Word: beared
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...tech-heavy index to beyond 5000 on March 10 of last year is now utterly erased. The Dow dropped, er, only 4.1 percent (a measly 436 points) as each and every one of the index's 30 stocks lost ground. And the S&P 500 finally slipped into official "bear market" territory, now 23 percent off its highs and tasting those same December 1998 depths as the NASDAQ...
...still bother to meet, anyway; on the cell phones of the flat-busted, way-cool crowd, which stopped day trading months ago; and in the hallways of mutual-fund companies where hotshots are trying to make sense of something they were never programmed to comprehend. So this is a bear market, they sigh...
They need to catch their breath, as may you. The stock market hasn't administered this kind of water torture in 20 years. The incredible irony is that this bear market still isn't official, and we've been in it for a year. Technically, a bear is defined by the Dow's or S&P 500's declining 20%. The S&P is close; it's off 19.2%. So the bear may be on the books by the time you read this. But it really doesn't matter because the torture started 14 months ago when the Dow (down...
This is no cuddly bear like the past three--all of which lasted less than three months. To find this kind of sustained drilling you have to stretch back to 1981, when the last vestiges of stagflation were being driven from the system along with The Dukes of Hazzard. A new generation is being introduced to the disheartening pattern of lower highs and lower lows...
...time.com for more on bear markets. E-mail Dan: kadlec@time.com And see him Tuesdays on CNNfn...