26 Jul 2002 The Bottom?
Posted at 16:16h in The Friday BriefWhat did Wednesday’s 500-point rally mean? Event the bears can’t ignore the largest gain in 15 years - some discussion is warranted. Was it the bottom of a long decline, was it a reflex action, did it mean anything at all? One of my favorite writers, Caroline Baum of Bloomberg put it this way: “a) the two houses of Congress agreed on a bill to overhaul existing securities and accounting laws; b) the sight of Adelphia Communications' John Rigas and his two sons being led away in handcuffs reassured investors the government is getting tough on white-collar crime; c) sellers took the day off; d) after a month of losses making July 2002 resemble October 1929, even the deadest cat can bounce; e) all of the above; f) none of the above.”