Word: dow
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...market as a whole will rise or fall. To put it mildly, neither always succeeds. But Edson Beers Gould, at 74 the dean of market analysts, has been right often and spectacularly enough to be a market force in his own right. Two weeks ago, just after the Dow Jones industrial average rose smartly to 1,009, rumors began circulating that Gould was about to forecast a short-term decline of perhaps 100 points. The Dow promptly fell 33 points in the next three days, its biggest sell-off of the year; last week it rebounded twelve points. The earlier...
...drop nonetheless illustrates the awesome reputation for calling market turns on the nose that Gould has built up over the past 20 years or so. He has been wrong a few times. He cheerily admits that in August 1971 he predicted a rise from the Dow's then level of 840; instead it fell to 790 by November. But other predictions have seemed almost omniscient. Only three trading days after the Dow hit its alltime high of 1,052 on Jan. 11, 1973, he advised clients to sell aggressively; those who did escaped one of the market...
...motion), music (for rhythm) and crowd psychology. He has evolved his own gauges of the market, including the "speed-resistance line" (a measure of how far and fast prices have risen or fallen) and the "senti-meter" (a ratio of the prices of the 30 stocks in the Dow Jones average to the cash dividends that owners of those stocks receive...
...stock market last week put on a maddeningly teasing performance: the Dow Jones industrial average cracked the 1,000 mark not once but five times, and each time it fell back. On Thursday the 30-stock index even managed to close at 1,003.31, its first close above 1,000 in more than three years. But on Friday profit taking in U.S. Steel and Bethlehem and worries about a possible rise in interest rates beat the Dow down...
Some analysts nonetheless believe the Dow will speedily go on to break its all-time high of 1,051.70, perhaps in the next few weeks. Says Robert H. Stovall, vice president of Reynolds Securities: "The next 50 points will be easy." He and others think the fact that the Dow has closed above 1,000 even once will topple the "psychological barrier" in investors' minds, and publicity about the event will lure many small individual buyers. On the other hand, many investors have picked 1,000 as an arbitrary point at which to sell and cash in their gains...