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markets that didn't have program trading at the time Clearly, there were and are much larger economic forces at work on the world stage. In 14, I'll have more to say about program trading. The second message is the chronological sequence of the three tops. The British stock market peaked in July of 1987, a full month prior to the U.S. peak which occurred in August. The British market has a tendency to lead the U.S. market at peaks. (In the fall of 1989, the British stock market started to drop at least a month prior to a severe selloff in U.S. stocks in mid-October. Sixty years earlier, the 1929 collapse in the U.S. market was foreshadowed by a peak in the British stock market a full year earlier.) In 1987, the Japanese market didn't hit its peak until October, when the more serious global collapse actually took place. Figure 8.4 shows the Japanese market leading the world markets upward from their late 1987 bottoms. Figure 8.5 shows that the global markets again corrected downward in October 1989. After a global rally that lasted into the end of that year, the new decade of the 1990s was greeted by signs that global stocks might be rolling over to the downside once again.

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Formula Elements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Entering a Formula . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Pasting Names . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Spaces and Line Breaks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Formula Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Sample Formulas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Editing Formulas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

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