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> The 30-stock average closed 2,112.98 points higher — or more than 11% — at 20,704.91, notching its biggest one-day percentage gain since 1933. ... Bear marke
by aazaa 7y ago
> The 30-stock average closed 2,112.98 points higher — or more than 11% — at 20,704.91, notching its biggest one-day percentage gain since 1933. ...
Bear market rallies are the absolute worst. They provide an outlet for pent-up demand and hope, while beating the tar out of shorts, who must close their positions by buying, driving prices unsustainably higher.
Rinse and repeat, all the way down the jagged slide of misery.
I must be missing something, because this Wikipedia chart shows that today's rally was the highest one-day percentage gain since 1929:
https://en.wikipedia.org/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average#Largest_percentage_changes https://en.wikipedia.org/wiki/List_of_largest_daily_changes_...
And that rally was 6x or so higher (258.47) than the eventual bottom (41.22)
- naveen99 7y agoPut call parity makes the jagged slide of misery identical to the jagged ascent of the bliss. The only consistent thing is the market likes to shake out the over leveraged weather they are rich or poor.