On July 8, 1932, the Dow sunk to its final bear market low of 41.22.
As soon as the Dow passed that low, volume on the NYSE suddenly soared to 4-5-6 million shares as the market surged higher. A new bull market had started amid the Great Depression. At that time, nobody had any money. The nation was broke. And yet when the market following July 8 turned from bear to bull, volume exploded. The market in its amazing wisdom, immediately recognized the turn. And from a "broke America," money poured into Wall Street as volume on the NYSE surged. I always wondered where that money came from -- wasn't it remarkable -- and it is a lesson I'll never forgot. When the price is right, the money will be there.
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