Wake Me When It's Over

If you're like me, you've probably heard many -- too many -- references to the '73-'74 bear.

Or the devastating '73-'74 bear, as some like to describe. 

Perhaps it was your father who said something like "yeah, back in '74, man, it was baaaad. The Dow fell 45% and some stocks lost 70%-80%."

That one was the wipeout, the big kahuna that was bigger than '87, the one that shaped the minds and psyches of many market men and women for years to come.

It wasn't '29 or the '30s. But then how many people still living went through the 30s? 

Well, if nothing else, at least you'll never have to worry about being one-upped by your father.

No. 

Thursday, the Naz fell to a fresh low for the bear, dropping to a point that was 59.6% off its March 10 print high.

This is a whisper away from the extent of the '73-'74 wipeout in the Naz.

And, beneath the surface, many stocks have gone down 70%-80% in this bear, some 90%.

And not just tertiary, $1 issues like Books A Million, but blue-chip numbers like Cisco (CSCO | Quote | Chart | News | PowerRating) (-73%) and Sun (SUNW | Quote | Chart | News | PowerRating) (-72%).

~    ~    ~

And, finally, an accumulation day.

Feature of the day: Applied Micro (AMCC | Quote | Chart | News | PowerRating), bolting despite a warning that halted trading for an hour.

This is the bad-news-equals-good-news vibe that prevailed in late December and the first few weeks of January that is so necessary to any durable bottom.

The semis, which hadn't been doing much of anything until AMCC was reopened, quickly caught fire.

So this will be a segment to watch in coming days, not so much for its price move, but for its move in reaction to price.

Everyone knows tech is in the toilet.

Many think the consumer will end up in the toilet.

Although this hasn't happened thus far, a few clouds have appeared on the horizon, namely the action of the builders and retailers.

The builders lost more ground last week than in any other week in months.

And the retailers look iffy.

Among the names, Pharmaceutical Product Development (PPDI | Quote | Chart | News | PowerRating) sets up.

As does Walgreen (WAG | Quote | Chart | News | PowerRating).

The oils have idled in the past week, good for their charts and good for the general market.

Here, Rowan (RDC | Quote | Chart | News | PowerRating), whose RS line already hit a high, is one of the better lookers.

Ditto for Varco (VRC | Quote | Chart | News | PowerRating).

Beginning Friday, March 2, this column will go on a three-week sabbatical, resuming Friday, March 23.