Daytraders Still Do Exist

[Hoover]

From dow theory letters tonite :

Question -- Russell, you keep talking about an A-B-C bear market formation, and you've said that we're in the first major wave down-wave or the A leg. Where do you think we are in this A wave or leg?

Answer -- I'm sorry to say that I believe we're far from the end of this initial down-leg. I base this partly on the still "hopeful" sentiment regarding the market, and the fact that I still don't sense any panic or extreme fear. Also, we've only had one 90% downside day so far, and that one occurred on September 3. According to Lowry's history, the average major bear market decline sees five 90% downside days.

My old friend, Bob Prechter of Elliott Wave fame believes we're at about at the half-way level of this major A down-wave. I'll go along with Bob.