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That was quite some time ago (18 months to the day) but what many will recall is how that led to a very fast 20% rally in the market.
Before you fly out and bet the ranch, let me give you the proper sequence. On Nov. 19, 2008, we closed just over 800 on the S&P 500. On Nov. 20, we were down almost 50 points on the S&P by the close. On Nov. 21, we opened sort of flat, went down a bit more and then closed up about 50 points on the day. Within five days we were at 900. That was a 20% rally. But keep in mind we fell 6% first.
I am not saying today\'s market is similar to then; I am simply reminding folks that while it led to a rally of major proportions, it did so two trading days later, not the next day.
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