Word: overbought
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...they can do so profitably, and investors will do so profitably when they see businesses do it too. In the meantime, we're all be better off waiting for this to happen on its own, or else we'll just get stuck with a bunch of junk - be they overbought stocks or overbought goods - that we'll spend 2003 getting...
...Correspondents Rick Hornick. "That would lead investors to pull their money out of stocks. But it may be a stretch to say that the trouble in Washington fully accounts for what has happened in the markets this week. Technology stocks are also falling. Investors seem to think they've overbought them. What's clear is that the mood of investors is growing sour...
...been going back into the market slowly and cautiously, in comparison with the mob scene in mid-1987, which made everyone skittish and panic-prone. That is not the mood this time around -- at least, not yet -- and markets rarely hit their peak until all types of stocks are overbought, professionals become exuberant, and even small investors are snapping up stocks with abandon. Peter Lynch, manager of Fidelity's $11.5 billion Magellan mutual fund, recalls that "in the summer of 1987, torrents of cash were coming at us out of money-market funds." There is only a dribble this year...
Double Turn. The Administration started its campaign because the market had been falling sharply for a month, retreating from what many Wall Streeters had considered an overbought condition. At last week's start, the Dow-Jones industrial average plunged another 13 points. When the talk from Washington grew loud and clear, however, the market turned around, in the next three days regained more than 14 points...
...economy. "The trouble with a little inflation," says a high Treasury Department official, "is that it tends to accelerate because people will count on it as a way of life. If people resign themselves to it, that makes for false decisions, distortions of value, and an overbuilt, overbought economy that will end up in collapse and controls...