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The year 1941 opened with the stock market in a Minor Rally. A Primary Bear Market had been signaled when prices collapsed in the spring of 1940, and that Bear Market was still in effect. After the May Panic had ended, a Secondary Recovery swing, which lasted for more than 5 months, had regained more than half of the ground previously lost by the Averages, carrying the Industrials from their closing price of 111.84 on June 10 to 138.12 on November 9 and the Rails from 22.14 on May 21 to 30.29 on November 14. (During this long Bear Market Secondary, incidentally, volume tended to increase on rallies, which encouraged many who did not hold strictly to first principles to believe that this rise was the beginning of a new Bull Trend, illustrating the point we cited under "Volume" in Chapter 3.) From the November highs, however, the trend turned down again. Then a Minor Rally developed, as we have said, at the end of the year, reaching its peak on January 10 at 133.59 in the Industrials and 29.73 in the Rails. From there, prices fell again to 117.66 and 26.54, respectively, on February 14.