Word: pullback
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...Rarely does a major shift in investor thinking arrive without a dose of market pain. "Most of the Internet stocks have made their highs," declares Dick McCabe, market analyst at Merrill Lynch. He believes the industrial stocks will re-emerge as market leaders later this spring, following a wide pullback. If he's right, the fuddy-duddies may at last celebrate for a good long while--if, that is, by then they haven't joined everyone else and plunked their savings on the same five tech stocks...
...expect that REIT shares will remain under pressure until the market sees more evidence that public ownership of real estate companies really does put a leash on the boom-bust mentality. The good news is that such evidence is building, as last fall's pullback suggests, and that REIT shares are so depressed--many trade below their breakup values--that they represent a real buy. If you're looking for a way to hedge your com bets, consider quality names like Boston Properties and Equity Office, or a REIT index fund, including Vanguard...
...strike against the Serbian forces in Kosovo, Milosevic had the gall to challenge Holbrooke with a small joke. "Are you Americans crazy enough to bomb us over our security police?" he asked. "Yeah," Holbrooke quietly replied, "we are." The deal he won in Belgrade, which calls for a Serbian pullback and 2,000 "verifiers" to help assure a peace, comes from Holbrooke's understanding of how the Serb leaders think, a process of brutal rationality...
...investor who bought at the worst moment (the day before one of those declines) got even in six months--and has shared in Microsoft's glory ever since. The stock has doubled three times in the past four years. Microsoft is now in the midst of a 14% pullback that began a month ago. History suggests this is a buying opportunity. "The value of the enterprise more than offsets the risk of the antitrust suit," says Jonathan Cohen, tech analyst at Merrill Lynch. He hasn't budged from his buy rating. Neither has Art Russell, tech analyst at Edward Jones...
Well, no, most experts agree, at least if you have more than a few thousand dollars in the market. For starters, few deny that the rampaging U.S. market is long overdue for some kind of pullback. The benchmark Standard & Poor's 500 hasn't suffered even a 10% decline in seven years, two times the second longest such period. A lot of good things are happening in the U.S. economy, including low inflation and rising profits. But even if U.S. stocks can avoid a tumble, they certainly cannot keep doubling every three years, as they recently did. And even compared...