Bear Market Bottoms: 1917-2009 (1) Bear Market  6/18/1917  (98.60) to   12/19/1917 (65.90)   Wednesday   Decline of  33.2%              first breakdown leg down .... 6/18/1917  (98.60) to 9/4/1917 (81.20)                       bear market rally  9/4/1917 (81.20)  9/25/1917 (86.00)  rallied on reduced volume,             second leg down   9/25/1917 (86.00) to 10/15/1917 (75.10)                        bear market rally  10/15/1917 (75.10) to 10/22/1917 (79.10)             third leg down 10/22/1917 (79.10) to 11/8/1917 (68.60)                       bear market rally  11/8/1917 (68.60) to 11/23/1917  (74.20)             fourth leg down   11/23/1917  (74.20) to 12/19/1917 (65.90) Wednesday         decline of 11.2%       OPct low was -,552 on 9/4/1917 ...Subsequent lows were at higher levels, while ONBV confirmed ech low. .       There was a buy B7 on 12/28/1917 at 72.10.  The 10-day ma was surpassed. In January 1918,                       there was a pullback to 72 in January and then DJI rose to 89 in Octpber 1918, (2) Bear Market  11/3/1919  (119.60) to   8/25/1921  (63.90)  Thursday    Decline of 46.6%              first breakdown leg down  ....11/3/1919  (119.60) to  2/25/1920 (90.00)                     bear market rally  2/25/1920 (90.00) to  4/5/1920 (105.40). This was a rally back up to                     the resistance from the breakdown at 103.39.             second leg down   4/5/1920 (105.40) to 5/19.1920 (87.40)                     bear market rally 5/19.1920 (87.40) to 7/9/1920 (94.40)             third leg down   7/9/1920 (94.40) to 8/10/1920 (83.20)                     bear market rally 8/10/1920 (83.20) to 9/20/1920 (88.90)            fourth leg down and breakdown 9/20/1920 (88.90) to 11/22/1920 (73.10)                     bear market rally 11/22/1920 (73.10) to 12/3/1920 (77.30)            fifth leg down 12/3/1920 (77.30) to 12/1/1920 (66.80)                     bear market rally 12/1/1920 (66.80) to 5/6/1921 (79.70)            sixth leg down 5/6/1921 (79.70) to 6/20/1921 (64.90)                    bear market rally 6/20/1921 (64.90) to 8/1/1921 (69.70)              seventh leg down 8/1/1921 (69.70) - 8/25/1921   63.90 Thursday   Bottom.   8.3% decline                     OBVPct bullish divergence, -.70 to -.45 (3) Bear Market  9/3/1929  (381.20) to 7/8/1932 (41.20)  Monday Decline of 89.2%           first breakdown leg down   9/3/1929 (381.20) to 11/13/1929 (198.70)   47.9% decline                     bear market rally 11/13/1929 (198.70) to 4/17/1930 (294.10)   48.0% rally          second leg down and breakdown 4/17/1930 (294.10) to 6/23/1930 (219.60)  47.9% decline                    bear market rally 6/23/1930 (219.60) to 9/10/1930 (245.10)  11.6% rally          third leg down 9/10/1930 (245.10) to 11/10/1939 (171.60)  30.0% decline                   bear market rally 11/10/1939 (171.60) to 11/21/1930 (190.30)   10.9% rally          fourth leg down 11/21/1930 (190.30) to 12/16/1930 (157.50)  17.2% decline                    bear market rally  12/16/1930 (157.50)  to  2/24/1931 (194.40)  23.4% rally         fifth leg down  and breakdown 2/24/1931 (194.40)   to 6/2/1931 (121.70)  37.4% decline                   bear market rally   6/2/1931 (121.70)  to 7/3/1931 (155.30)  23.4% rally         sixth leg down and breakdown  7/3/1931 (155.30) to 10/5/1931   ( 86.50 )  44.3% decline                  bear market rally 10/5/1931 86.50 to 11/9/1931 (116.80)   35.2% rally         seventh leg down 11/9/1931 (116.80)  to 12/17/1931 (73.80)  36.8% decline                 bear market rally 12/17/1931 (73.80) to 3/8/1932 (88.80) 35.2% rally         eighth leg down 3/8/1932 (88.80) 7/8/1932 (41.20) bottom.  Monday None of the rallies in this last leg down 53.6% decline                rose above their 30-day ma. Very big OBVPct divergence at BOTTOM.                Volume rose and rose above its ma on rally, (4) Bear Market  9/7/1932  (79.90) to 2/27/1933 (50.20)      Decline of 37.2%         first breakdown leg down   9/7/1932 (79.90) to 10/10/1933 (58.50)               bear market rally 10/10/1933 (58.50) to 11/11/1933 (68.00)         second leg down 11/11/1933 (68.00) to 12/2/1933 (55.90)              bear market rally 12/2/1933 (55.90) to 1/10/1933 (64.40)         third leg down 1/10/1933 (64.40) to 2/27/1933 (50.20) BOTTOM. Monday   22.0% decline                    OBV failed to make a new low at bottom. OBVPCT had improved slightly.                     