The bull is rampant everywhere

But the third phase of a bull market usually ends in a (painful) bear market.

Lucas de Lange

the Dow Theory of market movements, which has a global following, asserts that the up leg of a share market cycle moves in three phases. The first phase of a bull market begins when prices battle to increase after a destructive bear market. Uncertainty is the order of the day as the pain caused by the preceding bear market is still fresh in the mind. After a period of sideways or a gradual upward trend during which the so-called informed capital obtains bargains (but do not chase prices), the second phase of the new bull market is ushered in: some optimism is noted and more buyers appear, which lead to prices firming. Good value is generally available, but true bargains – as during the first phase – become scarcer. Then the third…

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Finweek - English (Digital) - 1 Issue, 02-nov-17

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