29 October 2008
DOW jumped almost 10.9% last night, gaining about 890 points and lifted DOW from 8,175 to close at 9,065. This was the 2nd largest gain in the month. The last one was on 13 October 2008, just about 2 weeks ago. Then, DOW jumped 936 points or 11% to lift DOW to 9,387 from 8,451.
With such strong lift in DOW, does it mean that DOW has a total reversal?
Going through the above table, the matching days that DOW has made a gain of 10% or more are mostly done during the Great Depression period from 1929 to 1933.
The last time that DOW made similar gain was in October 1987, during the Black Friday/Monday. Then DOW gained about 10% on 21 October 1987 to compensate for the loss it had made on 19 October 1987, the Black Monday.
After that, DOW tanked for another 2 months. It then took off slowly over next 12 years and pushed its index up 5,000 points from 7.000 to 12,000, until the DOT.com bubble burst in year 2000.
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