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See attached chart of DJIA annual volatility calculated
as 100 * (H-L)/C (yearly range as percentage of closing price).
I don't reach any particular conclusions, except that 1931
volatility dwarfed all subsequent readings, and that a cycle
analsysis program using max. entropy says the dominant cycle
is 6 years, which isn't very consistent with the numbers
that I'd pull out of a hat, looking at the charts.
X-Zm-Content-Name: djia_vlty.gif
Content-Description: Gif Image
Content-Type: image/gif ; name="djia_vlty.gif"
X-Zm-Decoding-Hint: mimencode -b -u
Attachment Converted: "f:\eudora\attach\djia_vlty.gif"
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