There are some other similarities (and dissimilarities) as well. Last year, we peaked early in December (12/5-6 at 2056/65) as we did this year (12/2 at 1521), but last year, I expected a sharper retrenchment than we got (we had only a retrenchment of about 150 Naz points to Dec 20) and it ended earlier than I thought. This year, the retrenchment went through the whole EOY holiday season (my expectations were for a better second half of December) and was closer to 200 Naz points (and of course greater percentage). I still think that if volume picks up early next week, we should be doing fine, and go probably beyond the middle of the month before the actual peak is reached (more like we did in 2001 before the "February Nassacre", except that then we had the special stimulus of the first surprise rate cut from the fed (as anticipated as that move was, though).
Zeev
