ART CASHIN just Quoted this Blog piece from WSJ

Discussion in 'Wall St. News' started by TT1, Oct 24, 2008.

  1. TT1


    October 24, 2008, 11:49 am
    Written in the Stars
    Posted by MarketBeat Staff
    Rob Curran reports:

    Among the responses traders have mustered to the “when-will-this-ever-end?” 2008 stock-market crash: astrology. Stock charts have unequivocally failed, so traders are turning to star charts.

    “I got this from the most bearish man in Western civilization,” reads an e-mail forwarded from a trader at a mid-sized Wall Street firm. “It’s legit. Panic lows have historically occurred on day 27/28 of the 7th lunar cycle, which are this Sunday and Monday. The panics of 1857/1907/1929/1987/1997 all marked their lows on these days in October!”

    Fibonacci retracements may work during steady markets, but horoscopes are probably as good a charting tool as any this time around.

    Right now, the DJIA is off 24% for October. If the Dow finished with that loss, it would be a bigger drop than October, 1987 and October, 1929, the two most infamous crashes in history.

    — With contributions from Geoffrey Rogow