Do I Have to Become a Chartist?
The Dow-Jones Industrial Average has spent 25 of the past 40 years--62%--between 800 and 1250 or between 8000 and 12500. These ranges comprise roughly 25% of the (logarithmic) total range of the Dow as a function of time.
It really looks like there may something special about the nominal value of a 1 followed by a bunch of zeros.
This is disturbing to me as an economist.
