all markets peaking, page-26

Hmmm ... from a book I am reading ...

"On 8th Jan 1987, ... the Dow Jones broke the 2000 level ... analysts ... convinced the start of upsurge ... from two to five years."

"By end of August the Dow had climbed to 2722.42, the fifty-fifth record high that year."

Employing a system known as Elliott Wave Theory, the Wall Street guru Robert Prechter calculated that it would gain another thousand points in the next twelve months."

"On the morning of 20 October 1987 ... no one willing to purchase stocks at any price ... there was a full hour in which trading ... simply curled up and died ... the dominant financial system had crashed."

"What saved it from extinction was not the 'invisible hand' but the new chairman of the Federal Reserve Board, Alan Greenspan, who flooded the market with cheap credit shortly after midday and strongarmed the banks to do the same ... preventing Wall Street from dragging the US economy into recession or worse."


So much for Prechter ... lol


Cheers ... tight stops.


This is only my view ... read the red stuff.