“I continue to view the 537-point ( 5% ) three-day drop in the DJIA as “technical.” Initially, the market was able to absorb profit taking in 2009’s big winners, but concern for President Obama’s hard-nosed position on the nation’s big bankers and concern that Fed chief Bernanke won’t gain approval for a second term turned a normal correction into a minor rout.
I believe investors who decided to take profits in the tax year 2010 panicked when they saw their paper profits shrink, and dumped aggressively…”
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About George Brooks:
George Brooks started in the investment business as a stock broker in 1962 and quickly gravitated to the research end of the business, first undertaking his own vast study of fundamental and technical analysis, then taking a position as director of stock market and economic studies for a leading money manager and publisher. In 1973, he formed his own firm to provide daily market timing and stock selections for two regional NYSE member firms, as well as special situation research and written analysis for leading investment advisory publications.
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