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CHARTWORKS
July 24, 2002
STOCK MARKET
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By a number of impartial measures, the speed of the loss of confidence and degree of "oversold" ranks with the greatest
registered over the past 100 years.
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Achieving this is within the window of "around June", which is not bad for a model laid down two years ago. On the estimate
made in May of this year for a low at the end of June, it's a few weeks late.
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The rally will likely run until late August – early September when the bear has been expected to resume.
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Wall Street has experienced great financial distress which, in the past, has always been followed by commercial distress in Main
Street. The financial contraction in the face of massive Fed easing since January, 2001 confirms that Mr. Market and his
margin clerks rule.
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