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...relentless rally was not limited to the blue-chip stocks of the Dow. The Investor's Daily index of more than 5,200 stocks traded on the New York and American exchanges and over the counter had risen almost 33% in 1985 by the end of last week. From such familiar favorites as General Electric and American Express to small, obscure companies like California-based IntelliCorp, which is developing artificial-intelligence programs for computers, the large majority of share prices went up. If investors picked stocks by throwing darts at the Wall Street Journal listings, they stood an excellent chance...
Many market watchers believe the rally will keep rolling in 1986. Says Mason Sexton, president of Wall Street's Harmonic Research: "You don't stand in the way of this bull if you value your life." He thinks the Dow will probably pierce 1600 before declining grudgingly. David Bostian, president of Manhattan's Bostian Research Associates, is optimistic about the longterm outlook for stocks but warns that the bulls may stumble in the next few months. Says he: "We're way overdue for a steep correction. An investor should not be doing aggressive new buying...
...market has been in no mood to listen to words of caution, even from well-known seers like Joseph Granville. When Granville issued his famous "sell everything" recommendation on Jan. 6, 1981, the Dow dropped 23.8 points in a single day. This year Granville issued The Warning, a book predicting a stock-market crash comparable to the disaster of 1929. Since the book appeared in September, the Dow has climbed 222 points. --By Charles P. Alexander. Reported by Raji Samghabadi/New York
Though the 39.10-point one-day drop in the Dow beat the mark set in 1929, the decline is not comparable to the Great Crash. Experts maintain that it is a temporary pause in the bull market. A court decision leads Kodak to stop production of instant cameras and film, leaving the field to Polaroid. The Federal Reserve cracks down on the use of junk bonds in takeovers...
That piece must be found very quickly; the column is due tonight. Meanwhile, more facts crowd the study door like extras on a movie set, peer in, cry, "Use me!" Guatemala, Mr. T, a new novel by Bellow; Dow Jones goes down, Columbia goes up. Say hey, Willie McCovey, you made it too. Nice hat, Mrs. Gorbachev. Hold it, please. I have to think. Didn't I read something by Octavio Paz that fits in here? Or was it Pia Zadora? Where is my authoritative, I've-studied-this-for-years lead sentence? Please, God, let me discover...