I found the below study from Ticker Sense/Birinyi Associates of oil bull and bear markets dating back to 1986 enlightening.What I find particularly interesting is how the bear markets are consistently down about a third, in terms of both the average decline and the median decline being around 30%. Of the past three bear markets (since 2003, when things really got kicking), two of the declines are nearly spot on 33% (-33.27%, and -34.47) and the other is -26.21%.There is much less consistency in the rallies, where the average change is 62.89%, and the median is 37.30%, w[...]
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[Source: The Money Blogs]
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