ECONOMIC AND SOCIAL OUTLOOK: October 2001 Stock Market Overview During the first week of market trading after the terrorist attacks, we sent you by fax, post or email a piece summarizing the results of an analysis done by Ned Davis Research and published in the September 15 issue of Barron’s. Davis’ analysis reviewed political shocks to the market dating back to 1940 (Pearl Harbor, JFK assassination, Cuban Missile Crisis, etc.) to see if there was a pattern to the market’s behavior. He found that a) the market consistently overreacted to the downside and b) the average time it took the …

The big news flashing across the market in 2001 reads like a giant video-game monitor. And the message is: GAME OVER. …