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Wednesday, March 18, 2009

CNBC's Mark Haines Calls "The Haines Bottom"

Mark Haines, CNBC's "Squak on the Street" co anchor with Erin Burnett (Erin Burnett Fan Club) called the March 10, 2009 market low the "Haines Bottom."

Haines has been highly skeptical of prior bottom calls including the "Hogan's Bottom," the November 21, 2008 low, prior to the "Haines Bottom."

At our "Investing for the Long Term" facebook discussion group, we are looking for an "IBD follow-through day" defined by Investors Business Daily here to confirm the rally.

From "IBD Follow-Through Day":
Any up day then counts as Day 1 of an attempted rally.

For a follow-through to occur, you want it to land between Day 4 and Day 7 of the attempted rally. On any one of those days, you're looking for one or more of the major indexes -- the Nasdaq, S&P 500 or Dow -- to rise 1.7% or more in higher volume than the previous day.

Though a follow-through in that span gives the strongest signal for a new rally, one that hits anywhere between Day 4 and Day 10 can work. Follow-throughs that occur after Day 10 yield lower success rates.
Using closing data, Day #1 was Tuesday March 10.

More information:

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