Word: selloff
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...there were a few notable bearish growls. Walstorrs Tabell, who last August predicted the current selloff, now looks for a slow, two-stage climb back to about 750 on the Dow-Jones index-and then a slump of even greater severity than the present one. Los Angeles Investment Counselor Richard Ney, who once played Greer Carson's son in Mrs. Miniver and later married her, has been blatantly bearish most of the time since last October...
Nothing Negotiable. In attempts to explain the May 14 selloff, Wall Street analysts fell back on a melange of conventional reasons: the unsophisticated investor's fears of the Laos crisis, President Kennedy's treatment of the steel industry, and SEC's much-publicized investigation of Wall Street. The most popular verdict was that the market was "testing" its May 14 low point. If it broke through that low, the analysts solemnly explained, it would go still lower; if it did not, it would probably go higher. "This," gibed New York Times Financial Reporter Burton Crane...
Uncertainty over settlement of the steel strike and tightening money last week alarmed many an investor, and the stock market suffered a sharp selloff. The Dow Jones industrial average dropped 9.90 points to 645.90, lowest since June 29. then rallied at week's end to close...
...market was almost there a month ago, but fell back. At that time it had hit 601.74 on an intraday basis, then retreated to the 590s. The quick push-pull led the experts to talk about the possibility of a sharp selloff ahead, of "technical corrections," "testing lows," etc., etc. After that, it did indeed slip some 30 points. But it resumed its climb, with hardly a thought to the worriers...
...Said Samuel L. Stedman, partner of Carl M. Loeb, Rhoades & Co.: "I don't see a major selloff, but this level will tempt a lot of companies into financing, and these rights offerings may take some of the upward pressure from the blue chips. Specialties should move up while the rest of the market churns...