Gored Bull

Seldom in Wall Street's history had stocks climbed so steeply (about 25% increase in values) for so long (seven months) without a setback. Consequently, many a trader had been predicting a stumble in the present bull market. Last week it came—and as usual caught many an investor flatfooted.

The end of an uneventful day of trading was only 60 minutes away when a massive wave of selling started. As orders poured in from all over the U.S., the market tape fell eleven minutes behind actual transactions. In those last minutes 1,350,000 shares changed...

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