,000, it will probably (in due time) test 12,000.
Remember, I thought this bear market might last for another five years. If that's what we're headed for, then we can't expect this market to head into its ultimate low immediately. The market will have to waste quite a bit of time during those five years. Therefore, I expect a lot of aimless wandering around by the market, internal moves going nowhere, deceptive trends that turn investors alternately bullish and bearish, moves that never amount to anything. The important thing is to keep our eye on the big picture. And believe me, that's going to be hard to do.
The action in bear markets is generally the opposite of action in a bull market. In a primary bear market, the ... Log in or subscribe to continue reading.
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