Can Stocks Beat the ‘55-Day’ Curse?
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If the market gets through today’s session without a dramatic decline, it will remove one psychological burden the bears have been talking up for weeks: the 55-day curse.
The stock market crashed in 1929 and again in 1987 exactly 55 days after the Dow Jones industrial average peaked, following dramatic advances.
In 1929, the Dow peaked at 381.17 on Sept. 3, declined through September and early October, then plummeted 68.9 points--or 23%--in a two-day sell-off that began on Oct. 28.
In 1987, the Dow peaked at 2,722.42 on Aug. 25, then began a slide that culminated in the record 22.6% one-day plunge of Oct. 19.
The Dow this year also peaked on Aug. 25, at 11,326.04, and has fallen 10.7% through the 54 days ended Monday.
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