very optimistic .... economy was growing then and people thought that it'll always go on like that, but now it's slowing and future earnings will get priced in.
More downside now, a bit of a rally afterwards and more downside in Jan/Feb is my educated guess. If that low will be higher than the one we about about to experience, it'll be time to buy.
An up day on big volume with bad news could also indicate that the worst is over and everything has been factored in.
the irony of panic, page-23
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