Volume rose and rose above its ma on rally, (5) Bear Market  3/9/1937  (193.30) to 3/31/1938 (98.90)     Decline of 49.0%                 The top followed a 8 month rally from 155.                At the top the DJI was 2.2% above its ma with an Accum Index of only .026 and OBVPct of only .076.                On 4/26/1937, it broke neckline of head and shoulders pattern showing heavy distribution on right                shoulder.        first breakdown leg down   3/9/1937 (193.90) to 6/14/1937 (165.50)                bear market rally 6/14/1937 (165.50) to 8/16/1937 (189.30)       second breakdown leg down   8/16/1937 (189.30) 12/31/1937 (113.6)                 bear market rally  12/31/1937 (113.6)  to 1/11/1938 (134.40)       third breakdown leg down  1/11/1938 (134.40) to 3/31/1938 (98.90) Thursday  BOTTOM    Decline of 26.4%                OBVPCT fell to new low of -.595.  AI reached low of -.339  These are useful marjers of being oversold                Volume rose and rose above its ma on rally, (6) Bear Market  11/9/1938  (158.10) <or 9/13/1939  (154.10)> to  4/24/1942 (94.10)   Decline of 49.0%              11/9/1938 top occurred with DJI close 3.9% over 21-dma with AI =.05.               The 39-day ma of OBV did not turn down until January          first break  11/9.1930 (158.10) to 4/11/1939 (123.80)             A month after the 9/13/1939 top, the DJI moved up close to the high with negative Accumulation (-.024)              2.3% over the 21-day ma.  An Sell S7 followed and the 39-week ma of OBV turned after              a six month advance. .          second breakdown leg down   9/13/1939 (154.19) to 5/21/1940 (114.10)  Breakdown was at 145.                    bear market rally 5/21/1940 (114.10) to 11/7/1949 (137.80)         third leg down  11/7/1941 (137.80) to 4/24/1942 (94.10)  Friday   Decline of 31.0% (7) Bear Market  5/29/1946  (212.50) to  10/20/1947 (153.10)   Monday ... one leg....   Decline of 28.8% (8)  Bear Market  1/6/1953  (292.20) to 9/14/1953 (255.50)  Monday    Decline of    12.6%          first breakdown leg down 1/6/1953 (292.20) to 6/16/1953 (262.90)                     bear market rally  6/16/1953 (262.90) to 8/13/1953  (276.70)          second leg down  8/13/1953   (276.70) to 9/14/1953 (255.50) Monday .   Decline of 7.7% (9) Bear Market  7/12/1957  (520.80) to 10/22/1957 (419.80) - Tuesday  1 leg down.   Decline of 19.7%           (10) Bear Market  1/5/1960  (685.50) to   (10/25/1960)   (566.00)   Tuesday   Decline of 17.4%          first breakdown leg down  1/5/1960 (685.50)   to 5/2/1960 (599.60)                      bear market rally  5/2/1960 (599.60) to 6/9/1960 (656.40)          second leg down 6/9/1960 (656.40) to 7/25/1960 (601.70)                      bear market rally 7/25/1960 (601.70) to 8/24/1960   (641.50)          third leg down  8/24/1960 (641.50) to 566.00 (10/25/1960)  Tuesday BOTTOM   Decline of 11.8% (11)  Bear Market  12/13/1962 (734.90) to 6/26/1962 (535.70) Tuesday One leg down Decline of 27.1%              Inverted head and shoulders pattern had to form with final bottom in October.   (12) Bear Market  2/9/1966 (995.10) to 10/7/1966 (744.32) Friday  Decline of 25.2%             first breakdown leg down 2/9/1966 (995.10) to 5/13/1966 (876.11)                    bear market rally 5/13/1966 (876.11) to 4/21/1966 (954.73)             second leg down   4/21/1966 (954.73) to 5/17/1966 (864.14)                   bear market rally 5/17/1966 (864.14) to 6/14/1966 (903.17)             third leg down   6/14/1966 (903.17) to 8/29/1966  (767.03)                  bear market rally 8/29/1966  (767.03) to 9/15/1966 (814.30)            fourth leg down   9/15/1966 (814.30) to 10/7/1966 (744.32)  Friday   BOTTOM   Decline of 8.6%   (13) Bear Market  12/2/1968 (985.21) to 5/26/1970 (631.16)) Tuesday   Decline of 36.0%            first breakdown leg down 12/2/1968 (985.21) to 7/30/1969 (803.58)                   bear market rally  7/30/1969 (803.58) to 11/10/1969 (863.05)            second leg down 11/10/1969 (863.05)  to 1/30/1970 (744.06)                   bear market rally  1/30/1970 (744.06) to 3/25/1970 (790.13)            third leg