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A book called "The Psychology of Technical Analysis" provides a good
discussion of the mob psychology of "bulls" and "bears". The book notes
that when either camp is dealt a blow, its focus characteristically shifts
to "the long term" to rationalize its position.
FWIW
Dan
>From: "JW" <jw@xxxxxxxxxxxx>
>>Sunday April 16 12:43 PM ET
>Summers Urges Calm in Face of Market Plunge
>By Knut Engelmann
>
>WASHINGTON (Reuters) - U.S. Treasury Secretary Lawrence
>Summers said ........
>While he insisted he could not ``make predictions'' about
>what would happen when markets reopen on Monday, he told ABC
>television, ``I think we'll all do best staying focused on
>the long run and recognizing the real strength that this
>economy has.''
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