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I found this from a Business Insider article - most of that site is the worst kind of infotainment, but this was a gem.

  1. Markets tend to return to the mean over time.
  2. Excesses in one direction will lead to an opposite excess in the other direction.
  3. There are no new eras -- excesses are never permanent.
  4. Exponential rising and falling markets usually go further than you think.
  5. The public buys the most at the top and the least at the bottom.
  6. Fear and greed are stronger than long-term resolve.
  7. Markets are strongest when they are broad and weakest when they narrow.
  8. Bear markets have three stages.
  9. When all the experts and forecasts agree, something else is going to happen.
  10. Bull markets are more fun than bear markets.


Barry Ritholtz has a more fleshed-out list here.

Read more: http://www.businessinsider.com/henry-blodget-bob-farrells-10-market-rules-to-remember-2010-3#ixzz2FPd9aKJT

Mr. Farrell stepped down as chief strategist at Merrill in 1992, at 60, after 25 years at the helm. His advice comes from 78 years of market experience.

These articles point back to the original Marketwatch article published in June of 2008.

The Marketwatch article has some explanation and details for each point - for example:
8. Bear markets have three stages -- sharp down, reflexive rebound and a drawn-out fundamental downtrend

Is this a bear market? That depends on where you draw the starting line. With Friday's close, the S&P 500 Index SPX +1.19% is down 13.1% since its October 9 peak. Not the 20%-plus decline that typically marks a bear, but a vicious encounter nonetheless.

Where are we now? A chart of the S&P 500 shows a couple of sharp downs and subsequent rebounds in the past six months, with a tighter trading range since April. It remains to be seen if we can avoid a tortured period of the kind seen from 2000 to 2002, when sporadic rallies couldn't snap a slow, protracted decline.
More interesting still if you pull up a longer term chart and point out where this article was written - (summer 2008).
 

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Arch Crawford was Farrells assistant technician, Bob Prechtor also worked with Farrell.

Iam not sure if Prechters record still stands in the United States trading championships ?
Prechter I think was rated top market guru of the 80s

Crawford called the top to the day in 1987 then a hurrendous crash to follow.
When Prechter was asked (cant remember exact words) who had the best track record out there for the last 30 years his answer was Crawford.

One of the few market timers to out perform the s&p in the 90s. Shorted near the top in 2000 went long near the bottom in 2002. Was the best market timmer in 2008 ( forget by whos ratings) went long in 2009 on a planetary station near an eclipse which I remember being very close to the bottom in 09
 

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I disagree with Farrell on point 10.
I think bear markets are more fun then bull the reason being it is more challenging & more rewarding to be making money when everyone else is losing it.

#7 Would have to check the numbers to see if we are still opperating under a dow theory none comformation of the rally.
 
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