down 3/25/1970 (790.13) to 5/26/1970 (631.16) Tuesday   Decline of 20.1% (14) Bear Market  1/11/1973 (1051.70) to 12/6/1974 (577.60)  Friday Decline of 45.1%              first breakdown leg down 1/11/1973 (1051.70) to 6/25/1973 (869.13)                   bear market rally  6/25/1973 (869.13) to 7/27/1973 (936.71)              second leg down   7/27/1973 (936.71) to 8/22/1973 (851.90)                   strong market rally 8/22/1973 (851.90) to 12/5/1973 (788.31) -             third leg down 12/5/1973 (788.31) to 2/11/1973 (803.90)                   bear market rally to recovery high, 2/11/1973 (803.90)  to 3/13/1974 (891.66)             fourth leg down 3/13/1974 (891.66) to 5/29/1974 (795.37)                    bear market rally  5/29/1974 (795.37)  to  6/10/1974 (859.67)             fifth breakdown leg down   6/10/1974 (859.67)  to  10/3/1974 (584.56)                    bear market rally  10/3/1974 (584.56) to 11.7/1974 (671.93)                sixth leg down 11.7/1974 (671.93) to  12/6/1974 (577.60)    Bottom  Friday   Decline of 14.0% (15) Bear Market  9/21/1976 (1014.79) to 2/28/1978 (742.12) Tuesday   Decline of 26.9%            first breakdown leg down   9/21/1976 (1014.79) and 12/31/1977 (1004.65) to 5/27/1977 (898.83)                   bear market rally  5/27/1977 (898.83) to 11/11/1977 (845.89)            second beakdown leg down 11/11/1977 (845.89) to 2/28/1978 (742.12) Tuesday    BOTTOM  Decline of 12.3% (16) Bear Market 4/28/1981 (1016.93) to 8/12/82  (776.92 )  Thursday  Decline of 23.6%            first breakdown leg down  4/28/1981 (1016.93) to 12/4/1981 (892.69)                   bear market rally 12/4/1981 (892.69) to 12/4/1981 (892.69)              second leg down 12/4/1981 (892.69) to 3/8/1982  (795.47)                  bear market rally 3/8/1982  (795.47) to 5/7/1982 (869.20)            third leg down 5/7/1982 (869.20) to 6/17/1982 (791.48)                   bear market rally 6/17/1982 (791.48) to 7/20/1982 (833.43)            fourth leg down 7/20/1982 (833.43) to 8/12/82  (776.92 ) Thursday   BOTTOM   Decline of 6.8% (17-21) Brief Bear Markets:  From 1982 to 2000 there were no sustained bear markets, only quick sell-offs.                 October 1987 Plunge  8/25/1987 (2722.42)  to 10/19/1987 (1738.74) Monday Decline of 36.1%                 1990   7/16/1990 (2999.75) to 10/31/1990 (2365.10)  Wednesday   Decline of 21.2%                  1994 2/2/1994 (3975.54) to 4/4/1994 (3593.36)  Monday   Decline of 9.6%                  1997 7/31/1997 (8222.61) to 10/27/1997 (7161.15) Monday    Decline of 12.9%                  1998   7/17/1998 (9337.97) to 8/31/1998 (7539.07) Monday  Decline of 19.3%                  2000   1/14/2000 (11722.98) to 3/14/2000 (9811.24)  Tuesday Decline of 16.3% (22) Bear Market  1/14/2000 (11722.98) to  10/9/2002   (7286.27)  Wednesday  Decline of 37.8%              first breakdown leg down 1/14/2000 (11722.98) to 3/22/2001 (9389.48)                    bear market rally  3/22/2001 (9389.48) to 5/22/2001 (11257.24)              second leg down   5/22/2001 (11257.24) to 9/21/2001 (8235.81)                    bear market rally 9/21/2001 (8235.81) to 3/19/2002 (10635.25)              third leg down   3/19/2002 (10635.25) to 7/23/2002  (7702.34)                    bear market rally 7/23/2002  (7702.34) to 8/22/2002 (9052.64)              fourth leg down 8/22/2002 (9052.64) to 10/9/2002  (7286.27)  Wednesday BOTTOM  Decline of 19.5% (23) Bear Market  10/9/2007  (14164.53) to          first breakdown leg down 10/9/2007 (14164.53) to 11971.19 (1/22/2007)               bear market rally 11971.19 (1/22/2007)   to 2/1/2007 (2/1/2008)       second leg down  2/1/2007 (2/1/2008) to 3/10/2008 (11740.15)               bear market rally  2/1/2007 (2/1/2008) to 5/2/2008  (13058.20)       third leg down 5/2/2008  (13058.20) to 7/15/2008 (10962.58)              bear market rally 7/15/2008 (10962.58) to 8/11/2008 (11782.35)       fourth breakdown leg down 8/11/2008 (11782.35) to 10/27/2008 (8175.77)             bear market rally 10/27/2008 (8175.77) to 11/4/2008 (8624.28)       fifth leg down 11/4/2008 (8624.28) to 11/20/2008   (7552.29)             bear market rally 11/20/2008  (7552.29) to 9015.10 (1/6/2009)      sixth leg down  9015.10 (1/6/2009) to  6594.44   (3/5/1009)   Decline of   26.9%

