Art Cashin Talks Market Dramamine
As usual some highly pragmatic observations on the roller coaster stock market from the Fermentation Committee chairman.
Whew! Got Any Dramamine? - In yesterday’s Stealth Stocks letter, Dennis Slothower featured this quick market summary from Gary Kaltbaum:
Here is how trader, Gary Kaltbaum described the market recently.
- Crash into early August, then hit a low where market rallied up 10% in six days.
- We then dropped about 7% in 3 days.
- We then rallied up about 9% in 7 days.
- And then in 2 days we dropped about 8%.
- In 2 days we rallied up 5.5%.
- And then next 2 days we dropped 6%.
- And the next 5 days we rallied up 7%.
- And the next 3 days we dropped about 9%.
- Next, we rallied up about 7%.
- The next 4 days we dropped about 10%.Culminating with the wash out on Oct 4.
- And then in 5 days we rallied up 11%.
- Sat around.had two big gaps into the highs of late August and then we did two big gaps down.
- A little rally up.
- Another big day down.
- Within a day, a gap up. Then another big drop.
- Went down about 9% in seven days.
- And this week on two days that gapped up, a total of about 640 points.
- We finished with a rally this week of 8% and this one was for the books. You couldn't get in because they were gaps.