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from Steve Puetz letter
Conversely, panics and crashes begin from oversold conditions. In 1987, the
stock market became oversold on October 9th, and after that it became more
oversold each day. In spite of the oversold condition, it continued lower
every day after that - until it crashed on October 19th. This spring, the
stock market became oversold on March 13th (at Dow 10291), after that it
continued lower until March 22nd, bottoming at Dow 9389.
Oversold conditions are a prerequisite for panics and crashes. The fact that
the stock market is currently oversold should not be taken lightly.
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