Word: bottomed
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Dates: during 1990-1999
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...Bottom Line...
...recession, or severe slowdown, in 1998, all on its own. If they are right, Monday's plunge may have been the first shot across the proverbial bow, with others to follow. Those who so quickly dismissed the sell-off and are now boasting of buying at the bottom may find they were wrong...
...right. That morning, the Dow was down an additional 190 points, but that proved to be a bottom. By 11 a.m., Peter Mancuso, floor manager and senior partner at Buttonwood Specialists, was on a roll. "All I hear is buy, buy, buy. It is unbelievable," he exclaimed. The excitement on the floor was uncontrollable. One floor trader shouted at a reporter, "Get out of my way. You're costing me money...
...lighter fluid. Within minutes I heard traders tell me everything from "Biggs thinks this is the end" to "Biggs says get out now because the market's gonna crash today." No matter that Biggs had been wrong before, including a devastating get-out-of-tech call right at the bottom in 1996. Biggs has clout; he could do damage...
...reporters. Had they waited all night for me? Or did it have something to do with the fact that I was the only one there save for the vendor who sells coffee and bagels. Yet when the paratrooping reporters chute into Wall Street, it smells more like a bottom than a top. Out of nowhere, my bullishness was renewed...