October 22, 2014 at 4:35 pm
But over the past week, that’s exactly what we’ve seen. The Dow Industrials miraculously started levitating from down-450 in the middle of last week, and then we rallied all the way back from around 15,900 to 16,600 before today’s decline.
The move in the Dow Transports is even more striking. Look at this chart below. We took a few weeks to plunge around 1,000 points … then gained almost all of that back in just six days. It’s as if every concern in the world — from lousy Chinese and European growth, to the Ebola outbreak, to deteriorating earnings, to massive technical divergences, and more just went “Poof”!
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