1993-1994 
  

                      The Fed put the brakes on the rally in 1994.   Word got out in February 1994
     with the DJI above 2800 that they were going to do this.  An irregular head and
    shoulders pattern developed at this time and the DJI quickly fell 10%.   

                      Date                                      Discount Rate Change
                      5/17/1994                             3.5%   from 3.0%.  Market had already fallen.
                      8/16/1994                             4.0%
                     11/15/1994                           4.75%    3rd consecutive rate hike.
                     2/1/1995                               5.25% Could not stop powerful breakout.