Word: dipping
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Dates: during 1990-1999
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...Stone, 38, of Clarksville, Tenn., among the faithful. "I thought the market went up too fast, too soon anyway," he says. "This is, as they say, a healthy correction." With any luck, Stone and the rest of the faithful have it right. One day, though, there will come a dip that is not a buying opportunity--and you have to at least wonder if that's what the market was barking about last Monday...
...trenches know that it was a Merrill Lynch monster buy order of Pepsi, entered at 9:31 a.m. by the beverage company itself, that convinced many scared traders that they had better start buying. The cool calm of Pepsi opening flat--most other stocks indicated a $3 or $4 dip--changed everything. Within seconds after the opening bell, Pepsi let it be known that it would General-Jackson its own stock, standing there, Stonewall-like, right under the bid for millions of shares...
...takes a dip . . . More
...still buying that dip the day before the 508-point collapse. But unlike 1997, in 1987 all the small stocks--the privates in the army--weren't marching with the generals. They had topped out months before, and the Mercks and Bristol-Myerses alone were still climbing. Put simply, the breadth of the market was miserable. Also, interest rates--instead of moving down, as they are now--were moving up almost weekly. Bonds and stocks had decoupled, meaning that bonds were getting increasingly cheaper to buy versus stocks. That never lasts...
...enough right now that I would view an 8% decline as buyable. Any change in the course of interest rates, the personnel in charge of our economy or the broad participation of the majority of stocks would cause me to reconsider. Barring that, the next time I see a dip like that of Friday before the Crash of '87, I'll bet that waiting for a Black Monday to buy will be too late...