Word: bullish
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Many Wall Street watchers remain bullish. Says Treasury Secretary Donald Regan, former chairman of Merrill Lynch: "The market was due for a pause. But it isn't overdone." Indeed, in the view of Regan and almost everyone else, the bull market still has a lot of life in it. Says Arthur Zeikel, president of Merrill Lynch Asset Management: "We are in the fourth or fifth inning of a nine-inning ball game...
...Opel is bullish about the future of IBM, and he is very optimistic about the outlook for the whole industry. He notes that while people have limited demands for commodities like shoes and automobiles, they seem to have an insatiable appetite for information. Says he: "I have yet to hear somebody say they could not use more information. Hence the demand for information processing, though perhaps not infinite, is enormous...
...list of 60 adjectives applied to the emerging recovery. The tone of the list has been changing dramatically. Only six months ago, Heller says, economists were calling the recovery "weak, wobbly, puny, pokey, measly, muted and miserable." Now, however, the rebound has suddenly become "rapid, robust, snappy, surging, brisk, bullish and a barn burner...
...vote of confidence to Volcker, with Alan Greenspan a distant second at 5.8%. Monetarist Milton Friedman got only 5.5%, Treasury Under Secretary Sprinkel 2.5%, and Fed Vice Chairman Martin less than 1%. More than half the executives fear a return to double-digit inflation if Volcker is replaced. So bullish is Wall Street on Volcker that Charles M. Lewis, vice president of Shearson/American Express, predicts that "the day the reappointment is announced will see the Dow rise 35 points. Nobody ever made more money in the market than they made under Volcker...
...that investors are feeling decidedly bullish about high-tech stocks, Merrill Lynch, characteristically, is thundering to the head of the stampede. Last week the firm announced it had collected $835 million from investors for shares in its new twin mutual funds called Sci/Tech. Sci/Tech Holdings, Inc., for U.S. and Canadian investors, raised $550 million, while Sci/Tech, S.A., for overseas investors, attracted $285 million. The offering turned out to be the largest mutual fund start-up ever, leagues ahead of the second largest, Manhattan Fund, launched in 1966 with $247 million. The Sci/Tech funds, which will have nearly identical portfolios, will...