Word: dowe
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Dates: during 1970-1979
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Continuing its high-level holding pattern of the past three months, the Dow Jones industrial average last week came close to a three-year high of 1011 before settling back a bit to close at 992.6, down 3.62 for the week. But by several other measures the market is not particularly high at all-nor has it risen fast enough this year to make many investors feel rich. For example, a recent compilation by Smith Barney, Harris Upham & Co., a Manhattan brokerage firm, shows that 80% of the stocks on the New York and American exchanges are selling...
...stocks on the New York and American exchanges were selling for less than five times earnings. Now only 9% are-a slight improvement. But the proportion of stocks selling for more than 20 times earnings has actually dropped since January, from 18.2% to 16.7%. The 30 Dow Jones industrials now sell at an average P/E of 13.1, up from 12.9 at the start of the year but well below the 1971 high...
...growth or "glamour" companies, would keep on rising rapidly forever-so that almost no price was too high to pay for the prospect of sharing in future earnings. Before the crash came in 1973-74, P/E ratios of growth companies had been bid up to stratospheric levels that the Dow Jones P/E average never came close to matching. One index of 15 glamour stocks hit an average P/E of 47.4 at the end of 1972; two years later it was down to 14.7, and it has now recovered only...
...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...