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Triple bottom?
It's too early to say, of course, even though some will be encouraged to jump the gun by the market's stunning late-date reversal on Monday "” with the Dow Jones Industrial Average /quotes/zigman/627449/delayed DJIA +0.68% closing 236 points higher than its intra-day low. Still, it's now been twice that the market has fallen to within shouting distance of its Aug. 10 low, and on both occasions has rallied sharply.
There is one longer-term indicator that is quite bullish right now, however "” suggesting that, even if the Aug. 10 lows are broken in coming weeks, the market is nevertheless likely to be markedly higher than today in several months' time. This indicator is based on the behavior of corporate insiders "” a company's officers, directors and largest shareholders.
When I last wrote about the insiders, on Aug. 9, I reported that they had responded to the stock market's early-August plunge by stepping up to the plate "in a big way."? ( Read my. Aug. 9 column on insider behavior. )
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