by John Lounsbury
The decline in the thirty markets followed by Econintersect following the dramatic rise in October lasted four weeks or less and only reached primary bear market status for two indexes, the MERV in Buenos Aires and the ATX in Vienna. Sixteen of the markets achieved secondary bear market levels (commonly called “correction”) with declines of 10% but less than 20%. Twelve markets declined less than 10% and are classified as pullbacks. If the dramatic rallies of the past three days are not reversed November 2011 will be noted as a correction month and the fears of a resumed bear market will be gone, or at least delayed. The chart with all the data follows the continuation break.