The Great Depression

  • Benjamin Roth: The Great Depression: A Diary

    Benjamin Roth: The Great Depression: A Diary
    It's all here, times change people don't -the endless govt programs that fail to stimulate the private sector -the ups and downs of the economy, the veterans pension stimulates just as the housing credit did, until of course the money runs out -Roth is a attorney in Youngstown Ohio who kept a diary regarding the economy from 1930 until WW II breaks out, he is objective, candid, and forthright which is more than we get from Washington DC now or then highly recommended

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May 18, 2020


Dan R

Hi Dennis, it seems like the market was responding to the Moderna news more than anything from what I could tell, similar to the way it has previously reacted to Gilead news. Ironically, Moderna issuing $1B+ in new equity on the back their 20% rise.

Again, I'm new to EW, but curious how you think about renumbering the waves versus, which implies a mistake, versus labeling this Moderna news as a discrete event that has unlikely shifted overarching sentiment outside of the next few days (hence continued low volume on the rise up today). Does EW have a view on whether fluctuations must always fall into the pattern (re-number waves), or if there are anomalous data points at times that shouldn't be fit to the pattern?

Would be curious to hear your thoughts.

Dennis Elam

EW has revised this as Wave C up in the larger Wave 2 pattern.

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