Word: bearishly
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Curiously, some technicians put more weight on the Dow's inability to rally past old levels than they do on its ability to hold firm on declines. Hence they tend to be bearish. The NASDAQ slide since mid-July bolsters that view. And McCabe notes that speculative fever remains high, evident in a vibrant IPO market. John McGinley, editor of Technical Trends, worries about the recent slide in margin debt--money borrowed to buy stocks. You'd think a decline in that figure would be healthy, signaling that investors are more cautious. But McGinley reads the decline from the March...
...short-term takeaway is that those who were too bearish because they feared the mighty Fed got faked out again. Sure, the Fed must stomp on the brakes periodically. But remember, the Fed always favors prosperity long term--how could it not? By removing the bias, Greenspan has removed the speed bumps, and if you waited until the all clear was sounded, you missed a true romp in the averages...
...just in his 30s. Miller hated Fredric March's interpretation in the 1951 movie (he turned Willy into "a psycho," Miller felt), yet March gave the character both a tragic grandeur and a Rotarian recognizability that are unforgettable. There have been black Willy Lomans and Chinese Willy Lomans; big, bearish Willys like George C. Scott and feisty, bantamweight Willys like Dustin Hoffman. Brian Dennehy, in the new production from Chicago's Goodman Theatre that opens (with some minor cast changes) on Broadway this week, is a solid entrant in the big-Willy tradition. He's a charismatic...
...then, cautions C. Fred Bergsten, director of the Institute for International Economics, a Washington think tank. More bearish than Hormats, he will allow that "maybe the worst of the crisis is behind us." But Bergsten emphasizes the difficulties of significant recovery--primarily that it will require "deep changes in banking systems, very fundamental changes in corporate governance systems...
...positions in various individual stocks and the S&P 500 index produced losses of $918 million as the market rose in 1997. The losses mounted this year: $534 million in the first quarter and $134 million in the second quarter. Finally, in the mayhem of the third quarter, his bearish bets paid off with gains at Loews of $368 million. Being right--but too early--cost Tisch's company $1.2 billion. That should make your last 401(k) statement look a little better...