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Market timers say it’s still too early to jump back into stocks

MarketWatch
Market timers say it’s still too early to jump back into stocks

CHAPEL HILL, N.C. — Wall Street has not become pessimistic enough for contrarians to become interested in buying. To be sure, the stock market’s rout this week has certainly gotten Wall Street’s attention. From Oct. 3 through Thursday, a period of just six trading sessions, the Dow Jones Industrial Average DJIA, -2.13%  fell 6.6% and the S&P 500 SPX, -2.06%  6.7%. The last time the final quarter of a year got off to as terrible a start was 2008, and I need not remind you that it came in the middle of the financial crisis—the worst economic downturn since the Great Depression. Yet stock-market timers currently are not as scared as they were at the bottoms of past stock-market corrections. This