       Volume Usually Rises On First Up Day   
     Compared To Volume on Down Day of A Major Bottom.


12/28/1917 bottom  first up day volume rose 20% over previous day.

10/20/1921 bottom  first up day volume was same as volume on previous day and rise over next 7 days,

3/8/1932  bottom   first up day volume fell  20% over previous day.   7 days later it rose steadily above its rising ma

3/31/1938 bottom   first up day volume fell over 30% from previous day

4/28/1942 bottom  first up day volume rose 30% over previous day.  Data looks suspicious,

10/22/1957  bottom  first up day volume fell 10 from previous very, very high volume (2x 21-day ma of volume)

10/25/1960 bottom  first up day volume equalled previous down day volume.

10/23/1962 bottom   first up day volume was 10% over previous down day volume.

10/6/1966 bottom   first up day volume was 13% over previous down day volume.

5/26/1970 bottom    first up day volume was slightly over previous down day volume.

10/4/1974 bottom  first up day volume was 5% below  previous down day volume but quickly rose above ma.

2/27/1974 bottom   first up day volume was 5%  over previous down day volume but quickly rose above ma.

4/21/1980 bottom  first up day volume was 75%  over previous down day volume but quickly rose above ma.

8/12/1982  bottom   first up day volume was 5% below  previous down day volume but quickly rose above ma.

7/24/1984  bottom      first up day was  15%  over previous down day volume but quickly rose above ma.

10/19/1987   bottom      first up day was  2%   over previous down day volume but quickly rose above ma.

11/11/1990  bottom    first up day was  3%  over previous down day volume but quickly rose above ma.

10/27/1997 bottom   first up day was  80%  over previous down day volume but quickly rose above ma.

8/31/1999  bottom   first up day was  20%  over previous down day volume but quickly rose above ma.

9/21/2001  bottom   first up day was  30%  below previous down day volume but quickly rose above ma.

10/8/2002  bottom  first up day was  3%  over previous down day volume but quickly rose above ma.

3/12/2003 bottom  first up day was  30%  over previous down day volume but quickly rose above ma.