The US 2000-2003 Market Descent: Clarifications

D. Sornette and Wei-Xing Zhou
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D. Sornette: CNRS-Univ. Nice and UCLA

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Abstract: In a recent comment (Johansen A 2003 An alternative view, Quant. Finance 3: C6-C7, cond-mat/0302141), Anders Johansen has criticized our methodology and has questioned several of our results published in [Sornette D and Zhou W-X 2002 The US 2000-2002 market descent: how much longer and deeper? Quant. Finance 2: 468-81, cond-mat/0209065] and in our two consequent preprints [cond-mat/0212010, physics/0301023]. In the present reply, we clarify the issues on (i) the analogy between rupture and crash, (ii) the Landau expansion, ``double cosine'' and Weierstrass-type solutions, (iii) the symmetry between bubbles and anti-bubbles and universality, (iv) the condition of criticality, (v) the meaning of ``bullish anti-bubbles'', (vi) the absolute value of t_c-t, (vii) the fractal log-periodic power law patterns, (viii) the similarity between the Nikkei index in 1990-2000 and the S&P500 in 2000-2002 and (ix) the present status of our prediction.

Date: 2003-04
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Citations: View citations in EconPapers (3)

Published in Quantitative Finance 3 (3), C39-C41 (2003)

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