Word: pennants
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...scout Negro League shortstop Robinson despite an unwritten rule against black players. Sukeforth was also known to Brooklyn fans as the coach who in 1951 sent pitcher Ralph Branca rather than Carl Erskine in to face the New York Giants' Bobby Thomson in the ninth inning of the pennant play-off. On the second pitch, Thomson launched the "shot heard 'round the world," winning the pennant for the Giants...
...allowed. At 19, the fastballer is now the top draw of the Seibu Lions in Japan's Pacific League. When he pitches, the 35,000-seat stadium in suburban Tokorozawa tends to fill up. Other nights, the stands are often half-empty. Matsuzaka's Lions are in a heated pennant race in a season that won't end until after the Sydney Games. Releasing him to the Olympic squad would be like the St. Louis Cardinals in the U.S. major leagues going without slugger Mark McGwire in the crucial last days of the season. But the Lions' owner, Yoshiaki Tsutsumi...
...stick with me while I take a chart gazer's look at the Dow. It's in a classic "pennant" formation that in the end tells us nothing about whether the market is going up or down but leaves us with one valuable tidbit: we're due for a breakout--soon. And when it comes, up or down, the market should continue in that direction for a while...
...chart is saying. But any amateur can see that since the start of the year, virtually every Dow rally has stalled just short of the previous high and sell-offs have abated just short of the previous low. Draw the lines, and you get a sideways triangle, or pennant shape, that reveals schizoid investor psychology. On one hand, investors do not believe the market can sustain a rally--so as stocks near their previous highs, sellers charge in early to beat the crowd. But investors don't see a big downdraft coming either--so as stocks approach their previous bottoms...
None dispute that this cannot last. Where technicians quibble is the exact future points of resistance on the upside and support on the downside. Is the pennant symmetrical, ascending or descending? Let them quibble. Suffice to note that as the range narrows, we get closer to declaring a winner in the bull-bear tug-of-war. A textbook reading, says Richard McCabe, chief market analyst at Merrill Lynch, is that by late August, the pattern will be broken, the Dow's new direction evident...